The Costs of Appraising Your Diamond Ring
Last updated: July 21, 2019
When looking to get a ring appraised, one might wonder “how much will this ring appraisal cost”? Well, there is no single answer. Some jewelers and appraisers charge by the hour, some may try to charge you a percentage of the final value. Hourly rates can range from $50-150 per hour. There are also non-monetary aspects factored into a ring appraisal cost. First and foremost is the conflict of interest that may exist when working with a jeweler.
Reasons for a Ring Appraisal
There are a few different types of appraisals with varying purposes. You may want to get an appraisal for insurance purposes, tax/estate purposes/, or reselling purposes. Sometimes you may seek a ring appraisal to verify a high price tag-but understand that a retail price for a diamond will not be reflected in the appraisal. In any case, you want the ring appraisal cost to be low and as objective and as accurate as possible.
Ring Appraisal Process
- Cleaning - This is the first step so that the evaluator can clearly see the general condition of the diamond ring and make way for accuracy in the following steps.
- Measuring - Using different tools, gauges, and scales the evaluator measures the diamond(s) in the ring as well as the metal of the band. These measurements, determining the 4 C’s of the main gem are what most ring buyers are looking for.
- Recording - It is also important that the evaluator provides an accurate and detailed description of the findings of the appraisal.
- Photographing - At the end of every appraisal there should be photographs taken, clearly displaying every facet of the valuable item.
Ring Appraisal or Diamond Grading?
While ring appraisal is the process of assigning monetary value to a ring for a specific purpose (insurance, tax, divorce, etc), diamond grading is the thorough evaluation of a diamond and its attributes: carat, cut, color and clarity. Diamond gradings are carried out in renowned gemological laboratories like GIA and IGI by certified professionals. 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. 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 Cost of Diamond Grading at Worthy
The cost of finding out your diamond’s value is covered by Worthy. As a part of the selling process, Worthy offers a free professional grading carried out by GIA, the Gemological Institute of America and IGI, the International Gemological Institute. Because every diamond ring is unique, we have partnered with the world's leading grading laboratories, to make sure that evaluations are conducted by experts working at the top of their field. GIA and IGI laboratories are equipped with the best, most technologically advanced grading tools available. Worthy’s evaluations are different from others in that they are not conducted with the ultimate goal of assigning value. Instead of attaching a monetary number to your ring, our partners verify its authenticity and provide a certification. This enhances trust, satisfying the specialists who make up our audience of pre-qualified jewelry buyers. Because Worthy is not the end buyer of your ring, we take additional steps to prepare it for auction, beginning with a carefully crafted written description designed to appeal to bidders. In addition, we professionally photograph your ring using the most advanced equipment available, after which we connect your ring with hundreds of interested buyers. A ring evaluation at Worthy is like no other.
Auction: Where Value is Determined
The process for a ring appraisal costs nothing at Worthy. This is because it is for the sole purpose of providing an accurate description of your valuable item to the interested buyers. Once your valuable item is up for auction, hundreds of buyers are invited to view its description and photographs, after which the bidding begins. At the end of the auction, you will see the highest offer for either your approval or denial. The highest offer is considered the highest fair market value, the highest price that a professional jewelry buyer would be willing to pay. In other words, the auction is where the appraisal really happens.
When you choose to sell a diamond ring, engagement ring, wedding ring, or other valuable ring with Worthy, we evaluate and prepare it for auction. There is no cost associated with this process and absolutely no obligation to sell at any stage.