To properly interpret your diamond appraisal you will also need to know if the value is a “retail value” or “retail replacement value.” The difference between the two is important… most insurance companies and diamond laboratories recommend using a retail replacement. This is the amount that insurance companies like to see because it states what would be needed to replace the piece with one of equal quality in today’s market. Retail values tend to be exorbitantly high and result in the insured over-paying in premium for a value that they will never receive anyway if the ring is lost or stolen. If you have a diamond ring appraisal done, the retail replacement value will help you save on the insurance premium.
Courtesy of Ascot Diamonds
If you don’t know where to go to get jewelry appraised…read your local jewelry appraiser reviews. Also, if your purpose is to sell diamond jewelry, a current jewelry appraisal will help you decide a better selling price.