Post # 1
I know that some people get their ring appraised and they are often appraised for more than they paid. Well I got mine appraised and I’m worried that we paid too much for it. It was appraised for what we paid but nothing more, is this common?
The specs are as follows (I don’t know that much about diamonds so I’m not even sure if these specs are great or not):
One bezel set round brilliant cut diamond (.31 ct) with ten gypsy set round brilliant cut diamonds (total .05) in a halo
Cut: Very Good
It is a 14k hammered gold ring and we paid $3200 for it. It is a handmade, locally produced ring so I know it won’t carry the same value as a typical jewellery store ring but I’m wondering if we paid way too much for it? Thoughts??? I’ve included a picture below.
Post # 2
Not everyones ring is worth more , alot of insurance appraisals run high in general. So the insured value may not be actually what it is worth.
I wouldn’t assume you paid too much.
Post # 3
Appraisals for substantially more than the item cost are vanity appraisals. They are no measure of the item’s worth. You shouldn’t insure something for more than it costs to replace it. Just enjoy your ring!
Post # 4
twodresswedding: Honestly, that does seem a bit steep. It’s already done so you might end up driving yourself crazy over something that you can’t do anything about. Sometimes it’s best not to know. Lol but if you’re still curious, just a couple questions – Was it made just for you or did you buy it that way? If you did have it made, did the jeweler tell you how much the center diamond was separately from the price of the setting (gold and smaller diamonds too)?
Post # 5
twodresswedding: Everyone pays way too much for jewelry in general, and rarely does anyone get the money back that they paid on a ring 🙂 You probably did pay a bit too much for it as no one ever gets the appraisal value when selling a ring/stone. The only entity that will give you the appraisal value is an insurance company if you lose it.
Post # 6
doberman: they aren’t necessarily vanity appraisals. Mine is valued at, and insured for, more than we paid for it. We were lucky to pay what we did as most quotes were coming in around what it is appraised at. Having it insured for more gives us more options/less hassle (having to shop around a lot) if it was ever lost/stolen. That and my insurance company tends to pay out whatever it would cost to replace on the high street, which would be nearly double what we paid, and more than it’s appraised for.
twodresswedding: To me that does seem high; looking on Blue Nile you can get a stone with those specs for $550, and I’d expect to pay around $900 for the setting, depending on the weight of the metal.
Post # 7
you are paying for the special design and local craft. Its a lovely ring, hopefully you will be wearing it a long time. Dont worry about the value now and just enjoy it.
Post # 8
Yes, I think you paid more than the ring is “worth,” but all that really matters in the end is how much it’s worth to you.
Post # 9
Thanks so much for all the responses… I think that you’re all basically right… the actual finances behind the ring are a bit steep but the value I have for it definitely makes up for it.
I’m going to just love and appreciate it for what it is and means, thanks bees!
Post # 10
Center stone is worth about 500 dollars
Setting 500-700 dollars
Getting a piece of jewelry to cement your betrothal, priceless!
Basically, you overpaid…but so what, as long you love it ts all good!
Post # 11
If it has to do with weddings – you’re going to overpay. But I wouldn’t worry about it. If you did overpay I don’t suspect it’s by much. Just enjoy your beautiful ring and relax. Move forward. We all get ripped off from time to time (not saying you did….it just happens)
My husband purchaed my ring from a private jeweler in Soho – I can only imagine the premium we paid on that….they have to pay that NYC rent somehow.
Post # 12
A hand made ring takes a lot more labour than one that is cast. So I don’t think you overpaid. As for the appraisal, most are inflated anyway, and then you end up paying for insurance that you will never get. So I think it is better for it to be the true replacement value.
Post # 13
That price is quite high for the specs given. But since it’s a hand made ring and not mass produced so the price is understandable. The jeweler put alot of time in to making that ring so you have to consider labor costs.
Post # 14
Yes you paid a lot considering the size stones in your ring however I think you paid for the uniquness of your ring. Since it’s handmade I doubt you’ll find many people with the same ring, which I love by the way.
Post # 15
Yes I didn’t take into consideration the cost of labour the designer and goldsmith put into creating my ring. I guess jewellery store rings are made in some sort of cast right? She takes a tiny hammer to the gold and does all the work herself in Toronto, Ontario.
Thanks again for the reassurance!