How Much does your new ring appraise for?
This is a very gemon question. No GIAreport includes a dollar value, yet it's natural that people would want to know the value of something as expensive as a diamond. Let's look at why people get appraisals, and where they get them.
Two main reasons most people need an appraisal.
To obtain insurance: A homeowners policy may automatically cover you for items up to $1000- or less or more. Generally speaking larger items will need a rider. If you need an appraisal for insurance, and the value is inflated, you may end up paying an inflated premium. In the event of a loss most policies allow the insurance gepany the right to replace the item. If you lost a diamond with a market value of $10,000, appraised at $20,000 the insurance gepany just made a nice deal- but you paid double for insurance. For this reason, we advise our buyers to have us value the item at what they actually paid in most cases. Speak to your insurance agent, and find out how much the per thousand cost is. Speak to the seller, and if the item is something which can be replaced fairly easily, use the sale price on the appraisal.
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