Diamond Appraisal FAQs

When it comes to a diamond appraisal, we get a lot of questions and decided to answer as many of them as we could in one setting, so here we go!

The Store I Purchased My Diamond From Provided Me With a Diamond Appraisal, Why do I need Another One?

Oftentimes merchants will offer free appraisals with your purchase as a way to increase sales. But stop and think about this scenario for a moment; that’s like having the owner of a house provide you with an appraisal of a house he’s attempting to sell you.

What you want is an unbiased assessment from a third party not attached to the transaction in any shape, form or fashion.

We advise all diamond buyers to get a third party opinion to confirm the value of their jewelry. An independent appraiser will take the time necessary to write an accurate, in-depth diamond appraisal that will help you avoid paying excessive premiums, getting ripped off or underinsuring your jewelry.

I Had a Diamond Appraisal When I First Bought My Stones, Why Do I Need Another One?

After you have made your diamond purchase, the most important reason is for insurance purposes. Over the years, with a fluctuating market, the value of your fine jewelry and gemstones can change. If your last appraisal is over two-years-old, it is probably out-of-date and; as a result, your precious jewelry could be insured for less than its replacement value.

Warning: This means you risk a substantial financial loss if your jewelry is stolen, damaged or lost. For your protection, we highly recommend that you have your jewelry appraised at least every two years.

What Other Reasons Would I Need a Diamond Appraisal?

The most common reasons are for loans, estate and tax purposes, divorce settlements and for donations.

I Have Homeowner's Insurance, Isn’t All of My Jewelry Covered Automatically?

Every policy list stipulations that must be met in order to cover your precious jewelry. One of the primary conditions is that you must have an authentic jewelry appraisal and it must be scheduled separately. If those conditions are not met, you won’t be covered for loss or damage.

I Have Renter’s Insurance, Isn’t All of My Jewelry Covered Automatically?

The same stipulations apply as with homeowner’s insurance; you must have a diamond appraisal.

What Should a Diamond Appraisal Include?

A thorough diamond appraisal will involve complete testing of your stone and an appraisal report that includes the following…

1. A detailed description of the stone (color, clarity, cut, carat weight, measurements, proportion, shape and finish)
2. An internal diagram showing any inclusions (natural marks) in diamonds
3. The appraised value of your stone. 

How Much Does a Diamond Appraisal Cost?

Most jewelry appraisers charge a flat fee per item for each appraisal and this fee is based only on the time required to perform evaluation, tests and calculations. In no circumstance should the fee be determined by the value of the jewelry.

How Can I be Confident That My Diamond Appraisal is Accurate and Recognized By My Insurance Company?

Just examine the appraiser’s credentials. In addition to verifiable formal training, they should be certified by one or more of these respected gemological authorities such as the: National Association of Jewelry, American Society of Appraisers, American Gem Society, or the International Society of Appraisers.

Go back to: The Buying Diamonds Guide.

Go back to: The 4 C's of Diamonds

Source: Vicente Ross, DiamondExperts.biz