Diamond Appraisal

Diamond Appraisal

Why is diamond appraisal very important? Actually, there are many reasons why you should get a diamond appraisal. For one, to be certain that the diamond you own in the same that is on your certificate. You wouldn't think that a dealer shows you one diamond and yet gives you another, do you? Unfortunately, it does happen. Now, you see the significance of having your precious stone appraised?

When the appraised confirms your diamond's authenticity, then you will be given a fair market value on your stone from a current wholesale price list. This is the biggest misunderstanding, which most people think, of what a diamond appraiser does. Appraisers don't set the value of diamond, but rather, they report it according to established market prices. They can't ethically value it higher than its base marketplace worth. So, whether you are about to make a purchase or have already purchased an item from an online vendor, you will have absolute proof of its value and authenticity of the certification.

Most definitely, appraisals are done on any type of jewelry and not only on diamonds that are already set. A jewelry appraisal is needed if you sell it later on, in case of theft, if you want to determine a piece's value before purchasing it, or you need to settle an estate. It is important to remember not to look for the cheapest diamond appraisal, not that you thought of it. It's just that, you may find out that you have a worthless piece of paper- the so-called certification- in which your insurance company won't honor when you make a claim.

As diamond market values change, get a diamond appraisal every few years. Using the same appraiser to get an update will reduce your appraisal cost. As insurance claims are based on current value, it pays to keep appraisal properly updated. Make it a point to ensure your appraisal is based on the type of diamond you own. For instance, if you got your diamond from a famous diamond shop, such as Tiffany's, you definitely want it to be replaced by Tiffany and not a discount broker.

The final diamond appraisal report should be printed (not handwritten!), and contain the following information:

o Date and location with which the diamond appraisal been done, your name, and intended users of this report
o State the purpose and function of the diamond appraisal
o A signed statement that the appraiser has no financial interest in your diamond jewelry
o The accurate measurements, a exact description of your diamond, or type of jewelry item, its age and present condition
o Photos or other lab work that shows the diamond's details
o A final evaluation statement that explains what the value of the diamond represents and on what it was based, as well as the diamond replacement cost.

Diamond appraisal is very essential whether you regard your diamonds as investments or just to know how much they really worth. Just keep in mind to have your precious stones verified by qualified and independent appraisers, who have no intention to sell you diamonds or have any financial interest in them, in other words, a retailer who prefers you to their own appraiser.