Boring question #67: How do you know the appraiser has given you the truth about your gem?
For the sake of argument, we will use a diamond. You have a loose stone and you want to know it’s value. Since you do not know about diamonds, you go to have it appraised. The appraiser knows you know nothing about diamonds because that is why you are there in the first place. What stops the appraiser from lying to you, especially if you are looking to sell the gem? As said, you know nothing about the value and they know it so they can devalue the worth and you would never know. I guess you could take it to another appraiser and compare the price but that is more time and more money just to find out what a gem is worth. How do you know the price you are quoted is a legitimate, honest price?
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Because a legitimate business would not want to risk ruining their reputation by ripping off customers. It wouldn’t take long for it to get around that they had shady business practices.
Yeah. Even if it’s a one time thing if others find out then there’s gonna be trouble to them because nobody will ever trust them.
Use a G.I.A certified appraiser. Gemological Institute of America appraised stones years ago, may still do so. Check them out.
I would never rely on a single appraisal, at least two and preferable three, from reputable dealers with a long history of being in business. I would also check the BBB to find out their reputation.
Sometimes, insurance companies have a list of approved dealers for appraisals.
Umm… I never thought of that but if I didn’t have time to check their credentials, I’d tell them it was for insurance, then turn around and say it’s to sell to them, then average the two numbers out.
I’ve bought gems and have taken them to various appraisers. You’re right, some appraisers will deceive, bad-mouth other businesses, and give you inaccurate appraisals. I once took a ring to an appraiser in the mall, and he didn’t know much about gems or giving a good appraisal. The key is to educate yourself as much about gems as possible before going out and buying a gem like a diamond. Read up on it a lot. Then we you do buy one and go get it appraised, you will know if the appraiser is a good appraiser or not. The bad appraisers just type generalities on one page and use non-specific terms (eg., “well-cut, good proportions, nice brilliance, etc.) and stick to the basics like the 4 C’s. A good appraiser gives you a lot of specifics, uses terms like “fluorescence, feathered inclusions, etc., and give you calculations with numbers like 58% table, crown depth 45 degrees, etc.).
The gem business is pretty tight and has it’s own network of markers of reputation. Most appraisers have no interest in buying people’s loose stones so they have little incentive to try and rip them off. What most of us look at and go, “oooh, big shiny diamond!”, appraisers look at and go, “eh- commercial (lower) quality small goods (- 3cts)”.
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