Post # 1
Member
222 posts
Helper bee
SO, I am just curious IF you know the price of your ring how it faired in comparison to it’s appraisal value? I know many times an appraisal value is greater than the actual cost of your ring, does that mean if you pay the exact amount as what it appraises for you are getting a crappy deal? Just curious what your thoughts are on this!
If the appraisal value was greater than the amount paid, by how much? Also, was it appraised by the same jeweler you purchased it from?
Thanks!
Post # 3
Member
1741 posts
Bumble bee
The point of an appraisal is to determine the value to replace the ring at a future point in time. At least when it is for insurance. Therefore, the appraisal should always be more than what was paid. You should also have your ring reappraised every 10 or so years in order to keep the insurance up to date.
To answer your question, I got my appraisal from the jeweler who sold me the ring and he appraised it for more than what it cost. I’m not exactly sure how much more but a couple of thousand based on both the wedding and engagement rings.
Post # 4
Member
1293 posts
Bumble bee
- Wedding: June 2012 - Pippin Hill Farm & Vineyards
I don’t understand the reasoning for having the jeweler who sold the ring do the appraisal. It seems like getting an objective gemologist would be preferred, right?
I’m asking because I still have to get my ring appraised.
Post # 5
Member
3578 posts
Sugar bee
In addition to what slicey19 said, market prices of gems and metals also vary.
For my platinum setting, I paid $1295 in May 2011, the setting now costs $1865. (The same setting in white gold, in May 2011, was $895, the white gold version is now $1365; more than I paid for the platinum!) So a little padding on the appraisal value is good.
Post # 6
Member
2223 posts
Buzzing bee
We had an independent GIA gemologist to appraise ours. We originally received an EGL appraisal from the jeweler we purchased our stone from but we didn’t trust it for a heartbeat. For 1- it’s EGL and their standards aren’t as respected in the gemologist community as GIA. Secondly- the guy could have simply told us it was worth x amount more than what he was selling it to us for just to make us feel like we were landing a bargain and make a sale. We didn’t purchase due to the appraised value. We purchased based on our knowledge of stones with similar specs. Fortunately our GIA lady actually appraised it for more than the original EGL and even remarked she doesn’t come across an EGL that undersells a stone too often. In the end the stone was valued at several thousand above what we paid.
Appraisal value = purchase value doesn’t necessarily mean you got ripped off. It could still be a great stone/ring. Like the other ladies said, it is just what it would cost for insurance to replace it. It’s ideal to have something appraise for more than what you paid. If the 2 equal it could simply mean that the seller wasn’t as willing to negotiate on the sale, not that the product was a total rip off.
Post # 7
Member
3078 posts
Sugar bee
I used to work for a jeweler. Appraisals done by the jewelry store that sold the ring will come back higher – so it looks like you got a great deal.
FYI – most insurance companies work with jewelry replacement services. If you paid a certain amount for a ring the insurance company should be able to get it for the same price.
Post # 8
Member
524 posts
Busy bee
My appraisal came back about $3,000 to $4,000 higher than what Fiance paid for the ring. He bought the ring online and had it custom made, and we got it appraised by a local shop. I’m not too confident in the appraisal though, because he said “I could have done it for another $5,000 higher, but at this price you can still replace your ring, and it will keep insurance down”
We will likely get it appraised again in a couple of years, but for now I know we can replace it for the appraisal value we received.
Post # 9
Member
8375 posts
Bumble Beekeeper
Mine were appraised by the very reputable jeweler who sold DH my rings. Both rings together appraised at more than $10K higher than we paid, in part because the jeweler offered us higher discounts because we purchased four items from them — my platinum and diamond e-ring setting, the loose center-stone diamond, my platinum and diamond wedding band, and, later, DH’s platinum wedding band.
We are paying for insurance based on the appraised value of the rings. Sometime before the three-year point, I plan on having another appraisal performed by a different jeweler. What I AM currently wondering is how the appraisal may vary if I choose a jeweler in my new geographic region (which is much more rural and has a much lower cost of living), vs. the major metropolitan area in which I used to reside and where we purchased the rings.
Post # 10
Member
694 posts
Busy bee
Keeping the insurace premium down is definitely a bonus. I asked a jeweler a few weeks ago if they thought I should get another appraisal done on my ering (I have had it for 4 years) but they said not yet. I appreciate their honesty but I wanted to see how accurate the appraisal I have is because I don’t want to be over-paying on insurance…which I probably am. I don’t kow how much DH paid for my ring because I don’t wan’t to know but he did buy it through a wholesaler and I know he paid more than 5k but less than 10k. It appraised for $16,500 which definitely seems too high. So I guess I will just keep paying the premiums for a few more years and then have another appraisal done.
Post # 11
Member
1601 posts
Bumble bee
I tried to have my original engagement ring appraised twice. The first time, they mailed me a detailed appraisal of my MIL’s ring (same last name, same jeweler). The second time they had my ring for 3 weeks, had to remove the stone to measure (so they said) and it was completely wrong (listed WG prongs instead of platinum, listed the center stone smaller, had the ct of the gold wrong, I think they had the shape of the center listed wrong too…) so I gave up. I had all the original paperwork / receipts from the jewelry store, so I used those for insurance purposes. Someday I’ll get it re-appraised for insurance purposes but I’m not in a hurry.