diamond engagement ring

Diamond Engagement Ring Appraisal 101

Whether you are purchasing a diamond engagement ring, or selling one, it is important that you first get it appraised. An appraisal is critical if you want to know the correct value of your engagement ring. If you are purchasing, you never want to take the risk of getting ripped off. Before you get the diamond engagement ring appraised, you want to keep a number of factors in mind. Sure, you can go to the first appraiser you find online, but this is a gamble – you may get someone really knowledgeable or you may get someone that is not, and there is a chance that you will get a complete con artist. Here are some diamond engagement ring appraisal basics.

 

An Appraisal Makes The Value Official

Why get your diamond engagement ring appraised? Basically, you want to have an official piece of paper, like a receipt, that certifies how much it is worth. If you just vocalize how much a diamond engagement ring is worth, there isn’t much weight to it. You can actually have your appraisal certificate notarized to make it even more official.

 

Your Appraisal Will Be Like Backup

This official certificate will be essential in the instance that you want to sell your diamond to another party. It will also be essential if you lose your diamond engagement ring. When you go to file a claim with your insurance company, they will ask for an appraiser’s certificate with the amount that the diamond is worth. If you simply state the diamond’s worth and don’t have this backup, your insurance company may not complete and finalize the claim, which could be devastating.

 

Finding A Qualified Appraiser Is Harder Than It Seems

Most of the really good appraisers don’t spend a lot of money on advertising, because they have a steady flow of regular customers that keep them busy. If you want to find an appraiser, you may have to go through a referral process. Most appraisers are qualified and certified gemologists, which means that they not only have the right tools to appraise diamond engagement rings – they also have years of experience in the field.

 

Get Your Appraisal Done Sooner Rather Than Later

Ideally, you want to get your diamond engagement ring appraised as soon as possible. This is purely because the longer you wait, the bigger the probability that you could lose the diamond. Moreover, if you are planning your wedding, the last thing you want to deal with is having your engagement ring appraised. The process could take away from the process of planning your wedding, which will be more and more of a priority as the date gets closer.

 

An Appraiser Will Request A Fee

On top of everything, it is important to know that a diamond engagement ring appraiser will usually want a fee for the service. This fee will depend on the appraiser and the appraiser’s experience. However, you can expect an industry standard based on the size and rarity of the diamond. In the end, this cost will make a lot more sense when you see the total value of the ring.

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