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Old Julia C.

Quote this post and reply to it Post#1 @ 06-17-99 , 11:33 AM

Let's say that I purchase a GIA certified diamond from my local jewelry store. Should I get the APPRAISAL for insurance purposes from the same store (which will probably be free) or should I get the appraisal from a different store?? Please advise.

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Old E.

Quote this post and reply to it Post#2 @ 06-22-99 , 10:25 PM

You may choose to do both. It is usually a good idea to get a second opinion from someone not connected with the sale who is credentialed in appraising. Without going into "everything you always wanted to know about appraising but were afraid to ask", there are some key things you should know.

Simply put an "appraisal" is an informed and educated written unbiased estimate of value based on market research. This means the value should be reflective of what comparable items are selling for (based on actual retail sales transactions) in your region and the type of store you most typically shop in (ie, guild jeweler vs. diamond exchange). A professional and experienced appraiser has a grasp of this concept and will provide you with a proper document.

If the seller is the one providing the document, they should clearly state they are the seller (to inform the insurance co. of possible bias) and the value should reflect your actual purchase price, not an artificially inflated number. Problems arise when an inflated value is used. Sellers will often use this as a sales gimmick to show the consumer "look what a good deal you got, it's worth X but you only paid Y" This does you a great disservice because for one, you will overpay in insurance premiums (in most instances you insure an item, not it's value!)

The most important part of an insurance appraisal (whether by the seller or an independent appraiser) is a complete and accurate description along with a photograph so that you will get a comparable replacement in the event of a loss.

Hope this helps, good luck.

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