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The Vital Role Diamond Appraisers Play
The market environment today is so complex that it’s sometimes hard to determine whether you’re getting the best value for your money. The diamond trade market is no exception and for people planning to buy their long desired diamond jewelry, it is important to consider getting the services of a diamond appraiser. Independent appraisers exist to ensure that consumers get the genuine stone they have long wanted to own and at the best price possible.Enrich Your Experience With Diamonds Through Books
The value of loose diamonds has gone up in recent years and more issues about this precious stone have cropped up as well such as new treatments and ethical standards. It used to be that people know of diamonds as only being colorless and that a little color in the stone is believed to be a misrepresentation. And so, consumers ask a lot of questions pertaining to treatments applied, whether the diamond is natural, man-made or colored altered and loaded with filter, if the stone is damaged, if the information on the grading certificate accurate and genuine, does the grading document match the diamond and if the stone is cut correctly. Understandably, consumers just want to make sure that they’re investing their money in a genuine product.
Here then is where the role of diamond appraisers comes in. The need for an appraiser in the diamond trade business is similar to purchasing a real estate property where thousands of dollars are involved. Homebuyers normally hire an appraiser to determine the fair market value of the house they wish to buy to make sure that the property is not overpriced and that they’re putting their money in the right investment. This is the reason why appraisers are required to confirm real estate transactions.
Appraisal process
Most diamond appraisers have undergone some kind of training in grading gems although it may not necessarily involve the process of appraising. There are actually two main components of an appraisal. The first one entails the identification or authentication of the items while the second one is assigning an appropriate value to a precious stone.
The first part pertains to gemology or the art and science of gemstones as taught by the Gemological Institute of America (GIA) and several other groups worldwide. Diamond appraisers who have completed this course normally add the initials “G.G.” after their signature. The initials stand for Graduate Gemologist which is a diploma issued by GIA for expertise in the science of gemology. GIA and some other groups provide a rigid approach to grading that involves a standardized environment, microscopic examination, comparison stones for color and a variety of tools for evaluating fluorescence and cutting, treatments. These institutions, however, do not offer courses on appraising gemstones.
Most appraisals on jewelry are in preparation for retail replacement value or insurance replacement value. This refers to an estimate of the appropriate funding for your insurer to replace the piece with a new one such as in a situation when the item gets lost. These reports will often report a value that is higher than an actual transaction cost and is then considered as an evidence of a bargain. These higher values are used as sales tools by most retail sellers and are abused by some people in the business.
For customers requesting for an appraisal, some sellers ship their stone to an independent appraiser for examination. The appraiser will then verify the stone’s identity and the grading accuracy, adds in the value side of the report, calls the consumer and if done, the stone is forwarded to the consumer, then to the dealer and finally to a third party for mounting of the stone to a piece of jewelry.
Independent appraisers
While jewelry stores, auction houses, pawnshops and other business offer appraisal services and have their own in-house appraiser, there are also independent appraisers not involved in the gem or jewelry trade and have no vested interest in the appraisal result. Appraisers working in jewelry stores and pawnshops normally determine the value of a stone based on their own experience in buying and selling things. They do appraisals for purposes of obtaining insurance or selling stones.
On the other hand, independent appraisers also get paid regardless of the outcome of their appraisal, whether the customer buys the product or not and regardless of the amount they pay. Most of them have good gemological credentials and training as well as good background and experience in appraising compared to store appraisers. They may offer additional services and tests to answer queries not included in the lab report.
Independent appraisers usually work for banks and estates and are involved in tax and custom matters and insurance documentations. Shoppers of very expensive items can also use them notably in the area of evaluating stones and craftsmanship. They can use the return period from seven to 30 days from date of purchase to have their items personally inspected by an independent appraiser to confirm the details provided by the dealer. Should they not be satisfied with what they found out through the appraisal process, then they can return the items to get a full refund. Overall, a deal contingent on an opinion by an independent appraiser helps consumers get the best value for their money.
Service fees
The fees charged by qualified appraisers are based on the degree of difficulty, time involved and the weight of the stone. Their high fees for the work are meant to cover their liability. Service fees vary from one city to another but the experienced appraisers generally charge higher fees than the new ones. Those who have been working long in the business will tell a consumer upfront about the services and the fees.
The bigger gems usually need longer examination compared to the smaller ones. What also takes more time is discerning the finest colors. Some appraisers likewise find it time consuming answering the questions of very meticulous consumers searching for the finest cut stones.
These appraisers work in tandem with retail stores, auction houses, diamond dealers and consumers. Those involved in the legitimate selling of diamonds and jewelry are always committed to provide all the necessary information about their products to their customers.
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