Center stone then appraisal? Then setting then appraisal?

[Duke1199]

I'm getting serious about this now...need some advice.

Can someone shed light on the engagement ring buying process.

1. Buy center stone
2. Buy insurance for center stone
3. Get center stone appraised within return date of center stone
4. Update insurance with actual appraisal value?

5. Buy setting
6. Get insurance on setting
7. Setting appraised
8. Update insurance with actual appraisal value?

9. Get jeweler to put center stone in setting
10. Get appraisal on complete ring
11. Update insurance on complete ring

If you buy a center stone from one vendor and the setting from another vendor (online) how much does a local jeweler charge you to set the center stone? Is this a common practice?

 

[alpackie]

Re: Center stone then appraisal? Then setting then appraisal

Unless you are really uncertain about whether or not you want to keep the center stone, I would appraise the finished jewelry piece, since it can be quite expensive to get an appraisal from a reputable person, and then paying for another two expensive appraisals? No thanks!

Also, if the appraisal is just for insurance purposes, Jeweler's Mutual only requires an appraisal on the finished ring. You only need to provide proof of purchase for the loose stone and setting. However, the receipt needs to be detailed (including the specifications such as 4 C's, metal type, etc.)

I got quoted by my local jeweler for $85 to mount a 3rd party stone.

 

[Duke1199]

Re: Center stone then appraisal? Then setting then appraisal

How much is an appraisal? Shouldn't the stone be appraised separate from the setting or complete ring?

 

[alpackie]

Re: Center stone then appraisal? Then setting then appraisal

How much is an appraisal?

According to GoG, "An appraisal usually costs anywhere from $35-$300 depending on the equipment and credentials of the appraiser." GoG themselves charge $75 for an appraisal of an item not sold by them. It may also depend on your area. In my neighborhood, the reputable NW Gemological Laboratory appraisal rates START at $95.

Shouldn't the stone be appraised separate from the setting or complete ring?

I personally wouldn't pay for an extra appraisal for the loose stone unless I was really unsure about it. And if I was unsure about it, probably an appraisal wouldn't quell my doubts.

 

[distracts]

Re: Center stone then appraisal? Then setting then appraisal

How much is an appraisal? Shouldn't the stone be appraised separate from the setting or complete ring?

If it has a grading report from a reputable lab, this isn't necessary. What purpose would it serve? The info is already in the grading report.

 

[alpackie]

Re: Center stone then appraisal? Then setting then appraisal

If it has a grading report from a reputable lab, this isn't necessary. What purpose would it serve? The info is already in the grading report.

ETA: I completely misinterpreted this post

 

[distracts]

Re: Center stone then appraisal? Then setting then appraisal

The process is more like:

1. Buy center stone
2. Buy setting
3. If you have receipts on both, send them in to the insurance so it is insured while setting
4. Get set
5. Get appraised
6. Send appraisal in to insurance

If you buy stone and setting from the same place it is like:

1. Buy stone and setting
2. Send in receipts or appraisal that comes with the ring to the insurance
3. Get independently appraised
4. Send that in too

How much local jewelers charge to set the stone varies widely. The jeweler I go to charges $40. But some people on here seem to consider $200 normal.

 

[kenny]

Re: Center stone then appraisal? Then setting then appraisal

I don't get appraisals or insurance.
I see no need.
YMMV.

 

[alpackie]

Re: Center stone then appraisal? Then setting then appraisal

I don't get appraisals or insurance.
I see no need.
YMMV.

The SO and my mother were worried that I'd get attacked while wearing the ring. Nevermind my mental/physical well-being after the hypothetical attack, but at least the ring is replaceable via insurance

 

[Duke1199]

Re: Center stone then appraisal? Then setting then appraisal

So for the stone, if you have an AGS or GIA grading report you wouldn't need to get the stone appraised?

I thought I read somewhere that you should get it appraised by an independent party but maybe that is if there is no grading report for the stone or it's a really bad grading company.

 

[denverappraiser]

Re: Center stone then appraisal? Then setting then appraisal

The two appraisals you describe serve different purposes.

The one on the loose stone is part of the shopping process. That’s to get more information that the seller may or may not have told you and to confirm or refute the things that they did. As any good Pricescoper knows, far less than everything is present on the lab documents. Not everyone wants to take the time and trouble to turn themselves into a diamond expert and most don’t have the tools to do a proper inspection. Normally there’s a limited time available to inspect the stone and make a decision about keeping or returning it and professional assistance can be helpful. It’s a big decision. Normally your right to return the stone expires as soon as someone sets it so it's good to make this decision first. Get this first appraisal if you have doubts about your seller, if you have questions about what they did or didn’t tell you in the sales presentation, or if you need it to bind an insurance policy that covers you during the setting process (many jewelers’ terms of service does NOT include liability coverage during the setting process on stones they didn’t sell).

The second is about two separate issues. Quality control and documentation for insurance. As with the above, most people don’t have the tools or want to go through the learning curve to inspect the craftsmanship of the finished piece, grade the other materials, identify damage and so on and I have YET to see a seller supplied appraiser that identifies a craftsmanship problem. If you're going to go back to the jeweler with a problem, minor or major, it's best to do it fairly quickly after you get the item. This avoids fingerpointing and concerns about if the problem was there when they sold it or if it was cause by you.

Lastly, your insurer is generally agreeing to replace the item with another of ‘like kind and quality’ or words to this effect in the case of a covered loss. The appraisal report itself becomes the definition of like kind and quality. That means documenting things like the stone counts, weights, grades, dimensions, model numbers and the various photographs and photomicrographs are essential. This will become what amounts to the purchase order for the replacement in the case of a loss. Sometimes sellers supply sufficient information to do this but I must say, most that I’ve seen come up short.

I agree with the advice above that it's far better to get either or both appraisals from an uninvolved 3rd party. It's not a second opinion if it comes from the same source as the first. Uninvolved includes avoiding competitive sellers because of the conflict of interest inherent in the whole transaction.

Appraisers are most definitely not all the same and some are far better than others. There’s a list at the top of the page here under the ‘resources’ tab that have been vetted by Pricescope to have some minimum credentials. There are several professional societies with online lookup databases of their members. This includes:

www.najaappraisers.com (National Association of Jewelry Appraisers)
www.ags.org (American Gem Society)
www.appraisers.org (American Society of Appraisers)
www.aijv.org (Association of Independent Jewelry Valuers)

 

[diamondseeker2006]

Re: Center stone then appraisal? Then setting then appraisal

When I buy a superior cut diamond from a reliable vendor, I never get another appraisal. GIA or AGS is the independent grader of the stone. I submit my sales receipt to insure, or I ask that their included appraisal be no more than 10% more than the purchase price because it is not smart to overpay insurance premiums.

If a diamond is bought second hand or inherited or ungraded, then by all means get an independent appraisal before buying or insuring.

 

[Diamondbug]

Re: Center stone then appraisal? Then setting then appraisal

When I buy a superior cut diamond from a reliable vendor, I never get another appraisal.

+1. But recently I bought a stone from BN, who doesn't provide as much info as GOG, WF, JA, BG so I sent it off to our own Neil Beaty to be vetted. Got all my crazy questions answered.... even that bad thought of did they send me the correct stone that goes with the GIA cert? So you know, that $$ was worth it for me and especially my husband coz I drove him nuts with all my ???

 

[Duke1199]

Re: Center stone then appraisal? Then setting then appraisal

Thank you. This was good insight. In terms of incurring I would feel more comfortable have both appraised (stone and then the complete ring)

 

[WinkHPD]

Re: Center stone then appraisal? Then setting then appraisal

Thank you. This was good insight. In terms of incurring I would feel more comfortable have both appraised (stone and then the complete ring)

Personally, I think you are making the wise choice. If you are going to use Jewelers Mutual for insurance, the appraiser can even prepare a pre setting document for them to use for insuring the ring and diamond during the setting process. That document can be quickly modified after successful setting to then be used for the insurance on the completed ring.

Kenny, I have to respectfully disagree with you about no need for insurance or appraisals. For someone with deep pockets who can afford to self insure that may well be true, but even for them, an appraisal is a good way to document the loss, especially if some time has elapsed since the purchase and the values have changed. For the rest of us, insurance is a fairly inexpensive way to protect what we have, whether it be our houses or our jewelry, I consider the expense to be a necessary evil, as I could never afford to replace my home without it should anything happen. I know that when we got a leak in a pipe that required a $6,000 carpet replacement, I was extremely pleased to pay a $300 deductible instead of the $6,000.

Wink

P.S. I am sure I am not alone in not knowing what YMMV means. Can someone elucidate me? (Provided it is not vulgar, of course.)

 

[distracts]

Re: Center stone then appraisal? Then setting then appraisal

ymmv = your mileage may vary.

 

[WinkHPD]

Re: Center stone then appraisal? Then setting then appraisal

LOL! Thank you. I could not even begin to imagine what that might mean.

Wink

 

[Duke1199]

Re: Center stone then appraisal? Then setting then appraisal

Thank you. This was good insight. In terms of incurring I would feel more comfortable have both appraised (stone and then the complete ring)

Personally, I think you are making the wise choice. If you are going to use Jewelers Mutual for insurance, the appraiser can even prepare a pre setting document for them to use for insuring the ring and diamond during the setting process. That document can be quickly modified after successful setting to then be used for the insurance on the completed ring.

Kenny, I have to respectfully disagree with you about no need for insurance or appraisals. For someone with deep pockets who can afford to self insure that may well be true, but even for them, an appraisal is a good way to document the loss, especially if some time has elapsed since the purchase and the values have changed. For the rest of us, insurance is a fairly inexpensive way to protect what we have, whether it be our houses or our jewelry, I consider the expense to be a necessary evil, as I could never afford to replace my home without it should anything happen. I know that when we got a leak in a pipe that required a $6,000 carpet replacement, I was extremely pleased to pay a $300 deductible instead of the $6,000.

Wink

P.S. I am sure I am not alone in not knowing what YMMV means. Can someone elucidate me? (Provided it is not vulgar, of course.)

I will be using Jewlers Mutual for insurance. Can you buy insurance as soon as you purchase the stone? Say if I lose it or it gets stolen in the short period of time after purchase between getting it appraised.

 

[WinkHPD]

Re: Center stone then appraisal? Then setting then appraisal

I believe that you can.

You can go to their insurance application site PerfectCircleInsurance.comto apply, or ask them questions at 888-884-2424.

Wink

 

[denverappraiser]

Re: Center stone then appraisal? Then setting then appraisal

JM is very cooperative. They will not insure a lose stone but they're insure a ring that still requires assembly. That is to say, they insure jewelry but not loose diamonds. Logistically that's a matter of sending them documentation on both the diamond and the ring and your plans for how, when and by whom they are going to be assembled. You then submit an appraisal for the completed item and 'update' the policy after everything is complete.

Theoretically this can all be done before you take physical possession of anything although it will take a bit of cooperation from both sellers and the setter. If they're all the same it's usually pretty easy. If there's an appraiser involved, most have experience with this process.

 

[Modified Brilliant]

Re: Center stone then appraisal? Then setting then appraisal

LOL! Thank you. I could not even begin to imagine what that might mean.

Wink

YLSED !!!

just made that one up "You learn something every day"













Jeffrey Ira Averbook has legally changed his name to Jeffrey Ira.