So you recently purchased an engagement ring, one of the biggest and most important buying decisions people make in their lives. But you were smart. You shopped around, checked different retailers, and compared prices and diamonds from several sources. So how do you know the real value of your jewelry, or if you got a fair deal? This is the point where many jewelry salespeople will pull out an appraisal that affirms that the ring is not only a good deal, but a great one. Many in-store appraisals are inflated far beyond the retail value of the piece to make item appear more valuable that it actually is. Although the piece of paper seems authoritative, usually this is nothing more than a sales tactic that makes the consumer believe he or she got a really good deal.
The other winner in this situation are insurance companies, who charge larger premiums to insure jewelry based on the inflated appraisal. Even in the case of loss, theft, or destruction of the piece, most insurers will not cut you check based on the appraisal. Instead they’ll pay a jeweler his cost to make another comparable piece, which probably won’t come near the amount you insured it for based on the inflated appraisal.
In reality nobody pays an inflated appraisal price for a piece of jewelry, after all you didn’t when you bought it! Unfortunately this is a common practice in personal property appraisal. After all, anyone can call themselves an appraiser, as real estate is the only type of appraising that requires a license!
So how do you get a fair appraisal of your engagement ring? At Oceanside Jewelers we have a different motivation; to provide you with an accurate assessment of your jewelry that provides adequate protection in case of loss. As an independent appraiser we have no interest in closing a sale or charging high insurance premiums. In addition our appraisals are done on site by a GIA certified gemologist, and master jeweler and owner Chad Elliott. When it comes to our own pieces, we don’t need to hide behind phony appraisals to make a sale. We’re jewelers as well as salespeople, and we stand behind the quality and workmanship of our products, and our appraisals reflect a real understanding of the value of our jewelry.