One of the most important, and likely expensive pieces of jewellery that you will ever own is your engagement ring. To protect your investment, and your memories, have your ring appraised before the excitement of planning your wedding takes over.
Here are three reasons why an engagement ring appraisal is the smart thing for you to do after you say yes:
1. Purchase price versus appraisal price
Your fiancé likely paid a great deal for your ring, and you might assume that the value comes from the purchase price. This might not be the case. The value of the ring at purchase is not what you will get necessarily if you have to replace it at some point in the future.
The jeweller will likely give you an appraisal price, which in many cases is actually an inflated value. The inflated value from a jeweller’s appraisal is not the resale or cash value of your engagement ring.
To know the value of the ring not only for insurance purposes but also for resale, you need an independent engagement ring appraisal.
2. Insurance rates
Once you have your engagement ring, its sentimental value will never stack up to any monetary value you receive if it is lost, stolen or damaged. But in order for you to recoup the value at purchase, you need to insure it.
All reputable insurance companies require a qualified appraisal before insurance type and rates can be set. Your ring, after appraisal, can be insured through your current renter or homeowner’s policy. But you can also add on to your current policy for additional insurance to cover the full appraised value of your ring.
An appraisal will insure that you have an insurance replacement value for your engagement ring that will allow you to purchase another ring.
3. Market value
In the even that you decide to sell the ring or make an insurance claim, the amount of funds received will be directly related to current market value, and not the ring’s actual purchase price.
Many people tend to think of their purchase prices as ‘fair ‘market value, yet it does not mean that you will be able to sell the ring for the same price or better than you bought it for. Rather, the market will determine the sale price of your ring without an appraisal.
Because of fluctuations in market value, an engagement ring appraisal is beneficial in the long run, as it can protect your investment from the ups and downs of the market and provide concrete evidence of its worth.
Overall, an engagement is one of the most exciting times of your life, and the ring is the perfect symbol of your love. Contact Pinto Gold to have an engagement ring appraisal so you can protect your important and meaningful investment in the event that you wish to sell.