Diamond Ring Appraisals

The main precautionary advice I give to my clients is to appraise their engagement ring as soon as possible. My years of occupation as a jeweler has proved to me that Chicago engagement ring appraisals are essential for insurance. The post below explains different aspects related to engagement ring appraisals.

What is an engagement ring appraisal? Engagement ring appraisals are one of the technical and professional operations necessary for an engagement ring’s safety. An engagement ring appraisal involves the assessment of the value of your ring. It is usually equivalent to the price value for retail replacement, not the price in which you can sell it in the future.

An engagement ring appraisal requires enough information if you wish not to get ripped off. In the following lines, I will be explaining the WHATs, WHEREs, WHOs, and PRICINGs related to your question of engagement ring appraisals.

How much does an engagement ring appraisal cost?

There are several factors involved in the engagement ring appraisal cost. These factors include the geographical region, the complexity of the jewelry, the expertise of the appraiser, and the number of hours spent on the appraisal. An engagement ring appraisal cost is typically between $50 and $150 per hour, for it depends on the ring style and its level of simplicity or complexity.

The process of a diamond engagement ring appraisal is specifically important for getting insurance for your precious belongings. The accuracy of the appraisal is an important factor during a claim, for you can count on the price you will receive in cash or the replacement of full coverage. Therefore, do not consider paying for an appraisal as a useless task or a waste of money and time.

If you buy an expensive engagement ring with complexities, like a halo or three-stone, you should be more careful in your choice of the appraiser and will likely be spending more money. It is necessary since a complex engagement ring requires accuracy and expertise for accuracy, and if you try to manipulate it by paying the least amount possible, you may regret it in the future.

The price of an appraisal might be free for those who purchase their engagement ring from a particular jewelry company, but you can appraise it independently as well to ensure the accuracy of the purchase’s price value. For independent appraisal, ask the appraiser about the flat price of an hour.

How much time does it take to appraise a diamond?

There is no direct answer to this question since many factors that affect the time needed for a diamond ring appraisal. It can take 20 minutes for one particular diamond engagement ring and more than an hour for a complex diamond engagement ring.

Usually, you can ask the gemologist to appraise your diamond ring in front of you, but if your diamond ring has a lot to look at, you may wish to do otherwise. If you have to hand over the ring, you should ask for a plot diagram and agree on an approximate value with the appraiser.

An appraisal consists of evaluating the price value of the center stone, side stones (if there are any), setting, and the metal band. If your ring is a solitaire diamond on a simple metal shank, it takes much less time than a three-stone or a halo engagement ring on a pavé band. In the latter, the appraisal is thorough and includes gathering facts about the piece of jewelry, comparing different parts of the piece with their counterparts in the market, and concluding the price value.

Who can appraise my engagement ring?

Almost anyone in the jewelry business can appraise your engagement ring, but there is a huge difference in the quality and accuracy of the result. Jewelers, independent appraisers, gemologists, and companies, all can appraise your engagement ring. However, choose an appraiser with valid credentials to make sure that they know your gem and its value well.

Unlike a diamond certificate, which has to be from a laboratory like the GIA, all jewelers can appraise your diamond ring in their stores. If you do not exactly know what a diamond certificate is, read this blog post:

https://www.weddingbandscompany.com/blog/what-is-a...

Although an engagement ring appraisal does not require professional equipment and exclusive expertise, you need to choose the appraiser wisely. That is the reason I recommend you to choose a reliable appraiser who is familiar with both the proficiency and ethics of this task.

Diamond engagement ring appraisals involve the establishment of the quality in the first place and estimating a jewelry appraisal for insurance, which is usually between 25% and 100% above the purchase value. For that purpose, a qualified appraiser has valid credentials and degrees like a Graduate Gemologist diploma from the GIA.

In addition, you need to make sure that the appraiser receives no benefits of the value and appraises your pieces objectively. Therefore, you need to choose an appraiser to whom you can trust your precious stone. They should give you a flat fee based on the number of hours they work to appraise your diamond ring rather than a percentage of the piece of jewelry’s price.

Where to get my engagement ring appraised in Chicago?

Wedding Bands Company is one of the many jewelry companies in Chicago. Our three decades of experience helps our experts to appraise your engagement ring with ease of mind knowing that the value is going to compensate for the retail replacement for the insurance. The Wedding Bands Company’s showroom is located on Oak Street, Chicago.

You can also find better options to purchase an engagement ring. If you need more information about where to buy an engagement ring, please read this post:

https://www.weddingbandscompany.com/blog/where-sho...

What is the best way to get jewelry appraised?

The best way to get jewelry appraised is to look for a qualified and reliable appraiser. You can contact related insurance or jewelry organizations so that you can make sure of the credibility of your jewelry appraisal for insurance as a means of replacement of the piece of jewelry when it is lost or stolen.

If you are already familiar with a credible appraiser, or a reliable resource has introduced one, then you have no problem with taking your sparkly diamond ring for appraisal. Another case is that if you are buying your diamond ring from a company, they usually offer the appraisal the moment you purchase it. You can just take it to an independent appraiser after purchase just to check the price value with a third party’s opinion and judgment. If your case is none of the mentioned above, find a qualified appraiser using one of these valid sources:

The National Association of Jewelry Appraisers

The American Society of Appraisers

The International Society of Appraisers

Just a word of advice, have a clear picture of your piece of jewelry. You need that to check your piece after you take it back from the jeweler, and if you lose your engagement ring, you can use the picture to choose the most similar one as the replacement.

How to get a free appraisal for my engagement ring?

A free appraisal is one of the services a company or jewelry store provides. In other words, the place you purchase your engagement ring from has free appraisals with the purchase. You can also search for online appraisals, which appraises your engagement ring for free using the photos you send them of your engagement ring.

There are a few ways to appraise your engagement ring for free. You can find jewelers and appraisers who evaluate your engagement ring at the lowest price. The other side of the coin, however, is that diamond engagement ring appraisal is a very delicate and sensitive procedure. If you just stop by an appraiser and ask their opinion about the value of your engagement ring, they may think that you intend to sell it, and they will not tell you the real price of the ring.

When you appraise your engagement ring, you are inquiring about the retail replacement value of your possession in the time of loss. For that reason, a careless appraisal leads to disappointment when you are sentimentally and financially under the pressure of your engagement ring loss. Generally speaking, spend enough money for a qualified appraisal for the insurance coverage, as that is vital for reviving your lost possession.

How necessary is it to get insurance on an engagement ring?

It is vital to get insurance on an engagement ring. Years of experience as a jeweler has proven to me that people are so sentimentally under pressure after a tragic accident happens to their engagement ring that they cannot afford the financial pressure simultaneously. Therefore, you need to get a jewelry appraisal for insurance as soon as possible.

Is it possible to fake a GIA certificate for a diamond?

It is possible to fake a GIA certificate, just like other documents. Nevertheless, it is not worth fabricating the illegitimate document because there are several ways to distinguish the counterfeit and the genuine. Some of the security features of the GIA certificate is that they have watermarks, micro type, and a hologram making it almost impossible to forge a copy.

Why should I come to you to design my ring?

We involve you in every step of the process. At first, we will sit next to you and go over any concerns you have and any specific design elements you mind the ring to have. Once we have established exactly how you want the ring looks like, we will proceed with the design process. Once you see this design, if you want to make any change or if you have any questions or concerns we will be happy to address them for you. Our role is to help you to create the perfect ring and that means we will listen to you and make sure that your ring is indeed one of a kind.

We'll help you to design your dream engagement ring without stress and spending countless hours searching for your perfect ring. All you need to do is click on "Free Consultation" to get started.

By: Koorosh Daneshgar CEO/Design Chief