General diamond appraisal question....

TPF may earn a commission from merchant affiliate
links, including eBay, Amazon, and others

BabyK

BabyK

O.G.
May 16, 2006
2,485
3
#1
When you get your diamond appraised, generally is the appraisal amount more than what you paid for or is it less? My BIL got divorced a few months ago, and his ex wife gave back the 3-carat ring and it was appraised for $32,400 (this is back in 2008). I'm pretty sure she told me it cost around $40k. Do you think it needs to be appraised again? I'm not sure how this works. Any advice would be great :), Thank you!

Sorry I wanted to add the reason I'm asking is bc he's looking to sell it, so we're trying to find out how much he should sell it for. Thanks again!
 
#2
The appraisal was done in 2008? Yes it definitely needs to be redone. Everything has increased. She also might be exaggerating it. Because usually appraised value is more than what was paid. Often ridiculously inflated in fact.

But if he intends to sell it, he won't get anywhere NEAR the appraised value. MAYBE 1/3 of that value, if that. If he takes the stone out of the mounting and it's well certified it might fetch somewhere near an appraised value for that piece.

What he needs to do is find an appraiser who is NOT affiliated AT ALL with a jeweler. Totally independent appraiser. Have them appraise it for both insurance replacement value AND resale value. It will be quite a difference in those numbers.
 
#3
Oh wow I didn't know that! Thank you ame!! You mentioned that if he takes the stone out of the mounting and if it's well certified, the diamond well sell closer to appraised value... did you mean the GIA report? Is that what you mean by certified? Thanks again! You're a big help!
 
#4
Yes. Even though I am totally misusing the word Cert...it's the GIA Report. The grading report will help it especially if it's well cut and has great specs. He can sell the stone separately for a better price than he'd get for the whole ring intact, though it's going to be VERY difficult either way. He really will not make a lot on this. And it will not be easy or quick unless he gets lucky and there is someone looking for taht stone

But he should get it reappraised anyway and I hope it's insured at the proper value. He should make sure he uses an independent appraiser (I used two actually) as well as get an INSURANCE value and a RESALE value. They will vary quite a bit, unless it's a Tiffany or something.
 
#5
He does have the GIA, and I looked at it and the specs are just okay. Not great actually. There is someone who might be interested. A friend's mother, and we're trying to decide what price would be reasonable. Would he still need to get an insurance value if he's not keeping the ring? Thank you again for all your advices! I really appreciate it!
 
#6
He should if she walks away yes. You should look on blue nile for a stone of the same specs (say good or very good cut if it's not ideal) to see what it would be NEW, and then deduct a bit from there since she's not purchasing new. That's for pricing the diamond.

If this person wants the entire ring, it would depend on the ring.

Would you be willing to post a pic?
 
#7
Oh I actually did look on Blue Nile. A friend suggested it. It's going for about low 30's. How much lower do you think he should price it for?

I don't have a picture of the ring. My Mil has it in her safe. But I do have a copy of the appraisal and the GIA. My Bil scanned it and sent it to me. OH I had looked at it again, and the appraisal is actually for the entire ring not just the diamond. Should it have been done with just the diamond alone?
 
#8
Only if he's selling or insuring the diamond alone. If it's a whole unit, it's fine. But if the sale falls through he should get it reappraised whether it's in the safe or not.

If he's selling this to an individual and not to a shop or jeweler, he will get more for it. So if the stone itself is low-30s new, I would probably ask 28-30 for the whole ring, 28 for the stone by itself. Expect her to negotiate, I would not sell the whole ring for less than 20 if he can get that. She knows he's under duress in a sense so that works to his advantage. He almost certainly won't get 20 from a jeweler or pawn shop or anything of the sort. The stone itself could fetch nicely but again, he'd have to shop around. And it has to be sometihng the jeweler can resell easily.

Id almost say see if he can get a RESALE appraisal just so he can get an idea what an appraiser thinks he can sell for.
 
#9
BabyK, If you don't mind my asking, why did she give the e ring back? Once they were married she wasn't under any obligation to do so. (If they had just broken off an engagement it is a different story, the ring goes back). I'm just curious.
 
#10
Thanks again ame for the advice! He's going to get it appraised again. He told me his ex had it appraised at where they bought it too, but I told him he should go to an independent appraiser. He's not far from the diamond district, so I'm sure he can find someone. Or do you think he should get a referral? Is it okay to just pick one? I don't think our friend's mom would take advantage of his duress. I mean I hope not! I'm only saying that bc we've been friends with him for over 10 yrs.

GucciObsessed, why she gave the ring back is a little fussy to me too bc I do agree with you she wasn't obligate to. My husband told me his brother took it back (out of anger bc marriage ended bc of infidelity). But his ex wife told my friend that she gave it back (bc she did keep the car and the house). So not sure which is true :shrugs:. I feel bad for my Bil so I'm trying to help him out.
 
#11
There's another diamond forum easily found and often mentioned here that would supply a list of independent appraisers in the area he lives. The only in-jeweler person in NYC area I'd trust to appraise fairly is Jon at Good Old Gold in MassPk.
 
#12
Thanks BabyK. I was asking because my ex husband had the nerve to ask for the engagement ring back after 10 years of marriage, children AND multiple infidelities on his part. Even the attorneys looked at him like he was crazy.

Not to be too off topic but I think giving the ring back is appropriate in your BIL's situation. Good luck to him in selling the ring. Coincidentally I consigned my original engagement ring to a local jeweler and received about 80% of it's original purchase price. But I may have gotten lucky or someone really wanted that ring.
 
#13
Thank you ame! I think I know which forum you're referring to. I'll try and find the info. I'll mention Jon at Good Old Gold to him too but he might prefer going to the city out of convenience.

Gucci, That's great that you received 80% back! You might have a better quality ring than the one my Bil have though. I think he can sell it for a decent price if someone really want it for its size. Even my gf was considering upgrading her 1.6 to that 3.15 but found out her diamond was way better quality that she passed on it. And the 3ct didn't really cost much more than hers.
 
#14
One thing your friend can consider is sending it to someone like Brian Gavin or Paul Slegers with Infinity for a recut. Then it will still be larger but will be very well cut.
 
#15
Do NOT go to the the NY or any other diamond district for an appraisal. ame is right- Good Old Gold in Massapequa or find someone through Pricescope. There is a company called Circa that buys jewelry and gems. once appraised you might try them
 
You must log in or register to reply here.
Top