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E-ring appraisal - ANSWERED

[Deleted User][Deleted User] member
Name Dropper First Comment
edited September 2014 in Just Engaged and Proposals
This is my first post here. My boyfriend (now fiance! woah!) custom designed an engagement ring at a local jeweler called Quest and proposed this past Saturday. 

Now we need to get it appraised for insurance (we're going with Jeweler's Mutual / Perfect Circle). He's concerned about getting the appraisal done at Quest because (in his words) "the appraiser who works for Quest has no good reason to say I didn't get the right diamond or the right gold, etc. (14K)". Quest's appraisal fee is $150 (flat fee). 

I get where he's coming from and would rather have the ring appraised at an independent appraiser, but everywhere I called (including other jewelers in the area) are $250-$300 per HOUR, and none of them can guarantee that it will be under an hour. 

We're in the Northern Virginia / DC area and are from Baltimore. Does anyone have experience with appraisals in these areas? Are the hourly rates I've been quoted as seriously overpriced as I think they are? What would you do? 

Thanks :)


ETA: In case anyone comes across this thread, we ended up going with Accredited Jewelry Appraisers, LLC. Their website is www.accreditedjewelryappraisers.com. It's one guy named Jeff & he did an incredible job!! My ring was $250 to appraise, but his pricing is based on the ring itself. He gives an estimate over the phone and a final cost when you get there, before he starts the process, so if the cost is too high you can leave. Overall, very impressed! :)
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Re: E-ring appraisal - ANSWERED

  • CMGragainCMGragain member
    First Anniversary First Comment First Answer 5 Love Its
    edited September 2014
    Your FI should have been given some paperwork with his receipt.  Generally, unless your diamond is very pricey, this will be enough to get insurance.  You need enough insurance to cover the replacement cost of your ring.  The appraised value is for that purpose.  The only risk here is that the jeweler will UNDERVALUE your ring, which they are not likely to do.
    I have inherited some very nice pieces.  Since there was no paperwork with them, I needed them to be appraised, JIC.  This is not your situation.  Save your money.
    httpiimgurcomTCCjW0wjpg
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  • [Deleted User][Deleted User] member
    Name Dropper First Comment
    CMGragain said:
    Your FI should have been given some paperwork with his receipt.  Generally, unless your diamond is very pricey, this will be enough to get insurance.  You need enough insurance to cover the replacement cost of your ring.  The appraised value is for that purpose.  The only risk here is that the jeweler will UNDERVALUE your ring, which they are not likely to do.
    I have inherited some very nice pieces.  Since there was no paperwork with them, I needed them to be appraised, JIC.  This is not your situation.  Save your money.
    I have the paperwork (receipt, GIA certificate, etc). The insurance company says they need an appraisal -- the max price/value to be able to insure with just the detailed receipt is $5,000, and mine was just over $9,000 (diamond alone was $7,500).
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  • Maggie0829Maggie0829 member
    First Anniversary First Answer First Comment 5 Love Its
    I am from the Baltimore area and I got my ring appraised at the jeweler that H got it from (located in Owings Mills off Reisterstown Road).  And the appraisal was free and took hardly any time at all.

    Here is a link to the jeweler we used (the appraisal info page)...http://www.antonyjewelers.com/t/Appraisals

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  • [Deleted User][Deleted User] member
    Name Dropper First Comment
    Maggie0829 said:
    I am from the Baltimore area and I got my ring appraised at the jeweler that H got it from (located in Owings Mills off Reisterstown Road).  And the appraisal was free and took hardly any time at all.

    Here is a link to the jeweler we used (the appraisal info page)...http://www.antonyjewelers.com/t/Appraisals
    Thanks! I'll check them out!
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  • Maggie0829Maggie0829 member
    First Anniversary First Answer First Comment 5 Love Its
    Just a FYI, since H bought the ring there that may have been why it was free.  They may charge some sort of fee if you are an outside customer just coming in for an appraisal.

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  • CMGragainCMGragain member
    First Anniversary First Comment First Answer 5 Love Its

    actuarialchef said:
    This is my first post here. My boyfriend (now fiance! woah!) custom designed an engagement ring at a local jeweler called Quest and proposed this past Saturday.

    Now we need to get it appraised for insurance (we're going with Jeweler's Mutual / Perfect Circle). He's concerned about getting the appraisal done at Quest because (in his words) "the appraiser who works for Quest has no good reason to say I didn't get the right diamond or the right gold, etc. (14K)". Quest's appraisal fee is $150 (flat fee).

    I get where he's coming from and would rather have the ring appraised at an independent appraiser, but everywhere I called (including other jewelers in the area) are $250-$300 per HOUR, and none of them can guarantee that it will be under an hour.

    We're in the Northern Virginia / DC area and are from Baltimore. Does anyone have experience with appraisals in these areas? Are the hourly rates I've been quoted as seriously overpriced as I think they are? What would you do?

    Thanks :)
    This isn't important.  If you need an appraisal, go with the cheapest.
    httpiimgurcomTCCjW0wjpg
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  • jenijoykjenijoyk member
    First Anniversary First Answer 5 Love Its First Comment
    edited September 2014

    There's no reason to not go with Quest. You're getting insurance, which you want to cover the cost of a replacement ring of "like kind and like quality" (or whatever Perfect Circle calls it - I used them too). You're not appraising something that you are thinking of buying (which is when you want an independent appraiser). You already purchased the ring.

    Also, isn't it kind of weird that Quest would charge you to appraise the ring that they made for you? Are you sure that's right? When I was getting my Perfect Circle insurance I just walked into the jeweler where FI bought the ring, asked for "whatever I need to get insurance" and they just printed me out a piece of paper right there. I walked out with it (for free), scanned it, emailed it to PC, and all was done.

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  • jenijoykjenijoyk member
    First Anniversary First Answer 5 Love Its First Comment
    (P.S. Is that your ring in your profile picture? It's lovely!! Your FI did good!!)
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  • ohmrs2014ohmrs2014 mod
    First Anniversary 5 Love Its First Comment First Answer
    Both appraisals I had done were done at the jewelry store my DH bought my ring from.  It was an independent appraiser hired to come in for the day to appraise jewelry.  
    Anniversary



    Baby Birthday Ticker Ticker
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  • [Deleted User][Deleted User] member
    Name Dropper First Comment
    @jenijoyk - I'm not sure why Quest was going to make him pay for it. All I know is that they have an outside appraiser come in once a week. And yes that's my ring! :)

    I ended up going with a private appraisal person this afternoon. He cost $250 (flat) and we're happy with the result. I think FI is happy everything checked out, and I'm happy that he's happy haha. Good news - appraisal was for $11750 and he paid $8600 pre-tax after haggling a few hundred off the original "custom ring" price. Insurance through Jewelers Mutual (in my area) is $123/year with the given appraisal value.

    Thanks for making my first thread a good one! Now off to enjoy being engaged: wine & cheese with my fiance :)
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  • [Deleted User][Deleted User] member
    Name Dropper First Comment
    edited September 2014
    @Maggie0829 - Yeah, I called a bunch of places and most jewelry stores require that you bought at least the diamond through them. Oh well, I found a place.
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  • mrsr101214mrsr101214 member
    First Comment Name Dropper First Anniversary
    @actuarialchef congrats on the engagement. Just so that you know, jewelry companies ALWAYS over inflate the appraisals (I'm an insurance agent and this is the industry standard). What this does is buffer the value so that if there is a loss, the ring is insured for more than enough, and when you buy a piece of jewelry, you fee like you got a really good price. It makes you feel good, and then you likely return in the future to buy jewelry. Congrats again! Happy planning!
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  • lilacck28lilacck28 member
    First Anniversary First Comment 5 Love Its First Answer
    edited September 2014
    I used to live in DC. Fiance got my ring at "Washington Diamond" in Falls Church, VA. Not sure how much it costs to get an appraisal there, but we really liked them.  One Caveat-- you have to make an appointment to go, you can't just walk in. But it's easy to make an appointment... just call them, or I think there's an online form as well. http://www.washingtondiamond.com/

    ETA: Oops! I see you already did the appraisal! 
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  • [Deleted User][Deleted User] member
    Name Dropper First Comment
    Thanks @lilacck28 - I did actually call Washington Diamond, but they will only appraise jewelry if you bought the diamond from them!
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