Diamond Appraisal

WHAT IS THE APPRAISAL VALUE OF YOUR DIAMOND?

One of the most common questions asked:  Diamond Laboratories such as GIA and EGL do not indicate a dollar value, yet usually majority of people would want to know the worth of something as high value as a diamond. Let us see why people need appraisal, and where they acquire them.

THREE MAIN REASONS WHY MOST PEOPLE NEED AN APPRAISAL:

1) To be sure that a buyer of an unused diamond rings or diamond jewelry is getting a good deal.

Most people that are selling their diamond ring or diamond jewelry promote it on a high appraised value as part of deceiving tactic in selling. A seller tends to offer a $20,000 worth diamond ring for a $4,000 value only. This may seem to be a “good deal” to a buyer whose understanding is limited about diamond pricing, thus, one must be very cautious and knowledgeable enough with the difference of Appraisal Value versus Selling Price being offered. Terminologies like “Certified Appraisal” is also confusing to buyers. Known diamond laboratories such as GIA does not make a report which contains a price.

2) To obtain an insurance.

One can insure his/her diamond ring or diamond jewelry through homeowner insurance. Such insurance policy can automatically cover up to $1000 more or less. For diamond rings or diamond jewelries with bigger value it will need a rider. An appraisal is required for an insurance where value is inflated causing an inflated premium. In case of loss or damage of an insured diamond ring, most of these insurance companies allow the right to replace the item. If somebody lost a diamond worth $20,000 market value and $40,000 appraisal value, the insurance company just made a good deal but you will share the burden of paying double for your insurance.

3) To be sure that a seller of a used diamond rings or diamond jewelry is getting a good deal.

Common mistake of most sellers is that they think that the selling price of their used diamond ring or diamond jewelry should be the same amount as the appraised value. An appraisal is an estimated value used for a specific purpose (like for insurance).  Whereas the selling price of a used piece of diamond jewelry is the secondary market value that varies depending on the condition of the piece and who you are selling it to. Are you selling it as a diamond jewelry or just scrap gold value?

Of course, you want to dispose a valuable asset of yours with a good return of investment so knowing the difference between the appraised value and the selling price would guide you to a favorable deal. We also offer FREE Appraisal for your used diamond or diamond jewelry.

WHAT DOES APPRAISAL VALUE MEAN?

Appraisal Value, also known as Retail Replacement Value or Insurance Replacement Value, is the estimated value of the lost item which will serve as the insurer’s reference in replacing the piece with another one of the same value. Hence, an appraisal has a purpose and intended use. It often shows a value that is way higher than the actual purchase price of the item which will eventually serve as basis of a bargain for replacement.

WHAT SHOULD WE NEED TO KNOW ABOUT DIAMOND APPRAISER?

Importance of a diamond appraiser is increasingly growing these days. But one should be aware in choosing a diamond appraiser especially when it concerns your insurance. An independent appraiser can abuse the appraisal system. Surprisingly, most of these appraisers are not involved in selling diamonds or jewelries, and even care less on the outcome of the appraisal since they get paid whatever is the product of the appraisal. They also tend to over value an item with insurance premium repercussion. You purchase the best diamond at a very reasonable price yet cost you more to spend for an independent appraiser and higher insurance premium. We always make sure that our clients have a lifetime access in obtaining a free appraisal to help them get covered in any event of losses or damages.

VISIT LOS ANGELES DIAMOND SELLER TODAY, TO EXPERIENCE OUR WIDE VARIETY OF EXQUISITE DIAMONDS.

FOR MORE INFORMATION ABOUT THE DIAMONDS AND JEWELRIES:  CALL US AT TOLL FREE 1.877-623.9494 OR EMAIL US AT info@losangelesdiamondseller.com

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