How Much Does a Diamond Appraisal Cost?
An diamond appraisal is very important in obtaining the necessary insurance coverage for your gem in the event of theft, loss, or damage. It is also necessary when you intend to sell your diamond, assuring that you will get its actual value rather than being undersold. If you obtain a valid appraisal, you may eventually make a big difference with the sale. Without the knowledge and proper tools, you will not be able to tell if the stone is even a real diamond, let alone whether or not it has any faults or imperfections. The workers in the average jewelry store may be able to tell you if the stone is or is not real, but they will probably not have the ability to determine the quality of the stone.
A legitimate appraisal needs to be done by an independent and qualified gemmological laboratory, which conducts an assessment of your diamond(s) to determine its genuineness. This is determined according to whether or not the stone conforms to the criteria listed in the Diamond Grading Report. The laboratory will then issue a certificate, detailing all the qualities of your diamond.
How much does it cost?
- The appraisal cost depends on the total carat weight of your diamond. Diamonds.com, for example, gives the following cost estimates. For diamonds under 1.50 carats, they charges $60. Diamonds between 1.51 and 2.50 will cost $75, and anything between 2.51 and 3.50 will cost $90. Anything over 3.51 carats can cost $100 and beyond.
- If the company charges by the hour, a diamond appraisal may cost around $160 to $500 per hour. Again the time it takes will depend on the size of your diamond. SEE: “How much does a jewelry appraisal cost?“
- Some gem laboratories appraise gem according to item instead of charging by the hour. In this case, the average rate for diamond appraisal can be around $75 to $200 per carat.
What are going to be included?
- Proper appraisal consists of the exact and specific details of your diamond, such as the weight in carats, the proportion based on the diamond’s depth, table, crown, pavilion, as well as the girdle, cutlet, finish, clarity and color grade.
- Aside from the weight of the diamond, competent appraisers usually base their charge fees according to the level of difficulty and the time involved in evaluating your stone. The can vary according to the shape and setting of the diamond.
- The appraiser issues a certificate of evaluation on your stone indicating all of the details about it, including any flaw that your diamond may have.
- The date of appraisal is also indicated in the certificate of evaluation. If any damage is done to the stone after this date, the appraiser may void the certificate.
What are the extra costs?
- If you are the type of client who asks several questions that take time to be addressed properly, chances are you will be charged more. This especially true if you are dealing with experienced appraiser who charges by the hour. However, this extra charge may be worth it if you are dealing with a very expensive diamond.
- You will be charged more if you want your diamonds appraised in less time.
Factors that influence the price:
- One major reason appraisers may charge higher fees is because the appraiser needs to cover its liability where more liability exists. This basically means that the bigger the stone, the greater the liability and therefore the greater the cost.
- Another factor that will determine the price is the reputation of the appraisal company which you use. The higher the reputation, the higher they can charge for their services.
Tips to know:
- Usually, an appraisal is valid for three to five years from the date of appraisal.
- An appraisal is deemed necessary and important in safeguarding the price of your diamonds.
- A carat of diamond is equivalent to .2 grams, while 5 carats is equivalent to 1 gram.
- Most appraisers work on behalf of retail shops, auction houses, diamond dealers, and individual consumers.
- Legitimate vendors of diamonds are steadfast in providing you all the facts about your stone.
- Not all appraisers or gemmological laboratories are qualified, so you must be careful in choosing one to appraise your diamonds.
- Before buying diamonds, make sure you have a good knowledge about them. Some jewelry stores will allow you to get the diamond appraised before making your purchase. However, be careful about using the appraiser that the store suggests; the two may be working together and could potentially be a scam. This is rare, but it is possible.
- In choosing a diamond, pay special attention to its crown and pavilion angles because the beauty of the stone significantly relies on these factors.
- When buying online, make sure that the diamonds you choose have their corresponding grading report from an independent gem laboratory.
How can I save money?
- Buying diamonds online is better than acquiring them from retail shops because its mark-up is significantly lower and it saves you on taxes.
- Once you have determined the type and cut of diamond you desire, do a search online and locally and compare prices.
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