Was it fun? Was it everything you always dreamed it would be ever since you were a little girl? We certainly hope your big day lived up to all of your expectations and was a real dream come true for you. Hopefully it wasn’t too stressful or exhausting either, but even if it was, at least all that worrying and working toward it is over – you’re married now! But everything isn’t over yet, not unless you’ve already gotten your wedding band and engagement ring insured and appraised.
What’s that? You didn’t know you were supposed to get your wedding band and engagement ring appraised? Not to worry – you do now, and it’s not too late to have it done. Keep reading to learn everything you need to know about wedding band and engagement ring appraisals.
What Is an Appraisal?
An appraisal is a piece of paper. OK, that’s not entirely true and is oversimplifying things a bit – but just a bit. The piece of paper is what you get after an appraisal has been conducted. On that paper will be information verifying certain facts about the ring you’ve purchased for a whole bunch of money, unless you bought an affordable cubic zirconia engagement ring from Birkat Elyon.
An appraisal sounds a lot like the diamond grading report you get from your jeweler, doesn’t it? Right, and that’s where a lot of people get confused. The grading report is not the same thing as an appraisal, so just because you have a report does not mean you don’t need an appraisal conducted. Diamond grading reports are great for learning everything you could possibly need to know about your diamond, like its precise size. Everything, that is, except for its true value. A jewelry appraisal assigns a value to your entire ring, meaning it takes all stones and the band into account when establishing what the worth of the ring is.
Why Should I Get an Appraisal?
Glad you asked. OK, so technically we were the ones who asked, but let’s not sweat the small stuff here. The point is that you should get your ring and band appraised because it means you’ll have what’s basically a super receipt just in case the unthinkable happens and your ring is lost, stolen or destroyed. It’s not pleasant to think about that sort of thing, but it can and does happen so best to be prepared for it. If you’re planning on getting ring insurance, which you should be, you’ll need an appraisal. Same goes for if you’re thinking of adding a rider to cover your ring and bands on your homeowners’ insurance policy. There’s also the fact that it will give you a proof of ownership if your ring is ever lost/stolen and recovered by the police.
Where Should I Go for an Appraisal?
Not all appraisals were created equal, and getting a shoddy one can end up causing you big problems down the road. Undervalued or overpriced jewelry will cost you if something happens to the piece. Insurance agencies could easily solve this problem by refusing to accept appraisals from anyone other than completely qualified individuals, but they unfortunately don’t do that. Some appraisers don’t actually understand the law or how insurance works and can end up giving you incomplete appraisals, which is obviously something you want to avoid.
So where should you go? Well, you could go to a gemologist and have the facts you already know – or think you know – about your ring verified. You could go to an appraiser and get your ring valued. Or you could go to a gemologist-appraiser and have both done. Some jewelry stores have appraisers on site who will take appointments. If yours does not, the American Gem Society is a great resource for identifying an appraiser in your area.
There are plenty of reputable, skilled people who perform appraisals, but gemologists should not be confused with jewelers. Gemologists are likely to have a diamond master set and be capable of grading diamonds but will simply look up the price on the Rapaport Sheet. What they really need is not on ly the ability to grade fine gems but also a knowledge base of the market, but many lack market expertise.
You don’t want to just stick with the first jewelry store you find, either. There can be conflicts of interest there, as most appraisals are done by retail jewelers who may just be looking to sell you something; judge a piece of jewelry sold by a competitor; or evaluate a piece that you want to sell to them. This makes objectivity difficult if not impossible.
To be absolutely certain you’ll get a fair appraisal, you should trust a GIA or EGL USA grading report and an insurance policy that specifies retail replacement at the location you bought your jewelry.