{"id":7604,"date":"2018-10-23T07:30:18","date_gmt":"2018-10-23T11:30:18","guid":{"rendered":"http:\/\/www.jewelry-secrets.com\/Blog\/?p=7604"},"modified":"2018-10-23T10:37:51","modified_gmt":"2018-10-23T14:37:51","slug":"is-your-jewelry-appraisal-value-too-high","status":"publish","type":"post","link":"https:\/\/www.jewelry-secrets.com\/Blog\/is-your-jewelry-appraisal-value-too-high\/","title":{"rendered":"IS YOUR JEWELRY APPRAISAL VALUE TOO HIGH?"},"content":{"rendered":"
\"Why<\/div>\n

Jewelry appraisals are a confusing thing.<\/strong><\/p>\n

\nSay for example you bought a diamond engagement ring that retailed for $9,000<\/strong>, and you paid $5,000<\/strong> for it.<\/p>\n

$4,000 more?<\/h2>\n

\nThe appraisal that the jeweler gives you states it’s worth $9,000 (What it retailed for<\/strong>).<\/p>\n

\nSo why are jewelry appraisals appraised at the full retail value?<\/strong><\/p>\n

\nIs there a need or a reason to appraise your jewelry much higher than what you paid for it?<\/strong> <\/p>\n

\nBecause that also means that you’re going to have to insure it for that $9,000 price<\/strong> instead of what you paid. That’s a big difference<\/strong>. <\/p>\n

\nSo why is this?<\/strong><\/p>\n

The real reason:<\/h2>\n

\nBecause it looks better<\/strong> on paper and it makes you feel better<\/strong>.<\/p>\n

\nYou’re going to think that diamond ring is worth a lot of money. You’re going to think you got a really good deal<\/strong>. But the thing is, no one would ever pay that full $9,000 for your ring. Why would they? You didn’t!<\/strong><\/p>\n

\nJewelry appraisals list Cut<\/a>, Color<\/a>, Clarity<\/a> and Carat Weight<\/a>, a detailed description<\/strong> and of course the retail price<\/strong>.<\/p>\n

So is the retail price fraud?<\/h2>\n

\nWhen you bought it did you think “Boy, I really got a good deal<\/strong>“?<\/p>\n

\nI’ve never been able to understand why appraisals are marked up so high. You can’t sell it for $9,000<\/strong>. Even if you lose the ring or the ring gets stolen, insurance companies won’t pay you $9,000 for that ring<\/strong>. They’ll get real cheap replacement values from local jewelers to replace your ring. And chances are they’ll pay less for your ring than you did<\/strong>.<\/p>\n

\nThis is because jewelers give insurance replacements a better deal<\/strong> because they bring them a lot of business<\/strong>.<\/p>\n

Isn’t that crazy?<\/h2>\n

\nSo what happens is, you’re paying premium insurance for a $9,000 ring that the insurance company will be able to get for $4,000 (again, just a rough example<\/strong>). Ha! What a rip off!<\/strong> Sad, but true. It sort of makes that high appraisal worthless<\/strong>. But then again, insurance companies insist on them.<\/p>\n

So what can you do?<\/h2>\n

\nI get it they have to account for the cost of living going up… but you’re still paying for a $9,000 ring and only getting $4,000<\/strong> for it?!!!<\/p>\n

\nSo do this… Tell the jeweler doing the appraisal to only list the value as what a true replacement value<\/strong> would be (plus a little bit more for inflation<\/strong>).<\/p>\n

But NOT the full retail price.<\/h2>\n

\nThat way you’ll get enough money to cover your ring if it’s stolen or lost, and in the meantime, you don’t pay some astronomical inflated jewelry value<\/strong> for nothing.<\/p>\n

Inflated values sound good…<\/h2>\n

\nThey may make you think you got a hell of a deal<\/strong> (“This diamond is worth $9,000”)… But if you’re paying more to insure a ring because of that exaggerated price tag<\/strong>, then you really aren’t saving any money<\/strong> now are you? Chances are, you’ll pay more.<\/strong><\/p>\n

\nSo have the jeweler keep the listed jewelry price lower<\/strong>, that way you won’t over pay with insurance costs and your jewelry appraisal will be more accurate<\/strong>, fair and give you a better idea of what the true value <\/strong>of your jewelry is.<\/p>\n

\nInsuring that $9,000 ring (that you paid $4,000 for), would be better off insured as $5,500 instead. <\/p>\n

\nCheers! :)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Jewelry appraisals are a confusing thing. Say for example you bought a diamond engagement ring that retailed for $9,000, and you paid $5,000 for it. $4,000 more? The appraisal that the jeweler gives you states [Read More…]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":7605,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jewelry"],"_links":{"self":[{"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/posts\/7604"}],"collection":[{"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/comments?post=7604"}],"version-history":[{"count":0,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/posts\/7604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/media\/7605"}],"wp:attachment":[{"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/media?parent=7604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/categories?post=7604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jewelry-secrets.com\/Blog\/wp-json\/wp\/v2\/tags?post=7604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}