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Why Is The Apprasial For Far More Than I Paid For My Ring? Is This Normal? I'd Appreciate Any Guidance.


Tamorga
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Should I ensure a ring for the price that I purchased it or the inflated price on the apprasial. I really don't understand why or what made my $6300 dollar ring worth $10,500 when it was appraised. It just seems weird to me that I am told to insure my ring for this much and it didn't even cost me near as much to purchase it brand new. What is the best/right way to use an appraisal to evaluate how much insurance should be placed on piece of jewelry. Please help, I would appreciate a little guidance on how to ensure my ring and is the apprasial really needed if the piece is overly expensive?

Edited by Tamorga
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I purchased my setting from J.Brown Jewelers and the diamond at Radcliffe Jewelers both located in Pikesville. Radcliffe provided me with an apprasial after everything was set and done. They said it was complementary. I was concerned of the inflated price because I just didn't understand what made the ring worth so much more. I wonder is the difference a result of them guesstimating how much I spent on the setting that was platinum. Still, my ring size is only a 4.75 and I doubt that would cause the price jump. What do you think?

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Let me clarify my position a bit further. I mean the place I purchased the diamond has no idea how much the setting cost and the place I purchased the setting from doesn't know how much the diamond cost. So are they really biased in their opinion. I have no idea. So my question has to be if I spent this specific dollar amount on this piece of jewelry should I ensure it for more, less, or the price that I bought it for. I have this idea in my head that if I insure the ring for more than its worth I would still only get the acutal price I paid for it, or is worth in current market. I figure that the insurance is suppose to supplement my loss and not actually repay me for buying a new piece of jewelry. Does anyone know an unbiased appraiser in Maryland's Baltimore Metropolitian area? Is it ok to insure a piece jewelry on my homeowner policy, or is it best to have its own.

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This is one reason I don't recommend buying a diamond from one place, and setting from another.

It is also my feeling that whom ever prepared theis appraisal for you, had a responsibility to discuss with you the basis upon which they placed a value on it.

Furthermore, asking you why you needed this appraisal would also allow them to put the value that would work for you.

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Let me clarify my position a bit further. I mean the place I purchased the diamond has no idea how much the setting cost and the place I purchased the setting from doesn't know how much the diamond cost. So are they really biased in their opinion. I have no idea. So my question has to be if I spent this specific dollar amount on this piece of jewelry should I ensure it for more, less, or the price that I bought it for. I have this idea in my head that if I insure the ring for more than its worth I would still only get the acutal price I paid for it, or is worth in current market. I figure that the insurance is suppose to supplement my loss and not actually repay me for buying a new piece of jewelry. Does anyone know an unbiased appraiser in Maryland's Baltimore Metropolitian area? Is it ok to insure a piece jewelry on my homeowner policy, or is it best to have its own.

Bingo.

 

Your insurance will almost alway be agreeing to replace a lost item with another of ‘like kind and quality’ or words to this effect. The appraisal that you submit will be used as the purchase order for this replacement. The insurance companies are nothing if not clever people who hire some highly skilled shoppers to do this replacement and they wield enormous buying power. The result is that they will almost certainly pay LESS than what you did. *IF* the purpose of the appraisal is to fund a potential insurance replacement in the future, there’s no value in setting a higher limit than is going to be required to do that. It just raises your premiums and gains you nothing for it.

 

Seek out an independent appraiser.

 

Here's one that shouldn't be too far:

http://www.martinfullerassociates.com/pages/545240/index.htm

 

Neil

Edited by denverappraiser
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A great suggestion Neil!

 

I'd also say that considering Tamorga gave two retail establishments her business, asking either, or both of them to do it for free should also be an option.

I've already given my opinion in the other thread. It would be ( in my opinion), overcharging for either of the sellers to ask the paid for this kind of thing

Edited by diamondsbylauren
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David,

 

We have no reason whatsoever to believe that either of these dealers is even remotely qualified and we have circumstantial evidence that one of them is not. At the very least, it's their opinion that's being questioned. ‘Free’ advice from unqualified sources is not productive and often destructive.

 

Neil

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Actually Neil, in my days as a road warrior (selling diamonds wholesale the jewelry stores) I did some business in Pikesville.

I believe the two jewelers in question, are competent.

Of course as we know, that does not mean that consumer will get the proper document if they don't ask the right questions.

But having been in both the stores in question personally, I do believe either of them would do the correct thing if Tamorga asks the right questions.

Also, given the fact that money was spent in both of these establishments, I do not believe that we're asking for anything "free"

Edited by diamondsbylauren
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