Buying or selling a diamond can be either a beautiful or stressful process. Whether you’re purchasing for a sentimental reason or selling for a practical one, there are so many factors to consider. Worried that you might get ripped off? Scared that you’ll end up wasting a bunch of money on something worthless? Overwhelmed by your options when buying?
Talk to an expert about a diamond appraisal to solve all these issues and so many more!
What is an Appraisal?
Essentially, an appraisal is an expert evaluation of a diamond’s quality and value. However, it is important to note that appraisal values are often inflated – sometimes by as much as 100% – for insurance and protection purposes. This means that a stone valued at $4,000 might be appraised at nearly $8,000.
Why does this matter? Because many consumers who receive a large appraisal total will expect to receive that amount or even more when selling their piece to a buyer. The fact is, though, stones are not generally worth the full value of their appraisal. These inflated numbers serve as a buffer of protection for owners and investors to insure their pieces against damages or theft. Expecting a sale that resembles your appraisal will leave you disappointed almost every time!
Why Get an Appraisal?
So, if the appraisal amount is not entirely accurate, why bother having one?
The truth is, you should never invest in something as expensive as a diamond without properly insuring it. Insurance agencies won’t even begin the process of creating a policy for you until you have an official appraisal in hand, so the sooner you have one performed, the better. Likewise, if you’re looking to sell your piece, having it officially appraised beforehand will offer an incentive to buy – especially if your buyer is not fully aware of the discrepancy between its true value and the inflated value represented by the appraisal.
When you’re ready to buy or sell your stone, look for a reputable jeweler offering NYC diamond appraisal services. They can help you through every step of the process – including ensuring you get the most value out of your transaction, regardless of whether you’re the buyer or the seller.