How Much Does a Diamond Appraisal Cost?
The goal of a diamond appraisal is to determine the value of a diamond, usually for jewelry insurance purposes. Done for a professional appraiser, he or she will document the key characteristics of the diamond such as the carat weight, cut, clarity and shape. Using this information, the jeweler will be able to provide a detailed appraisal, along with a certification.
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 markup 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.