Purchasing an engagement ring can be quite challenging and it may even be incredibly stressful. For many of us, it is one of the biggest purchases we will ever make or have ever made. This is why it needs to be appraised. Knowing what your ring is worth is the first essential step you need to take in order to make an educated decision.
What is an appraisal?
An appraisal determines facts about the jewellery, especially on engagement rings, wedding rings, and other fine items of significant value. This is not the same as the diamond grading report provided by the jeweller, which contains details about the diamond set in the jewellery including its size, cut, clarity, and colour. A jewellery appraisal indicates the value of the ring as a whole, so it takes into consideration the diamond, other precious stones and even the metals used for the ring setting.
Why do you need to get an appraisal?
Jewellery items should be appraised every two years. This ensures that the item is given a proper valuation and that it remains in good condition. An appraisal is required when you want to have your ring insured and will also be a helpful proof that you really own the ring in case it gets stolen. A number of claims can be made for something as precious as a unique engagement ring Sydney couples use, but an appraisal will authenticate your entitlement.
When do you need to get an appraisal?
As soon as you have purchased your jewellery, you can have it appraised. Getting the appraisal done as early as possible is highly recommended just in case an unfortunate event happens. You can also seek the opinion of others and take it to an independent appraiser so that you can have an objective opinion.
Where do you get your jewellery appraisal?
While a gemmologist can determine facts about the jewellery, an appraiser can provide an estimated value to it and a gemmologist-appraiser is capable of doing both. Choose one whose credentials include a formal education in the field of gemmology and an appraisal training. Aside from formal training, make sure that your chosen gemmologist-appraiser follows the standards.
How does an appraisal work?
The value of a ring will be based upon the characteristics of the diamond and the setting. Since the appraisal of diamonds cannot be done on the spot, the best way to ensure that the diamond or precious stone is not replaced and to protect your chosen appraiser from any charges, you can ask for a plot diagram and agree on the value before you give them the jewellery. The diagram should include the measurements of the precious stone and all its characteristics. When you get the jewellery back from the appraiser, compare the stone to the diagram to ensure that it matches with what is indicated.
Also, make sure that you bring a copy of the diamond grading report and your original sales receipt because it will provide the appraiser with a more accurate assessment of the carat weight than they can determine by formula with the stone already mounted.
How much does an appraisal cost?
The appraisal fees are based on a number of factors, including the expertise of your chosen appraiser, the time necessary to do the appraisal, and the appraisal’s complexity. Avoid dealing with those who offer very cheap rates or those whose fees are based on the percentage of your jewellery’s appraisal value. Most appraisers will charge based on a flat rate, by piece or per hour. Ask for the minimum fee before you commit to anything.