Diamond Appraisal - The small details that a diamond evaluation consists of

Diamond appraisals determine a diamond grading report's authenticity and evaluate a price range of a stone. Still, much more profound and meaningful details are provided by a diamond appraisals, described in this article, along with the specific services a diamond appraiser provides and fees criteria.

Appraising a diamond's value - Main aspects 

Market Value - In order to avoid confusion and misconception it's best that you discuss the meaning of this term with your diamond appraiser beforehand. Fair market value can vary in different locations and conditions, while market value might have several meanings, like a reasonable consumer price or how much can the diamond be resold for. You should inform your appraiser about your needs and state what information you are looking for.

Insurance Replacement Value - In case of loss, you would probably want your diamond to be replaced with a similar item. Insurance companies rely on the insurance replacement value stated in diamond appraisals. The values stated in such report are rather inflated and depend on market conditions. Jewelers sometimes use high retail replacement value appraisals as marketing tools for diamonds, which their current market value is significantly lower. As a diamond customer, you should take this into your consideration when relying on an appraisal process that was managed by a store to some extent. If you use the services of an independent appraiser, you should inquire and find out what is his retail replacement value assessment based on.

Appraisal Services

Normally, diamond appraisers aren't very keen on evaluating a diamond that hasn't been examined and graded by a reliable diamond institute. Diamond grading is quite long and complex and involves modern tools. Appraisers typically confirm the description of a grading report, rather than examine a diamond as if it was never observed before. However, if some details is missing from a grading reports (like a cut grade, which some labs do not provide) then the appraiser would usually try to describe them based on his own examination.

Having your diamond appraised by an independent appraiser could be done within the time period in which you can return the stone to the store for a full refund, though some stores also allow you to have your diamond evaluated by such appraiser even before you execute your payment. In such a process, the store would typically ship the diamond to your appraiser, who would examine it. After writing a report, the appraiser would call the customer, inform him about the stone's value, and then ship it back to the store, from which it can be purchased immediately. The shipment fees are typically paid by the customer. As a customer, you could ask your appraiser specific questions, adding to the details that are normally stated in the diamond appraisal.

Appraisal fees vary from one professional to another and from one diamond to another. A diamond's weight and the duration of the appraisal process usually influence the overall appraisal cost significantly. Any specific details you wish to discover might require additional in-depth examinations, which would add to the appraisal cost. Like in other professional services, the reputation and the experience of an appraiser would typically have effect on the fees of his services.