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hughjeffner

AIG Appraisal?

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I recently bought several pieces of jewelry online with AIG appraisals. When I took them to my local jeweler, I was told that the value of the jewelry was no where near what the AIG appraisal stated. The jeweler insinuated that AIG was not reputable. Any comments?

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I've never heard of AIG... that's probably a red flag.


"Fish and Visitors stink after three days"

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For an appraisal to be useful, it must accurately describe a piece of property, identify a marketplace and provide a reasonable estimation of how the item would behave in that marketplace. It should say in the appraisal what market is being discussed and how they came by these conclusions, otherwise it’s useless. Similarly, the description should be sufficient to identify all important value characteristics of the item and indicate how they determined these things or it again becomes useless. Lastly, this information must relate in some useful way to the needs of the reader. Not all appraisals supply the same information and no appraisal is useful in all situations.

 

For example:

Gents gold watch. $5,000.00*

 

*(this appraisal is for insurance purposes only)

 

What did you learn from this statement? Nothing. Even if we stipulate that the description is correct (although you've got no particular reason to believe this since you've got no idea who wrote it). We still don’t know if the watch is actually made of gold or just gold plated, we don’t know who manufactured it, we don’t even know if it works! $5,000 to whom and under what circumstances? If this is supposed to be an estimate of the new price for a Rolex president then it’s absurdly low. If we’re estimating the salvage value to be expected at a liquidation auction for a worn out Chinese knockoff then it’s laughably high. This appraisal is useless although it would be common for an ebay seller to proudly list it as evidence that it’s ‘worth’ $5k and that they would be willing to sell it for less because they’re such nice people.

 

Approx. 2.02ct. VS2-G diamond in platinum ring. $45,928.00

 

Is this any better?

 

Read the fine print on the appraisal. It’s important. If you can't figure out what they mean by their numbers or how they generated them then they mean nothing. If what the market that they are describing is different from what you are interested in then it's useless.

 

Neil Beaty

GG(GIA) ISA NAJA


Neil Beaty

GG(GIA) ICGA(AGS) NAJA

 

There's never a crowd when you go that extra mile.

Professional Appraisals in Denver

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Firstly, the value of the appraisal is something that is generally going to be something specifically for insurance purposes. Naturally your local jeweler will says whatever he/she wants in order to gain your trust and their business.

 

By the way what did the AIG stand for?

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TonyB,

 

Although it’s true that there are plenty of incompetent and unethical appraisers associated with retail jewelry stores, your characterization that all local jewelers will ‘naturally’ provide bad and misleading information is a ridiculous generalization. I find far more appraisal abuse on the part of vendors who want to include reports saying that their items are ‘worth’ 3, 10 or even 100 times what they are selling for in an open marketplace. Almost always, these documents are described as being for insurance purposes despite the fact that it would be a terrible mistake for a consumer to actually use it to fulfill an insurance company’s requirement for an appraisal because it can result in insurance premiums as much as 100 times what is required for the coverage they will be getting.

 

Here’s an ebay auction for a stone that AIG calls a 0.34 I-1 G, although the seller calls it an I-3 clarity. AIG appraised it for $1350.00. I have no idea what market they are trying to describe but the document does say that it is for Insurance Purposes, as if that answered the question. Does this strike you as a reasonable valuation? What would you charge for a ring like this one?

 

http://cgi.ebay.com/34-ct-Diamond-Solitair...1QQcmdZViewItem

 

Here’s a 5.5ct. blue topaz ring of unknown manufacture with 0.18cts of I-2 melee that they say is worth $1,650.00. There's no indication about what marketplace they are discussing where this ring would be bring such a high price but it clearly isn't the one where it's being offered. How is this number helpful to the buyer in making a shopping decision?

 

http://cgi.ebay.com/5-67ctw-Blue-Topaz-Dia...1QQcmdZViewItem

 

There’s plenty more. These people produce a lot of reports.

 

How about this:

 

9.23cts total weight, I-2 I tennis bracelet. $19,400.00.

Based on the photo, I-2 and I are both generous grades (generous to the seller). Not having seen the piece, I’ll give them the benefit of the doubt but $19k for I-2's! Where?

 

http://cgi.ebay.com/9-23-ctw-DIAMOND-WHI-G...1QQcmdZViewItem

 

Neil Beaty

GG(GIA) ISA NAJA


Neil Beaty

GG(GIA) ICGA(AGS) NAJA

 

There's never a crowd when you go that extra mile.

Professional Appraisals in Denver

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Note to all members: TonyB has been banned from this website for posting a testimonial while having an obvious affiliation to and likely being an agent/employee of Diamond.com (as evidenced by his signature, which is also not allowed per our forum rules).

 

The false testimonial can be seen at:

http://www.diamond.info/forum/index.php?showtopic=1879


Hermann

Moderator

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I recently bought several pieces of jewelry online with AIG appraisals. When I took them to my local jeweler, I was told that the value of the jewelry was no where near what the AIG appraisal stated. The jeweler insinuated that AIG was not reputable. Any comments?

American International Gemologists: aiglabs.com has been providing jewelry appraisals to clients in the Los Angeles area, California, and throughout the United States since 1990. Our commitment to jewelry appraisal services has earned us a reputation as one of the Los Angeles areas best jewelry appraisal services.

 

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I recently bought several pieces of jewelry online with AIG appraisals. When I took them to my local jeweler, I was told that the value of the jewelry was no where near what the AIG appraisal stated. The jeweler insinuated that AIG was not reputable. Any comments?

American International Gemologists: aiglabs.com has been providing jewelry appraisals to clients in the Los Angeles area, California, and throughout the United States since 1990. Our commitment to jewelry appraisal services has earned us a reputation as one of the Los Angeles areas best jewelry appraisal services.

 

Maybe, but the original post is nearly 10 years old by now...


Davide - Specialised Consumer Information and Assistance,
Diamonds by Lauren (http://www.diamondsbylauren.com)
davide@diamondsbylauren.com

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American International Gemologists: AIGLabs is an independent jewelry appraisal and gemological services company in the Los Angeles area, California, with over 20 years combined experience in the jewelry business.

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Simply repeating who you represent doesn't take away the fact that the post you are replying to has been buried for years and makes you look more like a spambot.


Davide - Specialised Consumer Information and Assistance,
Diamonds by Lauren (http://www.diamondsbylauren.com)
davide@diamondsbylauren.com

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