Diamond appraisal question
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Anonymous
| I had my engagement ring appraised back in 2007. Is that appraisal still valid today or do I need to have another one done? I’m interested in how much it’s currently worth. TIA. |
Anonymous
|
Are you trying to get insurance for it separate from your homeowner's policy? The insurance company will make you get it appraised.
The price of gold and diamonds have changed so much since 2007 that i would get another appraisal. |
Anonymous
| Thanks, PP! We already have a rider on our insurance based on this appraisal. What I’m thinking of doing is trading in the diamond for a different shape and I was wondering if the value listed on the 2007 appraisal would be its current value or whether it’s worth having it reappraised for this purpose. Sounds like a reappraisal would be the way to go. |
Anonymous
| I traded in a diamond at the same store where I originally got it, and they gave me the value for it based on the original certificate. |
Anonymous
| Insurance operates on retail value. Trade-in value is different. |
Anonymous
| Trade in will be completely different. It will be valued much lower than your appraisal. In fact, the appraisal or how much you paid for it means nothing in the world of diamond buying and selling. |
Anonymous
| Trade in for 10% of its appraised value. |
Anonymous
Spoiler: It will be worth less |
Anonymous
The value will likely be a lot less due to the influx of lab grown diamonds. Diamond values have tanked. |
Anonymous
| I’d update the appraisal every five years for insurance. |