Amid all the glamour and romance and excitement, it is not always as fun to think about the less glam side of engagement rings… such as insurance appraisals. But, like it or not, owning any valuable item means protecting it carefully against any and all risks. Appraisals are the simplest and most effective ways to get an accurate value of your precious new ring, so that it can be properly and fully insured.
In this mini-guide, we take a look at the process of appraising diamond engagement rings so that you know exactly how it works.
What You Should Know About Diamond Engagement Ring Appraisals
A few things to keep in mind when getting your ring appraised…
#1 What is an appraisal?
Simply put, it is a document that verifies details about your ring, granted by the jeweller who made your ring or one who is able to assess the ring. It is not quite the same as a diamond certificate, but incorporates the stone (size, value, weight and authenticity) as well as the metal (grade, quality, authenticity). This report will give you the exact details of your ring, right down to the last stone.
#2 Why get an appraisal?
You will need one if you get your ring insured (whether in its own right or under your household insurance). While no one likes to think of anything bad happening to such a precious item, there is always a potential risk of it being lost, stolen or damaged. You may want to have it replaced (either for insurance replacements or for repairs), and in that case, an appraisal will help you repair the ring so that it almost identical to the original. If your ring is stolen and recovered, it will also serve as proof when presented with your police report.
#3 Where do I get the ring appraised?
Not all jewellers are able to do appraisals, but many are qualified in this field. Speak to your jeweller to find out what they would advise. Gem specialists can also assist (provided that they are qualified and specialised in gem appraisal). Always be sure that your appraiser has the credentials to perform an accurate appraisal. This will ensure that he or she follows best practices and adheres to professional and ethical standards.
#4 When do I need to get one?
You can get your ring appraised from the very moment you receive it. It’s best to get it done early just in case anything should happen to it. It will also give you one less thing to worry about once wedding planning begins. Bring up the topic with your loved one to explain the purposes though – you would not want any hurt feelings to come from your beloved thinking you are doubting the ring’s authenticity!
#5 How does it work?
One way to go about the process is to ask for a plot diagram that shows the stone’s measurements and internal characteristics. Some appraisals can be done in front of you. Many have a special sheet used to keep track of appraisals. If you are unsure, speak to a jeweller that you trust to ask what you can expect from the process.
Price wise, you should budget for an appraisal rate that is often hourly. It is worth every cent however, as you will then have a record of your precious ring’s details. This will go a long way in helping to ensure that your engagement ring can be fully protected and insured.