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| HOME : FORUM : EDUCATION : JEWELRY : Appraisal & Insurance : Appraising a custom ring and custom-cut stones? |
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Appraising a custom ring and custom-cut stones?
Post#1 @
05-02-05
, 10:15 AM
Hello, I am in the process of having an engagement ring made for my girlfriend from various components: diamonds from one source; a custom-cut sapphire; and custom-made Platinum setting from another source. The process is taking me about 3-4 months from start to finish. When finished, I am a bit concerned that the appraiser might actually undervalue the ring. I am also concerned about whether there's something I need to do when the product is finished to ensure that I can recover the exact same parts from insurance if anything ever happens (I've insured the loose stones with Chubb). Any advice? I've asked the appraiser to be detailed, etc..., but insight would be appreciated. Thanks! |
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Re: Appraising a custom ring and custom-cut stones?
Post#2 @
05-02-05
, 08:32 PM
Hi, Scott... Welcome to DT. I'm confident an expert will chime in here with wisdom...and I'm certainly not one. But couldn't you present to the appraiser an accounting of how much you put into the making of the ring? I bet it's highly unlikely it will come back "under-appraised"... I'm really posting because your project sounds fascinating, and I know we'd all love to hear more details...how is the sapphire cut? What's the mounting like? I'd love to see a picture of it when it's done... Again...welcome!  widget |
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Re: Appraising a custom ring and custom-cut stones?
Post#3 @
05-02-05
, 10:12 PM
Thanks Widget! I don't want to "jump the gun," but I think people will like it once it's done...  I'm going to wait until after the event to share...it's going to be a little while until everything comes together...  But HERE's something lovely -- Chubb asked for her name in addition to mine when I called in for insurance. I thought about it, but said to myself, "they deal with these situations all of the time...there's no way they'll send a letter with her name on it." What arrives today? A packet in both of our names!  Of course she opened the bill, which luckily did not have any information other than "insurance for valuable articles." DOH!!!!! She didn't seem to catch on, though...or she's pretending she didn't catch on...  *whew* |
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Re: Appraising a custom ring and custom-cut stones?
Post#4 @
05-07-05
, 11:11 AM
An appraisal for insurance purposes should be answering the question “What is appropriate funding for my insurance company to replace this item with another of like kind and quality in the case of a loss?” In the case you describe, the only way that this replacement can be accomplished is to have the piece custom made by the same artist(s) if possible and using similar materials. The real question at hand is: what should it cost to do that? There are other varieties of appraisals that answer different questions and will have considerably different answers. Make sure your appraiser is answering the same question that you’re asking. If the appraiser doesn’t understand the difference, find another appraiser. In the case of most Chubb policies, they will be paying you cash in the case of the policy and you can replace the piece yourself if you choose. The question on the table is fundamentally the same. What will it cost you to replace the piece with another in the case of a loss? |
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Re: Appraising a custom ring and custom-cut stones?
I had some jewelry appraised recently for insurance purposes, including two custom rings. In every single instance, the appraisal came back for WAY more money than I had spent. I called the appraiser to ask about it, and he said that the value he assigned was to cover what it would cost to replace the items with exact replicas, and also took the rising cost of workmanship and materials into account somewhat. Hope that helps. ---------------- Trilby |
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