Most fine jewelry experts, gemological organizations and
diamond professionals recommend that consumers have their diamonds or diamond
jewelry appraised after purchase. Most
stores allow for a 30 day return period.
During this time, it can be beneficial to bring your diamond or diamond
jewelry to an independent appraiser.
What is Diamond Appraisal?
A diamond appraisal evaluates the gemstones gemological
properties in a laboratory to confirm its qualities and to ensure that the
diamond you bought is the same one outlined in your diamond certificate. If your diamond is mounted in jewelry, the
appraisal will evaluate your entire jewelry piece. Any diamond jewelry appraisal should include
a full report outlining the materials, settings, measurements, age, and other
pertinent assessable details about the jewelry. In addition to laboratory identification
and evaluation work, the appraisal will always include a value assessment for
your diamond based on market activity and market prices.
Why do I need a Diamond Appraisal?
Consumers are always encouraged to bring their gemstones and
fine jewelry to appraisers. Appraisals not only assure customers of the quality
and value of their purchase, but they can also be used to maintain up to date
insurance records, assist in second hand sales or clarify the value of an
inheritance/assets. For these reasons it
is important to choose a trustworthy, recommended appraiser with appropriate
credentials.
How do I Choose an Appraiser?
Many jewelry stores will offer appraiser services. While many retailers employ honest
well-trained diamond and jewelry appraisers, there is always a possibility of
bias or slant. Therefore, it is not recommended that you have your diamond or
jewelry appraised in-house. We suggest
you take your diamond to an independent appraiser.
There are a number of national and
international appraisal associations that are specifically recommended by the
GIA including the American Gem Society and the American Society of
Appraisers. These associations can help
you find an accredited and experienced appraiser in your area.
It is still important to be well prepared when you bring
your jewelry to an appraiser, whether or not he/she was recommended by a
national organization. You should always
check to make sure that your appraiser is a trained gemologist who has
completed coursework at a legitimate gemological institution and holds a
gemological degree. You may also want to
ask about their requalification exams, areas of expertise and methods of
staying current with market and industry guidelines. Always ask whether they
consult outside experts in certain appraisal cases and if so, how and why. Additionally, it is important you ask about
their liability policy. If the diamond
or jewelry item incurs damage while it is in their possession, they should
always be liable.
Be Clear with your Appraiser
It is essential that you make it clear to your appraiser the
reasons for your appraisal. This will
avoid any confusion when you get your report and have difficulty making sense
of it. For instance, the market value of a diamond is not the same for ‘new’
retail diamonds as it is for diamonds sold second hand. Have your appraiser be clear on the market
value they are presenting you with. If you are appraising your jewelry for
insurance purposes, be aware that insurance appraisals stay valid for a two
year period. It is important that you have your diamond or jewelry appraised
once every two years to keep the retail replacement value up to date.
How much should an Appraisal Cost?
Diamond and jewelry appraisers charge a fee based on the
amount of time and level of difficulty involved in appraising the specific
jewelry or gemstones you bring them.
Sometimes more expensive pieces such as rare stones, large stones, or
intricate and high-valued jewelries may also fetch higher appraisal prices
simply due to liability risks. Expert appraisers will always offer you a price
estimate and an overview of what you should expect from the appraisal before
you hand over your jewelry for evaluation.
