Appraisal questions- before or after?

[shigidigi]

OK, I have read many threads discussing appraisals of loose diamonds as well as set ones, but I am unsure as to when is the best time to appraise.

I purchased a loose diamond and believe I should get it appraised before I have it set for insurance puposes. But then the question arises- do I also need to have it appraised again after it is set into a ring? This seems like it could be very costly to have it done twice. I definitley don''t want to risk sending my stone off to a jeweler and have it chipped while setting without having insurance on it, but I am just so confused as to the best "process" for getting all of this done.

I also live in San Francisco and would really like to be there for the actual appraisal and unforunately I couldn''t find any appraisers on the pricescope list that are close enough to do so. Would it be terrible to send my stone off to an appraiser where I can''t be there in person to talk about the stone?

Sorry- I feel like these are dim-witted questions, there are just SO mant threads on appraisals and I haven''t come across an answer to my questions yet!

Thanks in advance for your help!

 

[neatfreak]

1. If you don''t trust where you got the diamond from, then yes get it appraised before it''s set. Similarly, if it doesn''t have a cert, you should get it appraised before it''s set to make sure it was represented correctly during the sale. It''s easier to make an accurate appraisal before it''s set as far as I understand and the good places that grade diamonds (GIA and AGS) won''t even attempt to grade it when it''s set, so that tells me something. But if you have a certificate and got the stone from a reputable vendor, I don''t see a reason to get it done beforehand. But that is just my opinion.

2. It''s fine to have the stone sent to an appraiser. It''s also fine to try and find one locally. BUT if you find one locally, make sure that they are NOT affiliated with a store and DO NOT sell stones. Otherwise they aren''t truly independent and they might try to downplay your stone to get you to buy one of theirs.

3. Many places that set diamonds will have their own insurance that will cover your diamond while they set it. ASK!!! If they won''t cover it, you NEED to get the stone insured beforehand. A certificate (if you have one)and a quick appraisal from the person you bought the stone from is actually all you need to get this insurance, you don''t need a "formal" appraisal. But if you spent a lot of time shopping for this diamond, the more information you have, the more likely it is that you will get a fair insurance payout if necessary.

I hope that helps!

 

[denverappraiser]

People get appraisals done for a variety of different reasons and the answer to your questions will depend on what it is you are trying to accomplish.

Some reasons to have a stone appraised loose prior to setting:
1) You don’t fully trust what the dealer has told you or they haven’t told you the full story. A well qualified appraiser can provide both scientific tests and an alternative set of trained eyes for mundane things like confirming the weight and that the stone is the correct one to cut grading and optical analysis that the dealer may not be prepared or willing to provide.
2) The return privileges will expire for many dealers if you have the stone set by someone else. Read the fine print.
3) It provides a starting point to eliminate fingerpointing between the setter, the mounting manufacturer, the diamond provider and yourself if a problem should arise and there is a question of determining when it happened and who is responsible.
4) You can use the appraisal session as part of the shopping process. Clients will regularly bring in several stones to examine in a standardized and non-sales environment in order to choose which one best suits their requirements.
5) It provides paperwork to activate an insurance policy that covers the stone while it's being set.

Some reasons to have a finished ring appraised:
1) In order to get best value from your insurance policy, you should document as accurately as possible exactly what it is that’s being insured. This includes the mounting.
2) Craftsmanship difficulties in the mounting process are common. The appraisal process provides a final quality control step while it’s still easy to go back to the jeweler to have minor things repaired.
3) Major problems, like damaged stones, can and should be documented immediately in order to avoid unjustified claims that you caused the damage yourself. A written independent expert opinion documents the condition as of a particular date.
4) Future problems can be documented as having occurred during the coverage period of the policy by establishing a date, presumably the start date of the policy, where it was inspected by an independent professional and found to be undamaged.
5) Lots of us are pretty good at taking pictures and it gives you something to email to your out of town relatives to show off.

Some people insist on both, others don’t see the point in either. For people who choose only one, most seem to choose to get the appraisal after having it set. Most jewelers will provide you with sufficient paperwork to meet your insurance company’s minimum requirements along with your purchase. Often this is not the same as meeting YOUR minimum requirements.

There’s a list of appraisers at the top of the page under resources. Nan Stacy is in Walnut Grove and she is well regarded if that’s convenient for you. There are also quite a few of us who are accustomed to working with out of town clients.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[shigidigi]

Thanks to both of you for your answers. The stone is GIA certified and I frankly love it- I am not worried that I did not receive what I thought I paid for. I just want to make sure I am taking the necessary precautions to ensure I have all my bases covered if something were to happen to the stone.

I think I will get the stone appraised after it is set. Thanks for helping me make my decision!

 

[RockDoc]

Very well written Neil, as usual.

Rockdoc

 

[kcoursolle]

Neil''s explanation is a really good one.

I just wanted to add that getting two appraisals might not be as big of a deal as you might anticipate. When we purchased our e-ring stone we were unsure of the process and buying online. We got the stone appraised to make sure the stone was indeed what we were paying for and also to evaluate the quality of the stone. This was about $100.

Next, we had the stone set. I then wanted to make sure the stone wasn''t damaged during the setting process, make sure the stone was the same, to evaluate the quality of the setting, and to have the ring re-appraised for insurance processes. This second visit to the appraiser was only about $20 and was called an "updated appraisal." This visit was also really short and lasted only about 15 minutes. If you are going to have the stone appraised at all, it''s not that big of a deal to take it in again.

 

[Regular Guy]

Great answers here. Also, where you say...

Date: 4/23/2007 2:06:29 PM
Author:shigidigi

I also live in San Francisco and would really like to be there for the actual appraisal and unforunately I couldn''t find any appraisers on the pricescope list that are close enough to do so. Would it be terrible to send my stone off to an appraiser where I can''t be there in person to talk about the stone?

...you may find that either of the two appraisers who have responded here could show you your diamond via the "yellow bar" feature across the top of this very board, as both are subscribed to it...allowing you to see them do their appraisal, but in private...just you and them...in the privacy of your very home...

 

[shigidigi]

I didn''t realize getting an "upgraded appraisal" could be that inexpensive, so perhaps I should just do both.

And Ira- they can do online appraisals? Has anyone done something like this before? I like the idea of being able to see whats going on even if it is virtual! That is a cool idea.

 

[Regular Guy]

Date: 4/23/2007 4:18:40 PM
Author: shigidigi

And Ira- they can do online appraisals? Has anyone done something like this before? I like the idea of being able to see whats going on even if it is virtual! That is a cool idea.

I hope you'll just find out, and let us know?

The technology for making this possible in this environment is very new...hardly several months old...and with one of the 2 appraisers here, perhaps less than a month old. It's up to them, and you, so far as I can tell. We could be locked out, but I think you can do it. Possibly you'd be the first!

ETA...I think you've already found this link, right?...you can guess where Denver is. Rock Doc is in FL. Give them a call, or write them a note, I guess..

 

[sfritz]

I can''t speak for other insurers, but here is the process for insuring your stone with Jewelers Mutual. You should obtain an insurance appraisal/report for the stone and setting and apply for coverage. When the policy is in force, instruct the setter to proceed. (The policy needs to be in place before the work begins.) If you have an insurance appraisal for each component, that works just fine.

We do not REQUIRE a second insurance appraisal/report after the setting is complete, but we recommend that you have one completed within the first year for your protection. We ask customers for a copy of that second appraisal if they choose to obtain one. As mentioned by in other messages, if you go to the same appraiser, the charge for updating the appraisal is usually nominal.

Sue Fritz
Jewelers Mutual Insurance Company