Jeweler Appraisal or Independent Appraisal for Ring Insurance

posted 3 years ago in Rings
Post # 2
Member
25 posts
Newbee

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esbeejay :  I got my ring appraised by a jeweler that we didn’t buy the ring from. He appraised it at the amount we paid for it. The appraisal was kind of a joke to be honest. He looked at the ring, weighed it and then gave it back and typed up the appraisal. He didn’t study the ring or anything really. He said that since it’s for insurance purposes, they just need the basics.  I haven’t gotten insurance on it yet, but from what I gather jeweler’s mutual will pay out more and cover if it’s stolen or lost down the drain whereas most homeowner’s insurance won’t cover losing it. I could be wrong though.

Post # 3
Member
100 posts
Blushing bee

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esbeejay :  don’t get it appraised if you want to know how low it’s value actually is. 

Post # 7
Member
100 posts
Blushing bee

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esbeejay :  

Sadly no. When you purchase an engagement ring or wedding band you are paying for the name of the designer and the idea. It’s a luxury itime on 1st sale. Its one of those things you buy because you want to, not because it’s actually worth a lot. Unless it is vintage or an incredible rare gem. 

 

Post # 8
Member
155 posts
Blushing bee

Yes usually the appraised value is inflated. 

Post # 9
Member
25 posts
Newbee

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esbeejay :  Yes, they told me that they usually sale a similar ring for 1200. I told him we paid 1600 for it, and he said he’d appraise it for 1600.

Post # 10
Member
797 posts
Busy bee
  • Wedding: October 2016 - Wedgewood Las Vegas

I would get your ring appraised independantly if you’re looking to insure. Typically, when the jeweler who sold the ring to you does it, they make sure the appraised amount is equal or higher than what you paid in order to make you feel good, and that you got an amazing deal. Sometimes it can be extremely higher than what you paid for. I think here on the Bee one lady said they paid $5,000 for her ring, and the store appraised it for $20,000. Insane.

Sounds great, right? Until you have to make a claim and the insurance company gets a little concerned about the appraisal amount. This may affect your ability to make a claim, get the full amount, etc.

An independant, certified jeweler is the way to go. They are more likely to give you a realistic value (for replacement) than the one you bought it from.

We went with an independant, GIA certified jeweler. He measured each stone, checked clarity,etc. He didn’t ask how much we paid for it at all. We recieved a nice, signed report from him detailing everything about my ring and his estimated value. Came out a couple hundred dollars more than we paid for it. However, since he didn’t ask the price before hand, and there was no way for him to google it, we feel it is accurate.

If you go to a jeweler and they don’t actually go through the process and just write down what you paid…Then you really need to find a different jeweler.

If you’re not going to insure it, I wouldn’t go through the cost and hassle of getting it appraised.

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