Where To Get Diamonds Appraised | Local Appraisal Advice

Expert Diamantaire Josh Fishman gives advice about Diamond and Jewelry Appraisals. Listen to the advice of a third generation diamantaire before you make your purchase decision. Visit our website at http://www.afishman.com. Check out our diamond education channel at    / afs580   Hi. I'm Josh Fishman, President and Owner of A. Fishman & Son Diamonds in New York. Welcome back to our Diamond Education Series. Today I would like to discuss with you an issue which is not very exciting but which is important, and that is diamond and jewelry appraisals. Most of you have probably thought about using an appraisal either before you make a purchase in order to see what the value of what you’re buying is, and you want to get a good deal so you’d like that appraisal to be more than what you’re anticipating paying, or after your purchase because you need an appraisal for an insurance company in order to insure your item in the event of loss or damage. It’s not an exciting thing, but I would like to try to make it simple for you, and hopefully a pleasure to listen to this video. As is said, “Figures lie and liars figure,” and that’s true with appraisals also. What does that number on an appraisal mean before you buy an item? You take that item to somebody who’s independent, and they put a figure on it to evaluate what the value is, and you want that appraisal to be more than what you’ve paid for it, or you want to have something insured by an insurance company, so you want to have a value for replacement cost. Those numbers may be very different. I’ve had people come to me with an appraisal that is way inflated over what they paid for it expecting to receive in payment on sale what that appraisal says. Now, that’s nonsense. Anybody can put a number down. Here’s the definition of appraisal: an appraisal is something that states an opinion -- somebody’s individual opinion -- about the value, condition, or importance of something. So, an appraisal is someone’s personal opinion. Probably, and hopefully, a professional opinion, but what does it mean? Let’s discuss the area of appraisals before you make a purchase in two contexts: one, the purchase of a loose diamond, and second, the purchase of a piece of fine diamond jewelry. In the case of a loose diamond, hopefully you’ve made your selection of a GIA certificated diamond. That’s all we at A. Fishman & Son sell, and there’s a big difference in evaluating a GIA certificated diamond versus a diamond certificated from another laboratory like the EGL. I recommend that you watch my other videos -- including the one GIA versus EGL: Buyer Beware -- so that you can understand those differences. They're very important, but I’m going to discuss this issue as relates to GIA certificated diamonds. It’s very easy for someone to compare the diamond and the certificate, and evaluate whether that diamond is what it is supposed to be as reflected in the certificate, but what about the value that’s put on that? Obviously, it depends on where in the place of the distribution chain you’re making your purchase. Are you buying from a retail store, are you buying from a importer and wholesaler, or the manufacturer? In any of these cases the number will be different. Most independent laboratories select a multiple of a list price to evaluate and put a value on a diamond, but they can’t tell you whether that diamond is the right diamond to buy. So, an appraisal -- the opinion -- on value on a loose diamond doesn’t give you the most important aspect that you need to know, and that is should you buy that diamond? Sure it’s got the right certificate, sure it matches up with the diamond, and it evaluates for more than you’re planning to pay for that diamond, but is it the right diamond? I’m going to discuss the issue of value and whether you should buy that diamond just a little bit later. As far as a piece of diamond jewelry is concerned what is it that you need to know? You need to know that the carat weight is as described, and that the quality is as described. Again, it’s very difficult for any independent laboratory to even make that evaluation with exactitude, and that is because you’re not taking the diamonds out of a ring in order to weigh them, and given that you’re not doing that any person can inflate the diamond weight slightly, and give you a higher carat weight which the laboratory will take as a given. Now, what that means is that a value based on an inflated carat weight is not as reputable as one given on a regular, correct carat weight. You have to be careful that you’re not being misled by the carat weight that’s given to you by the seller because it will make it appear that you’re buying a bargain. So, what is it that we want to know about an appraisal before you make a purchase...... If you enjoy our videos or service definitely let us know with a thumbs up!