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How Accurate Are Jewelry Appraisals?October 28, 2014 - Diamond Articles
When consumers buy diamonds and gemstones, they often gain a sense of confidence and security from the grading certificates provided by jewelers. But a new study by WP Diamonds, one of the world’s preeminent buyers of second-hand diamonds, quantifies the extent to which such jeweler’s appraisals tend to over estimate the color and clarity of the stones. We take a close look at the question: how accurate are jewelry appraisals?
What is a jewelry appraisal?
Many retail jewelers and local jewelers will offer an appraisal service. Appraisals are often done for insurance purposes or for peace of mind when buying a piece of jewelry.
They provide a detailed description as well as an estimated cost to replace. Appraisers charge either a flat rate for this service or a price depending on how long it will take them. A jewelry appraisal can cost $50-$150.
Study: How accurate are jewelry appraisals?
The WP Diamonds study, which was conducted during the second quarter of 2013, involved 220 evaluations by the Company’s graders.
- Clarity: We found that the jeweler’s appraisals graded an average of 1.3 grades higher than the grade determined by our evaluation team, which relies on internationally recognized standards set by the Gemological Institute of America (GIA).
- Color: Our experts also found that the color grades in these jewelry appraisals were approximately 1.9 grades higher than the GIA equivalent.
For consumers, the takeaway message is clear:
Optimistic grading certificates from jewelers should be taken with a pinch of salt. When it comes to the returns consumers stand to receive in the second-hand diamond market when they sell diamonds, this is not the best way to accurately ascertain the stone’s value or characteristics.
What truly matters is the actual color and clarity of the stone as determined by a recognized diamond grading laboratory, such as the GIA, or respected experts, such as those here at WP Diamonds. Consumers should be circumspect, to say the least, about non laboratory grading certificates as they can give a very false expectation of resale value.
At WP Diamonds, we present our customers with a pricing range based on first-hand evaluations by our valuation team. We put a premium on making this evaluation process completely transparent. We see the dialog with clients as one of the most important services we provide, because our goal is to help our customers make informed decisions.
Our clients tend to be passionate about diamonds. Ultimately, they understand that true confidence in a diamond transaction comes, not from a piece of paper, but from fully understanding the relative merits of the stone.
How to sell diamonds online
Whether you are looking to sell your engagement ring after divorce, or loose diamonds, WP Diamonds is a leading diamond and fine jewelry purchaser. Sell your jewelry quickly and easily to the diamond experts.
Our team of GIA trained gemologists buy your diamonds and diamond jewelry in as little as 24 hours. Our streamlined, transparent service provides honest price quotes, with no fees or commissions deducted from your final offer.
Sell online with our free shipping and insurance, or in person at our offices in NYC, Tokyo, Hong Kong and the UK. With over 1,000 customer reviews and an A+ BBB rating, customer service is at the heart of what we do.