Determining Diamond Appraisal Cost
Last updated: July 10, 2018
When you are looking to sell a diamond it is important to understand its value. You may be wondering “how much will this cost me?” The diamond evaluation cost should be the least of your worries. Finding a trustworthy evaluator and final buyer should be of priority. Below are a few aspects to consider when deciding where to get your diamond appraised before selling or financing.
What is a Diamond Appraisal?
Before spending money on an appraisal, you must ask yourself: Is a diamond appraisal what I really need? There’s quite a lot of confusion around the meaning and purposes of diamond appraisals. Appraisals assign a dollar-value to a diamond, and they are carried out for specific purposes, like insurance or tax, and the value stated in the appraisal is only valid in that context.
Most people think that a diamond appraisal reveals the diamond’s absolute value. But this is not true. The appraisal states the Retail Replacement Value, this is, how much will it cost to replace the item, and it’s directly related to insurance policies. People tend to expect to get the appraisal value for their ring, but the truth is, it doesn’t reflect the diamond ring’s resale value. To learn more about this, read the article What’s My Jewelry Worth?
So if you’re looking to get your diamond appraised in order to get it insured, the appraisal is the way to go. But if you’re looking to sell or finance your diamond, what you need is a diamond grading report.
Diamond Grading Reports
A diamond grading is the thorough evaluation of a diamond and its attributes: carat, cut, color and clarity. In contrast with appraisals, diamond grading reports do not assign a monetary value to the diamond. They are carried out in renowned gemological laboratories like GIA and GSI by certified professionals. Ultimately, a diamond grading report is the most transparent, accurate and objective tool you need to determine how the market values your diamond in a specific moment in time. The market assigns value to diamonds according to their grading, so if you know your stone’s 4 C’s, you can get an estimated market value, like the ones provided for free by Worthy.
How Much Can Learning Your Diamond’s Value Cost?
When looking to find out your diamond’s value, there are a couple of ways to go. There is the option of your local jeweler or a certified GIA, GSI, EGL, IGI, or AGS laboratory. In some places the diamond evaluation cost is per hour, in some, it is a percentage of the value. No matter where you go to learn the value of your diamond, it is important that the evaluator is properly certified and qualified.
A diamond evaluation cost can also include time. It can be very time consuming to find a trustworthy evaluator and then seek out a buyer. Here at Worthy we take care of it all from start to finish. First, we provide an initial market value estimate for your diamond based on the description and image you provide during the inquiry stage. Then we offer free and insured shipping to our New York headquarters, for which we provide coordinated FedEx pick-ups. Upon arrival at our offices, we have your diamond graded at the GIA laboratories at no cost to you before being prepared for auction to our professional buyers network. During the preparation phase, your diamond will be professionally cleaned and photographed using the best digital photography equipment available. The auction is where the appraisal really happens, where the true market value of your diamond is revealed. You will receive competing bids for your diamond and get to approve the highest one. From there, we send you the money and the diamond goes to the new owner.
Diamond Price vs. Diamond Value
After paying a hefty price tag, many are surprised to find out what their diamond is actually worth. When buying diamond jewelry the price works the same way as any retail markup. A diamond’s retail price factors in labor, overhead, sales commission, transportation etc. True diamond value rests on the 4 C’s and overall demand at the given time. For example, Marquis cut diamonds were once very popular and had a high value. Today, they are significantly less valuable in the context of the market due to lower demand. That is why, here at Worthy, we take the GIA diamond grading cost onto ourselves, ultimately getting you the best value. Our complimentary GIA grading reports serve to enhance buyer trust and ensure that you receive the best possible value when selling your diamond.
Know Your 4 C’s
Carat refers to the weight of the diamond. 1 carat= .2 grams. When there is a valuable item with multiple diamonds, there is a total carat weight, labeled as ct TW. In many cases a diamond ring with a total carat weight of 5, will be less valuable than a diamond ring with a total carat weight of 2. Why is that? Diamond rings with a 5 ct TW could include many small diamonds attributing to the total weight, while a 2 ct TW diamond ring could include a single 2 ct diamond which is far more valuable and rare.
Diamond color is graded on a scale from D-Z against a master set while under standardized artificial daylight. Diamonds that are D,E, or F are considered white while diamonds G-L are slightly off-white. M-Z color diamonds are faintly yellow. Colored diamonds that surpass a color grade of Z are considered fancy diamonds, and typically have a higher value.
Clarity refers to the existence and visual appearance of any external or internal characteristics. Internal characteristics are called inclusions and external characteristics, or surface defects, are called blemishes. Cloudiness is another factor in measuring clarity. Clouds found in diamonds are typically due to foreign material and affect the ability for the diamond to transmit light. Flawless diamonds do not contain any of these characteristics and are highly valuable and rare.
Diamond cut is broken down into several shapes and cut qualities that also attribute to diamond value. While the most common and familiar diamond cut is a round brilliant cut, the others on the list also do well to dazzle.
Looking to Sell Your Diamond?
If you are looking to get money for your diamond, simply submit a brief description to get an initial diamond value estimate. You then have the option to securely send your diamond right to us after which our partner and top diamond grading lab, GIA, will provide a complete assessment and determine the diamond value. Based on the diamond value, your item will be put up for auction and the highest bid will be the offer that you can accept or decline, no strings attached. From shipping to grading, to return we take care of all costs and risks involved. You are also welcome to see what our customers have had to say about their experience selling diamonds here. So, what are you waiting for? Let us get you the most for your diamonds.