Posted 02 March 2010 - 07:45 PM
Posted 02 March 2010 - 07:58 PM
I would go back to the jeweler that your FI bought the ring from and ask why the appraisal value was different from the purchase value. Hopefully this helps!
Posted 02 March 2010 - 08:00 PM
Posted 02 March 2010 - 08:02 PM
If your FI paid more than what is appraised for, that is not a good thing.
Also if you feel it is worth more you can try getting a second appraisal but usually the jeweler who sold it will give the highest appraisal.
Posted 02 March 2010 - 08:03 PM
| Originally Posted by bahiabride2010 |
My ring is insured for a whole lot more than my FI paid for it. As far as I know that's the way it usually is. IT's actually insured for almost double what he paid for it because of the good deal he got on the diamond. Hope you get this sorted out...I'd be curious to hear others opinions!
Posted 02 March 2010 - 08:18 PM
Posted 02 March 2010 - 08:35 PM
Posted 02 March 2010 - 08:41 PM
I would definitely have a second appraisal, if you were to lose it, you wouldn't even be able to replace it!
the only thing I can think of is that the $1000 difference is sales tax or something like that which wouldn't factor into the actual cost of the ring.
Posted 02 March 2010 - 09:05 PM
So I did a little Google searching and found this article from a few years back that Dateline did. Diamonds are appraised on the four C's (Carat, Cut, Clarity and Color). Some diamonds come with certificates that spell out the 4 C's for the diamond and some of these certificates also include an appraisal amount. In the diamond grading industry there is a margin of error allowance that is refered to as "tolerance". So your diamond maybe appraised 2 times by the same appraiser and get a slightly different grade that is with in the tolerance. However a grade can mean the difference of thousands of dollars.
So the certificate is used as a marketing tool, while the appraisal is in no way a scientific process.
Here are a few paragraphs from the article and the link below.
“I think it’s probably one of the more shameful things in our industry — appraisals used as marketing tools,” says Don Palmieri, a senior member of the American Society of Appraisers. “You get a high appraisal, you walk out thinking you just got the last great deal. But you just got misinformed with that document.”
"Again, just read the fine print, which has lines like: "appraisals are bona fide opinions..." and “these values are not for investment purposes, nor are they an endorsement of the price you should pay.""
"Will this cost you money?
Relying on any appraisal that’s substantially more than you paid could end up costing you money if you pay higher premiums when it’s time to insure.
Kelly McDermott paid $8,200 for her ring but was convinced it was really worth $15,000 based on an inflated appraisal from her jeweler. And so she paid the insurance premiums based on that assumed $15,000 value.
But when she lost the ring, the insurance company said it would replace the ring or give her a check for what it would cost them to replace it — $8,900.
“Five years, I’ve been paying these inflated premiums and it makes me angry, because I should have the ring insured for what it’s worth,” she says."
Diamonds: Is there such a thing as 'a deal'? - Dateline NBC- msnbc.com
Posted 02 March 2010 - 09:09 PM
Just makes me feel safer if I left it somewhere when travelling or dropped it or something idiotic that I've been known to do.
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users