i have a half carat solitair diamond ring I got from Kijiji. In the appraisal it says the retail value is 6400 but the previous owner purchased it for 3400. Now I happen to visit a chain store in the mall which happens to have a diamond show. They were offering a free appraisal. If i wanted to do an upgrade, i can use the appraisal amount of my ring and buy another ring but should be worth double the stated appraisal amount. They told me mine is worth 3200. At first, I was thinking its not that bad. The price depreciated for just a few dollars from how much it was bought 10 yrs ago. But then i realized the previous owner actually purchased the ring for its actual price and he didnt actually saved any money. I dont understand what you mean by the appraisal value. Is this the actual value of the ring? Or the chain store just told me the ring cost 3200 so i can purchase a 6400 ring from them? I think somethings fishy is going on here. Will someone explain to me what it means by appraisal value? Thanks
Diamond ring appraisal
- Thread starter Mcandy
- Start date
Appraisals are not the same as true market value, appraisals are more of an opinion of the appraiser at that time. If the appraiser is working for the jewellery store then depending on how it suits the store the appraisal can be high or lower.
In your case I would get it valued by an independent valuer, I would look to get a replacement valuation.... In your case the appraiser seems to work for the store. You have no way of knowing as to whether they have undervalued your stone and overvalued the one they are trying to get you to purchase.
Otherwise what benefit is it to the store to give you a diamond half price which is what they would be doing if they were true figures
In your case I would get it valued by an independent valuer, I would look to get a replacement valuation.... In your case the appraiser seems to work for the store. You have no way of knowing as to whether they have undervalued your stone and overvalued the one they are trying to get you to purchase.
Otherwise what benefit is it to the store to give you a diamond half price which is what they would be doing if they were true figures
Theoretically an Insurance Appraisal is the amount the appraiser would expect you to pay, if you had to replace your jewellery item on the day of the appraisal, paying the maximum full retail price.
It's like buying a new car and trading in your old vehicle. You never get the full value of your car but it's an easy way to sell it. You would probably get more for your ring if you try to sell it yourself but be careful of scammers.
Yup. Appraisal is for insurance purposes only. Resale value and/or trade value will be less, and will likely differ under different circumstances. There is no absolute determination of ‘worth’ of a diamond as currency or cash value.