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Engagement Ring Insurance


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Hey Everyone,


I purchased a ring and the jeweler I purchased it from gave me an appraisal (he is a certified appraiser) but since this was from the same store I bought it, I decided to have another one done to just be sure. The one from the store who sold me the diamond was for a 12K (he said he would make it conservative, since insurance premiums increase the higher the appraisal) and the independent appraiser I took it to verified everything was fine and listed value at 13,500.


Now, my question is....i think I am going to go with Jewelers Mutual for insurance as my renters insurance doesnt provide adequate coverage....however, since JM is a replacement of like kind and quality insurance, I am confused as to which appraisal to use. The only difference in the appraisals besides the dollar value is the carat weight of the side stones and stones in the channel setting. Store I bought it listed on appraisal as 1.40 Ct and the independent appraisale said approx. 1.10 Ct. So if its a replacement policy, should I use the store where I purchased its appraisal, since the Ct weight for the setting is 1.40, even though the dollar value is less, so I can assure replacement of like kind? So confused!



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For insurance replacement documents, the description and photographs are usually more important than the price. In the case of a loss, this will be come the purchase order for the replacement and it should provide a complete and accurate description of the item so that the replacement jeweler can match it. Presumably the selling jeweler knows the actual weight instead of estimating and presumably the IA did not remove the stones from the setting and is estimating, right? A drop of 30% in weight is sort of important and I would want to get to the bottom of it if I were you. Before you get into a question of what it will cost to replace it, it's important to know just what it is.


I do have a few questions though. What was the selling price? If it’s substantially different from the $12k ‘appraised’ value supplied by the same person, ask for an explanation.


What does he mean by a ‘certified appraiser’? Certified by whom?



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