Post # 1
I know I need to go get my ring appraised and insured, but I dont really know what that entails. I already looked up my insurance and found out that I can get it covered under my plan. I looked up some jewelry appraisers, but I dont really know what I need. Do I just need to bring in my ring and thats it? Do they keep my ring for x amount of time and is it a fairly quick process? Approximately how much should I expect to pay? I keep reading not to get it appraised at the place you bought it, and thats not a problem because they are many places around here. Is this true advice? What do I need to have to be properly prepared?
Post # 3
Some of the places I called wanted to keep my ring for 1-2 weeks which I thought was a little ridiculous. I had mine appraised at Jared’s and they did it in one night. I bought it there, but they have an independent consultant that comes in once a month to do appraisals. I think mine was around $175 but it can depend on how many stones you have and such.
Post # 4
Most jewelry stores will do appraisals. I went to one that wanted to keep it overnight and another that did it right in the store with me. For a ring, one was going to charge $95 for the appraisal, the other charged $45.
Post # 5
@shrubfish09: most of the time they will have to send your ring away to get it appraised. check with your local stores because occasionally jewellery stores will have appraisal events where they bring in the appraiser and he will do it on the spot and then send the formal appraisal a week or two later in the mail.
as for the insurance, your ring may be added onto your current insurance but only if it is appraised for under a certain amount. i am not sure of the amount. i had to get a complete separate insurance policy for my ring due to the value.
you can get your ring appraised as “appraisal value” or “replacement value”. appraisal value is always going to be much higher. it sounds more lucrative but you need to remember that your insurance premiums will also be higher.
Post # 6
I went to a place that specializes in appraising and it took about an hour (I had an appointment). They will give you a “replacement value” appraisal by default (high number). This is not the same as a “fair market value,” which, if you want, you specifically have to request.
Post # 7
Find a local jeweler who is also a gemologist (yelp can be helpful for this). Most of them will do it by appointment, and you can hang out while they do it. No need to send it away. Just take your ring and be ready to wait 30 min or so. I think our appraisal cost 80$ or so.