Jewelry appraisals

debodun

debodun

SF VIP
Location
way upstate in New York, USA
About 25 years ago, I took a diamond ring to a local jewelry store for an appraisal. It's the one on the right and has a center stone surrounded by 8 smaller diamonds and two more small diamonds on the edge of the platinum band (the garnet ring on the left is my mother's engagement ring). Then the jeweler said it was worth around $1500. Last year I took it to another store and the man there said, "I'll give you 80 bucks for it." I said that I didn't want to sell it, just have it appraised. He replied that $80 was all it was worth.

Now that strikes me a quite a difference. Wanting another opinion, I recently phoned a jeweler that wasn't local. After chatting with him, I learned that there are several ways to value jewelry - one is for insurance purposes and another is the wholesale value (which is what a jeweler would offer to buy it). I think the second jeweler was giving me the wholesale value. I mentioned the wide discrepancy in values I have been given. He said that I had to realize that gem and precious metals values have plummeted recently and without actually seeing the ring, it would be impossible for him to accurately value it. Anyone know how I can get the most accurate value?
 

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Here are Gold and platinum prices for today 15th aug 2015.. up on just 30 days ago...Gold was at an all time high a couple of years ago and then went into quite a big slump about a year ago..but it's steadily rising again...as is platinum

http://goldprice.org/


 

Normally, a "paid" appraisal is the way to go. Many years ago when I was heavily into trading everything from stocks to currencies, to commodities and even precious gems, our consortium did invest in raw diamonds and a few other precious stones. I would bet that the $80.00 appraisal was for the value of the metal only. Businesses that only recover precious metals, will only give the value of the metal. After they pluck out the stone, they will throw them into a shoe box and sell the box of stones based on wt. and the type of stone, be-it; diamond, sapphire, ruby, emerald, etc. Because most worn stones (like in a ring, bracelet or necklace) get damaged over the years, their value decreases dramatically even though the prices of new similar stones may rise.

If I were to check the price of my wife's engagement ring, I would probably be mortified over the appraisal. I checked her stones maybe 8-10 years ago and notice some small chips and scratches on the diamonds. That is considered as damage and not a flaw. Flaws are natural mistakes in the formation of the stone. (I am talking about diamonds.) Diamonds are appraised by what jeweler's call the 4-C's; cut, clarity, color and carat wt. The higher the carat wt., the clearer the stone, the more brilliance (white) of the stone and the cut all come into play when pricing a stone. Inclusions and carbon not yet developed will normally lower the price. If a stone is yellowish or has numerous inclusions, that will also lower the price of the stone. After you receive the appraisal from the jeweler, you should then make a copy of it and place it with your other valuable papers, in case of lost, theft, fire, etc. If the stone is priced high enough, you may even want to consider adding an addendum onto your home owner's insurance to cover the replacement cost in case of loss, theft, etc. My son had his wife's diamond insured, even though it was only $3500.00. She said she took it off to clean the house, but was never able to find it and the insurance company paid off. Two years later they found it and immediately called the insurance company and wanted to return the money. The insurance company sent them an invoice for 40% less than they had given to my D-I-L for the replacement cost. They sent along a statement showing the depreciation and settled for a lesser amount to the delight of my son.

Help me out here, ladies. I never understood why women will buy a chocolate or a yellow diamond, although they are less in price than a white diamond. If I want people to know that I am wearing a diamond, I will wear a white diamond, instead of a chocolate or yellow diamond and have people believe that I am wearing a Citrine or other lower valued stone. After all, isn't that why we wear diamonds, to impress? Some will defy that and say no, they wear diamonds because they are fashionable or more beautiful than another stone, but after all of the surveys that I have read, the number one reason remains, to impress. There are different reasons why people want to impress. It's not always about the money.
 
Never worried about the value of Jewelry.. IMO.. it is meant to be worn and enjoyed and it's not an investment. Nice jewelry should be passed down to heirs.. and not sold. All mine goes to my Granddaughter.
 
I don't know much about gems/jewelry and next to nothing about diamonds, but a good friend of mine got a whopper of a diamond engagement ring many years ago.It war a huge white diamond. I forgot what type of cut it was.

That thing sparkled and glowed with what seemed to be a life of its own!

I will agree with Oldman. The white diamond is a show-stopper.
 

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