QuestionQUESTION: Hi,
My fiance recently purchased a ring setting from a trusted local jeweler, and we set a family stone in the center. The center stone is flanked by two small sidestones. The three stones are then outlined by channel set diamonds. The jeweler appraised the ring. The center stone information includes cut (european), color (I-H), clarity (SI-2) and carat (1/3 carat). There are 22 channel set diamonds that are also listed with cut (single), color (G), clarily (VS-2) and total carat weight (.25 ctw). The two side stones are .13 total carat weight, so they are only about .06 carats each. They are listed as round, full cut, with the total carat weight. There is no information on cut or color. The setting cost $1500 and the whole ring was appraised at $3200. I was wondering, will this appraisal harm me in any way with insurance? Does it need to be more specific? Also, could it mean something fishy is going on with those stones, or just that the jeweler didn't feel like they needed to be graded. I don't want to insult the jeweler by going back and asking for the color and clarity if this is common practice, but I also don't want to have insurance problems. Please help!
ANSWER: Hi Melissa,
Sounds like a decent appraisal. It is a little odd that they would give clarity and color to all the other stones but not the two side stones. You might ask the jeweler for a reason but I don't think it would change the appraised value. The insurance company would get a free ticket to purchase any quality side stones if the ring were lost or stolen. You might get .06ct stones of any quality and color. Many times the smaller stones are not graded but these are center side stones and usually would be. Ask your insurance company if it is acceptable.
Peter
---------- FOLLOW-UP ----------
My engagment ring.
QUESTION: Thanks so much for your answer. I am considering calling the jeweler. I have been in there a couple times since I got my ring and I don't want to drive them crazy! I thought perhaps attaching an image of the ring would help, because while I call them side stones, the ring setting is really unique and my despcription might have given a different idea. I took the appraisal to my insurance agent a couple weeks ago, and she did not say anything about the appraisal lacking information. Currently the ring is insured on my parent's homeowners policy. I will be moving out soon and getting renter's insurance. Should I try to get a color and clarity before I switch policies? Or would it not be worth it because the replacement value of those diamonds will be relatively low?
AnswerHi Again Melissa,
I would try to get clarity and color if it didn't cost anything, but not if does. It might only be a few dollars. The only benefit is if it needs to be replaced. Like I said before without a color and clarity the insurance company can replace it with any quality they want. So it is your choice. Good luck.
Peter
