Hey can anyone tell me why I need an appraisal if I have a cert? I'm looking at GIA diamonds and I heard they're the best, so do I need an appraisal too?
julieann9
0
appraisal versus cert
Started by julieann9, Sep 23 2004 08:07 PM
11 replies to this topic
#2
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Ideal Diamond
Posted 24 September 2004 - 06:55 AM
GIA issues a lab report but not an appraisal. You will notice that they only grade the color and clarity and do not put a price on the report. So you will indeed still need an appraisal for insurance purposes. Make sure that you show your appraiser the lab report so he can add this info to the appraisal. In case of a loss or theft, you would want it replaced with another stone of like and kind and another one with a GIA lab report again.
Jan
www.dbof.com
Jan
www.dbof.com
Jan
For those that want to know the truth about diamonds, just ask.
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For those that want to know the truth about diamonds, just ask.
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#3
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Ruby
Posted 24 September 2004 - 09:20 AM
you should expect to get a valuation for insurance included FREE from any decent seller....people charging percentages for things they've just sold tend to irritate a little.... (im assuming as you're looking, you aint bought yet)
Night
Night
#4
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Ruby
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Posted 24 September 2004 - 10:03 AM
I agree with Nightmare that you should get a free appraisal with your purchase but it's not so cut and dry.
Here is the problem, you go to a store and you buy a diamond for $2000. The jeweler wants you to think you have a great deal. He appraises it for $3000 when the reality is you could replace with like merchandise for $2000. You spend years paying 30+% more in premiums and if you ever lost the item, the insurance company would likely replace with another item of similar proportions & weight, etc., or pay out $2000.
IMHO, get an appraisal then look around. Use the web as a resource. You have many diamonds listed here at diamond.info. Get a median price for the replacement of your diamond and insure it for that amount. Diamonds will always fluctuate in price. Supply and demand as well as season will dictate future prices. If you keep your eye on it and adjust the amount of insurance needed you'll be ok in the event of a loss.
Here is the problem, you go to a store and you buy a diamond for $2000. The jeweler wants you to think you have a great deal. He appraises it for $3000 when the reality is you could replace with like merchandise for $2000. You spend years paying 30+% more in premiums and if you ever lost the item, the insurance company would likely replace with another item of similar proportions & weight, etc., or pay out $2000.
IMHO, get an appraisal then look around. Use the web as a resource. You have many diamonds listed here at diamond.info. Get a median price for the replacement of your diamond and insure it for that amount. Diamonds will always fluctuate in price. Supply and demand as well as season will dictate future prices. If you keep your eye on it and adjust the amount of insurance needed you'll be ok in the event of a loss.
www.UnionDiamond.com
"Your trusted online diamond source"
"Your trusted online diamond source"
#5
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Ideal Diamond
Posted 24 September 2004 - 11:38 AM
Actually, I wouldn't insure my ring for an online price as you don't really know the details of your particular stone just based on color, clarity and a couple of numbers. It would be better to get it independently appraised by someone that is qualified and has credentials.
Jan
www.dbof.com
Jan
www.dbof.com
Jan
For those that want to know the truth about diamonds, just ask.
dbof.com
For those that want to know the truth about diamonds, just ask.
dbof.com
#6
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Ruby
- Location:Atlanta, Georgia USA
Posted 24 September 2004 - 01:23 PM
Hi Jan,
Nice to see you here. I think you may have misunderstood my post or perhaps I was not too clear. The point I was trying to make is that most appraisers appraise something for way over market value. The point I was trying to make is that you may want to use a little common sense in the transaction. I'm sure you would agree that most "jewelry stores" or "online sellers" just spit out an appraisal based on a sale plus xyz%. Online or not, most appraisals I see are way out of line with reality. Replacement cost or otherwise.
Nice to see you here. I think you may have misunderstood my post or perhaps I was not too clear. The point I was trying to make is that most appraisers appraise something for way over market value. The point I was trying to make is that you may want to use a little common sense in the transaction. I'm sure you would agree that most "jewelry stores" or "online sellers" just spit out an appraisal based on a sale plus xyz%. Online or not, most appraisals I see are way out of line with reality. Replacement cost or otherwise.
www.UnionDiamond.com
"Your trusted online diamond source"
"Your trusted online diamond source"
#7
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Bronze
Posted 25 September 2004 - 07:32 PM
I'm more confused now than ever. If appraisals are all based on different formulas and they're often higher than they should be, what's the point again of getting one? How do I get a 'real' appraisal??
Julieann9
Julieann9
#8
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Ruby
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Posted 27 September 2004 - 08:37 AM
No need to be confused. We'll try to answer all of your questions. Firstly, do you have some more information on the particular diamond. Size, shape, certificate info? If you can post that we can guide you in the right direction.
www.UnionDiamond.com
"Your trusted online diamond source"
"Your trusted online diamond source"
#9
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Bronze
Posted 27 September 2004 - 08:53 PM
Hi yeah,
Here's the info on one of the diamonds I'm looking at. I've got three that I'm comparing.
Price: $6,215.00
Report: GIA
Shape: Round
Carat: 1.02
Color: G
Clarity: VS2
Depth: 62.3
Table: 57
Girdle: M-STK F
Polish: Excellent
Symmetry: Very Good
Culet: None
Fluorescence: No
Measurements: 6.38-6.46X4.00
Thanks!
Julieann9
Here's the info on one of the diamonds I'm looking at. I've got three that I'm comparing.
Price: $6,215.00
Report: GIA
Shape: Round
Carat: 1.02
Color: G
Clarity: VS2
Depth: 62.3
Table: 57
Girdle: M-STK F
Polish: Excellent
Symmetry: Very Good
Culet: None
Fluorescence: No
Measurements: 6.38-6.46X4.00
Thanks!
Julieann9
#10
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Ruby
- Location:Atlanta, Georgia USA
Posted 28 September 2004 - 06:13 AM
Julieann9,
The diamond you are looking at sounds quite nice and sounds reasonable for what it is. Can you post an actual copy of the GIA certificate? A lot depends on that. Comments, nature and location of inclusions, etc.
Getting back to the appraiser. You may remember that Nightmare had suggested that you should get an insurance valuation free from a "decent seller". Can you ask about that?
Let us know what they say and post that GIA certificate here.
Good luck.
The diamond you are looking at sounds quite nice and sounds reasonable for what it is. Can you post an actual copy of the GIA certificate? A lot depends on that. Comments, nature and location of inclusions, etc.
Getting back to the appraiser. You may remember that Nightmare had suggested that you should get an insurance valuation free from a "decent seller". Can you ask about that?
Let us know what they say and post that GIA certificate here.
Good luck.
www.UnionDiamond.com
"Your trusted online diamond source"
"Your trusted online diamond source"
#11
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Bronze
Posted 28 September 2004 - 07:48 PM
okay I'll try to get the cert scanned here. I'm looking at the diamond at the Whiteflash site. Can they provide the free appraisal?
julieann9
julieann9
#12
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Ideal Diamond
Posted 29 September 2004 - 09:26 AM
I do think that they provide you with that.
Jan
www.dbof.com
Jan
www.dbof.com
Jan
For those that want to know the truth about diamonds, just ask.
dbof.com
For those that want to know the truth about diamonds, just ask.
dbof.com
