May 21, 2008 10:05 pm US/Eastern
Diamond Ring Appraisals Continue To Fluctuate
BOSTON (WBZ) ―
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DeBeers Asscher solitaire set in platinum
CBS
There's a good chance your diamond engagement ring is worth a lot more now that it was when you got it.
Prices of gold, platinum and diamonds have soared in the past few years. If your ring is insured, it's important to have an accurate value in case it's lost or stolen. But getting that accurate number is a lot harder than you might think.
Many experts struggle with coming up with an exact dollar figure. WBZ had a producer take a diamond solitaire engagement ring into six different jewelry stores for an appraisal. At the end of the day, we had six very different appraisals. They ranged from a low of $6,700 to nearly double that amount at $12,500. All of the appraisers were told the figure was for insurance purposes and all were done on the same day.
WBZ brought the appraisals to Arthur DeMello, an expert who has worked for the state treasurer's office, appraising abandoned property.
"I'd be willing to guess there's a little bit of guesswork here," said DeMello as he looked through the paperwork from the different jewelers.
"They have a higher color grade, so that's not accurate," said DeMello, looking at one of the appraisals.
DeMello graded the diamond as a "J" on the color scale. The appraisals came in all over the color scale, from "G" which is close to colorless to "K" which has a yellow tint.
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Four Cs of Diamonds
"You can forget about that valuation because the appraised value isn't going to stick because the grades aren't exact," he said.
The appraisers were also inconsistent in what they came up with for clarity and carat weight. Slight shifts in those figures can significantly impact the value of your diamond and getting an accurate value is important if you plan to insure it.
"If you're too low, the client's not going to be able to replace the piece," he said. "If it's too high, they're going to pay too much in insurance."
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The thing that makes this so tricky is that anyone can call themselves an appraiser.
"You don't need a license to appraise so the consumer needs to do their homework," DeMello said.
DeMello also said you should avoid jewelry stores if you want to get an appraisal. He says your best bet is to stick with someone who specializes in appraisals only. He also said it's a good idea to check the appraiser's credentials. They should have a certificate from the gemological institute of America or the
American Gem Society. If you're buying a diamond, ask the jeweler if you can take it to an independent appraiser, or bring one with you to the store.
If you'd like to find an appraiser in your area, check out one of these sites.
www.appraisers.org Americangemsociety.org
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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