Ring Appraisal: What You Need to Know

Purchasing a diamond ring is a once in a lifetime experience, filled with joy and excitement at the prospect of a lifetime of love and romance. But, making such a pricey purchase can feel overwhelming for some. What if the ring winds up lost, or worse, stolen? Thankfully, there are steps one can take to ensure peace of mind over their investment, starting with having the ring professionally appraised. While just a simple document, an appraisal will tell you all you need to know about your ring, and then some. If you’ve recently splurged on a sparkling diamond ring and are preparing to shop jewelry insurance, read everything you need to know about ring appraisal here!

What is a ring appraisal? 

A ring appraisal is a document that assesses your newly purchased diamond ring and gives it an assigned value. This valuation takes into consideration the diamond itself, the precious metals used, and other details like the ring’s setting. A common misconception about jewelry appraisals is that they provide you with an accurate resale value for your ring. The value determined by an appraisal is strictly meant to establish how much it would cost to replace the ring, which in turn helps insurance companies draft the best policy for you.

Why get your ring appraised? 

Unlike a diamond grading report, a ring appraisal includes all of the finite details about your ring that make it valuable. Not only does this information give you piece of mind knowing your ring’s value is near to what you originally paid for it, but it also helps when it comes time to shop jewelry insurance policies. An official appraisal ensures you’ll receive the full value of your investment should your ring end up lost or stolen. Ring insurance can be purchased as a standalone policy, or as an addition to your existing homeowner’s or renter’s insurance.

Where can you get jewelry appraised?

Many jewelry stores offer appraisal services in-store, but there are also independent appraisers that operate solo. If you decide to go with an independent appraiser, be sure to choose carefully. Check that they have the necessary credentials to accurately evaluate your items. Ideally, someone with a background in gemology is most qualified to produce a proper assessment. If you’re having trouble finding a professional appraiser in your area, resources like The American Gem Society can direct you to the nearest location.

How does the appraisal work?

When possible, it’s best to have an appraisal performed right as you watch. This prevents any concern over your valuables being misplaced or switched, and protects the appraiser from fault. In some cases, though, this is just not an option.  If you must leave your ring with an appraiser, first make yourself familiar with the details of your diamond. Know it’s measurements, internal characteristics, and any other distinctions that set your diamond apart in the event you need to identify it.

What does ring appraisal cost?

Expect to pay a fee to have your valuables appraised. Based on your location and the expertise of the appraiser, this fee can range from around $50-$150. Most appraisers charge a flat rate or will simply charge by the piece. Fees tend to be based on an appraiser’s level of experience, so be cautious of shockingly low rates and avoid doing business with those who base their fee on a percentage of your ring’s appraisal value.

The most professional jewelry appraisal San Diego can trust

If you’re stuck searching for the best deals on diamond rings in San Diego, you’ve come to the right place! Leo Hamel Fine Jewelers is San Diego’s #1 destination for all of your jewelry and watch needs. Not only do we boast a vast selection of beautiful, one-of-a-kind pieces, we also offer jewelry and watch repair services at unbeatable prices. We even have a professional and experienced appraiser right here, in-house. Why go anywhere else when everything you need is here, in one convenient location? Visit Leo Hamel Fine Jewelers today and see for yourself what true, quality service looks like!

source https://www.leohamel.com/blog/index.php/2019/06/ring-appraisal-what-you-need-to-know/