 |
| Sign in or Register Home |
|
|
|
| Buy | Sell | Education | Forum | Directory | Blog | |||
 |
||||||||
|
||||||||
| HOME : FORUM : EDUCATION : DIAMONDS : What is the appraisal is too high? |
|
|
|
Thread Tools | Search this Thread |
|
What is the appraisal is too high?
Post#1 @
01-03-07
, 12:30 PM
I took the engagement ring to an appraiser who then proceded to appraise it for $16,000 when I only paid $9,200 for it. He even had the GIA report to compare his evaluation to. The appraisal seems a bit excessive, and not even close to what I paid for it. The problem is that I want to get insurance, and a place like jewlers mutual will charge me double for a ring that cost 16k as compared to 10k. What doesn't make sense to me is that they will replace the ring with something similar, so the appraised value is in essence not important. Or is it? Does anyone have any insight with insurance and some possible advice? |
|
|
|
|
Re: What if the appraisal is too high?
Post#2 @
01-03-07
, 05:12 PM
Quote:
First things first: what are the appraisers qualifications? Did you discuss with him/her which level of value you wanted: Insurance, Retail, wholesale, Liquidation, Fair Market? The proper answer to these questions should answer your first question. Next: If you made a very good buy, from a regular source then by all means Insure it for what you paid, You won't ever get back more than that for it if you have a loss. If the insurer can't find one, let them give you a check and you can go out and buy another, just like you already did. Merv Cohn ASA Senior Member of the American Society of Appraisers |
||
|
Re: What is the appraisal is too high?
Post#3 @
01-03-07
, 06:56 PM
The e-ring I gave to my fiancee' appraised out at 2.3 times the amount I paid for it, with a well-qualified independent appraiser. There were a few reasons for this, though... he appraised it as a custom design and at close to platinum prices since 950 palladium is uncommonly used in jewelery up here. He was also blown away at the quality and workmanship and asked for DBOF's contact info.  All that being said, the cost of having the ring replaced locally probably wouldn't be far off the appraised value, so I didn't see it as a big issue. Luckily, the appraisal just skirted under the $6000, so the ring didn't require extra premiums beyond my normal contents insurance. Any chance that you can have the appraiser re-adjust the appraisal? |
|
|
Last edited by Gemelli : 01-03-07 at 06:59 PM.
|
|
Re: What is the appraisal is too high?
Post#4 @
01-03-07
, 09:18 PM
Very good advice has been given so far. Another option regarding insurance is to use Chubb. I insured my ring for the price paid and was able to set up insurance during my call with the Chubb agent. A week later I went to have it appraised and it appraised for higher, but because that appraisal value fell within Chubb's 150% covered range, my premium did not go up. I just paid my bill for it a few days ago, and it came to $150 for the year, which was money well spent in my opinion for piece of mind. |
|
|
Re: What is the appraisal is too high?
Post#5 @
01-04-07
, 12:23 AM
We went back and talked to the appraiser and he said he would adjust it. I didn't buy the ring from him, but not really sure how much of an expert he is. Thanks for all the advice. I tried chubbs but none of the agents would give me a stand alone policy. |
|
|
What is the appraisal is too high?
You don't mention his credentials, I'm anxious to know of them. Many people make appraisals on Jewelry with NO CODE OF ETHICS to adhere to. Or educational requirements other than a couple of weeks behind a counter in a jewelry store. They buy a $10 loupe and a caliper and they are off and running. You might for the future check out the web site for the American Society of Appraisers at www.appraisers.org and read their requirements for designation. This I can attest to is enforced. As to Chubb, it is my experience that all carriers insist on at least a renter or homeowners policy to cover a scheduled jewelry item. Merv Cohn ASA |
|
| Read Messages in: | DIAMONDS | All forums | ||||
| Newer: |
|
|
||||
| Older: |
|
|
| Thread Tools | Search this Thread |
|
|
| Contact Us - Guidelines - Privacy Policy - Refer a Friend - Top^ |
|
|
|
