Advice on selling a diamond ring

[Montello]

Insurance valuations are miles off.
Definitely not useful as a price guide unless you are minimum halving it.

Agreed, why do they do that? All seems a bit pointless.

I got a valuation for one of my wife’s rings which was double what I paid and there was one in the window at that price.

[DONGinsler]

Agreed, why do they do that? All seems a bit pointless.

I got a valuation for one of my wife’s rings which was double what I paid and there was one in the window at that price.

The appraiser gets a fee and you pay a higher insurance rate, so the insurer gets paid.

Odds of ring getting stolen is very low, but you keep it insured just in case

[andrewcregan]

Isn’t part of the problem that women generally aren’t fans of pre-owned jewellery items?
Plus, is a bloke going to buy a special ring, that is literally second hand?!
Thus their second hand value is very low.

The classic supply and demand.

[Neil.C]

Isn’t part of the problem that women generally aren’t fans of pre-owned jewellery items?
Plus, is a bloke going to buy a special ring, that is literally second hand?!
Thus their second hand value is very low.

The classic supply and demand.

I'd agree with that.

Fortunately my wife is a big fan of pre-owned jewellery.

[Longblackcoat]

I'd agree with that.

Fortunately my wife is a big fan of pre-owned jewellery.

As is mine - she loves original Art Deco stuff rather than modern stuff

[Kingstepper]

The appraiser gets a fee and you pay a higher insurance rate, so the insurer gets paid.

Odds of ring getting stolen is very low, but you keep it insured just in case

But if it is stolen do you get the insurance value or the real value?

[Longblackcoat]

But if it is stolen do you get the insurance value or the real value?

If you have a recent appraisal, the insurance value - at least you do with my policy. Others may be different.

[Kingstepper]

If you have a recent appraisal, the insurance value - at least you do with my policy. Others may be different.

Just crazy!

[Saint-Just]

Just crazy!

Yes and no. The insurance agreed to a value (accepted the expert's valuation) and charged a premium accordingly. What they SHOULD do is only accept valuations from experts that quote replacement value. But too many people in the chain benefit from overhyped valuations, starting with the buyer himself who feels good about it.

[Kingstepper]

Yes and no. The insurance agreed to a value (accepted the expert's valuation) and charged a premium accordingly. What they SHOULD do is only accept valuations from experts that quote replacement value. But too many people in the chain benefit from overhyped valuations, starting with the buyer himself who feels good about it.

Yes, crazy the valuation values.

No other insurance (house, motor, watch etc) facilitates the insurance at double the real value. Valuers, the trade, insurers - charlatans all.

[justin44]

But if it is stolen do you get the insurance value or the real value?

I lost my wedding band in Vegas a few years ago, I claimed on house insurance and could show photos and purchase receipt (£480) they agreed that a replacement based on size and gold would be £1200. Could I go and buy a ring for £1200? He’ll no, they gave a list of suppliers that would take the credit and each one of those would only actually let me choose a ring to a lower value than the credit.

Hey, I got a new ring made to my specification and paid a little more so it worked out.