If you’ve recently gotten engaged, one of the things you should consider is keeping your ring secure. One of the ways to do this is by getting an engagement ring appraisal for insurance purposes. Besides finding the best professional to approach and finding the most accessible location for you, one of the factors to consider is the ring appraisal cost.
Today, we’ll go through some background information about ring appraisals, the factors that affect the cost, as well as some tips to help ensure that you’re paying a reasonable amount for the appraisal process. Hopefully, this guide can help you decide where to get an appraisal for your ring.
Understanding Ring Appraisals
A ring appraisal is one form of assessing a ring. It is a document describing the characteristics and facts about a ring and its value. A jewelry appraisal would include details about the diamond or other precious stones used, the material, the setting, and others. The appraisal process should be conducted by a qualified appraiser that you trust.
There are many different types of appraisals, and for jewelry appraisals, the two methods used include the cost method and fair market value method or market data valuation method. It’s important to note that an appraisal should not be confused with a diamond grading report, as these involve different processes and serve different purposes.
How Ring Appraisals Work
Now that you know what a ring appraisal is, let’s go through how a ring appraisal is done. During the appraisal, an appraiser shall perform the following:
- Cleaning – Before anything else, the ring must be professionally cleaned. Appraisers can do basic cleaning but if your ring is really dirty or shows signs of metal tarnishing/discoloration, this may require re-plating altogether and will incur additional costs. Cleaning is necessary for the qualified appraiser to clearly see the ring’s overall condition and be ready for the other steps in the appraisal process. In this step, the appraiser would also check if there are scratches, chips, dents, or other issues regarding your ring.
- Measuring – After cleaning, the appraiser then proceeds with measuring. Using different advanced grading tools and equipment, the professional notes the measurement of the ring, specifically the metal bands and the precious stones that make up the jewelry item. The jewelry industry follows a clear formula in measuring mounted stones.
- Observing – Here, the details about the ring are then observed and analyzed to develop an adequate appraisal. Jewelry appraisers follow specific standards and consider different factors to create an assigned value for your ring. For instance, when conducting a diamond ring appraisal, the 4Cs (cut, color, clarity, and carat weight) will be considered, along with the ring’s metal value, brand, and current market value.
- Documenting – Next, the appraiser records the details obtained through measuring and observing. As part of the documentation process, photos of the appraised item should also be taken. After everything, the official document containing all the details about the appraisal should be given to you. The appraiser must adequately describe what your jewelry item looks like.
Importance of Getting Rings Appraised
As previously mentioned, there are different appraisal types, each serving a different purpose. One of the most common ones is getting an appraisal for insurance purposes. You can either get additional insurance for your ring as part of your house insurance policy or get your ring insured abroad. Either way, getting a jewelry appraisal is required so that insurance companies have a basis for the insurance they’ll provide.
By getting your ring insured, you’ll feel a sense of security and feel more at peace. Other than that, you can also confirm that you paid a reasonable amount for a recently bought ring or if you were being scammed.
Cost of Ring Appraisal in the Philippines
The cost of appraisals in the Philippines varies. For example, here at Willyn Villarica Jewelry, an appraisal ranges between ₱1000 (for basic appraisals) and around ₱6,500 (for advanced appraisals). The pricing is usually set by the appraiser depending on the complexity of the design of your jewelry.
Related: The Ultimate Guide to Jewelry Appraisal Costs
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Factors Affecting Ring Appraisal Costs
Appraiser expertise
The cost can be higher when done by a highly qualified and experienced appraiser. Similar to getting services from other professionals with more experience and exceptional jewelry appraisal education, professional appraisers could set fees higher than others. This is usually reasonable, though, especially since these professionals use various tools that help ensure you get an accurate appraisal. For example, a NAJA member with a designation of “Certified Master Appraiser” will charge more than someone who’s designation is that of a “Senior Certified Member.”
Ring complexity
Another factor is the complexity of the jewelry item. The more intricate the design, the more time and effort an appraiser must put in – raising the appraisal cost.
Overhead costs
Lastly, depending on where and how the appraisal is done, some overhead costs could also affect how much you’d have to pay. For example, an appraiser having their own office or store might charge more since they have to pay other fees to keep up the place.
Get Your Money’s Worth: Tips for Getting Rings Appraised
- Be wary of extremely low rates – While it’s reasonable to push through with an appraisal that offers the lowest price, be careful of approaching someone who’s offering an appraisal for a significantly low cost (compared to others). This could indicate that they are unreliable appraisers and do not have the necessary credentials nor proper tools and equipment to come up with an accurate appraisal.
- Refrain from paying an appraisal fee based on the appraised value – You’ll be charged an inappropriate amount through this method, so it’s best to avoid appraisers that set their prices this way. It’s also wholly unethical, and an appraiser could lose their appraisal organization/association membership because of this.
- Look around for different kinds of appraisers – A quick research about available appraisers around you can be a big help. You can look for a credible appraiser by determining their background and customer reviews. You can also look at the official websites of appraisal organizations to find members or recognized professionals. For example, by going to the National Association of Jewelry Appraisers’ website, you’ll find a list of their recognized appraisers per country. NAJA is an international association of jewelry appraisers whose members specialize strictly on jewelry and watch appraisals. Check out najaappraisers.com to find their accredited members.
- Ask questions about their fees before the process – You can ensure that you’re talking with a reliable appraiser when they can answer all your queries, including ones regarding the cost that you have to pay.
Get an appraisal from Willyn Villarica Jewelry
With the experience and educational background of professionals here at Willyn Villarica Jewelry, the appraisal cost is undoubtedly worth it. Willyn Villarica is your trusted partner for ring appraisal services, catering to clients around the globe. Our expertise and commitment to excellence ensure accurate and reliable assessments of your precious gemstones. It’s important to note that while we offer our services worldwide, clients are responsible for covering all travel expenses. Don’t miss out on the opportunity to have your diamonds expertly graded by Willyn Villarica. Explore our website for more details about the types of appraisal services offered and how much they cost. To request information or schedule appointments, please feel free to contact us via email at admin@willynvillaricajewelry.com, you may also connect with us through our official Facebook (Willyn Villarica Jewelry) and Instagram (@willynvillarica_jewelry) accounts. Should you require immediate assistance, we are also accessible for direct communication at +63279497547.
