Knowing the value of your diamond makes it easier to insure it, sell it, or simply enjoy the knowledge of owning a valuable piece. The monetary worth of a diamond depends on its size, quality, and cut. At Bova Diamonds, our gemologists can appraise your diamond so that you can know its worth and how to care for it. Whether you need to know the replacement value or fair market value of your diamond, you can seek an appraisal at a reliable diamond store.
Getting Your Diamond Appraised
There are several steps to getting your diamond appraised at a reputable diamond store. The steps may vary slightly by location, but the basic process generally includes the following:
Step 1: Gather Your Previous Paperwork
Diamonds often have a long and rich history, so your valuable stones may come with previous paperwork. This includes the stone's original diamond certificate, appraisal reports, and reports from past services. Past paperwork can provide our graduate gemologists, certified by the Gemological Institute of America (GIA), with valuable information regarding your diamond's size, color, cut, clarity, and carat weight. Our gemologists can verify each detail and provide a comprehensive report about your diamond.
Step 2: Visit a Diamond Store
Carry your diamond and paperwork to a diamond store with a gemologist on staff, and explain that you want to have your diamond appraised. Our team will inspect your stone, review the paperwork you bring, and answer any questions. They will inform you of the appraisal process's length, which can be anywhere from one hour to forty-eight hours.
Step 3: Get an Appraisal Report
We use the latest technology and processes, including microscopes and light spectroscopy, to evaluate your diamond. The first step is cleaning your diamond to increase its clarity and brilliance. We then grade the diamond's color, cut, clarity, and carat weight using industry standards set by the GIA and the American Gem Society (AGS). Our gemologists will provide an appraisal report detailing the stone’s characteristics and monetary value. You can use this appraisal for insurance, selling, or just for your records.
Types of Diamond Appraisals
There are several types of diamond appraisals, depending on the reason for getting your diamond appraised. They include the following:
Replacement Value Appraisal
Diamonds are common targets for theft, and a replacement value appraisal is one way to help protect yourself. This appraisal determines the estimated cost of replacing your stone with a similar grade. It is typically used for insurance purposes, such as in the event of theft or damage. While the value does not represent what you paid for the diamond, it is used to cover any replacement costs.
Fair Market Value Appraisal
The fair market value appraisal is based on estimating what you could sell the diamond for in a typical retail setting. It is a common procedure when selling diamonds so that both parties can agree on a price. This appraisal can also help you learn the taxable value of the diamond for estate planning, inheritance, or charitable donation.
Comparable Value Appraisal
Comparable value appraisal determines the diamond’s value based on comparisons with other diamonds of similar quality and carat weight. It helps price unique diamonds that are rare, historical, or hard to grade. The difference between comparable value appraisal and replacement value appraisal is that the comparable value appraisal examines diamonds that are typically impossible to replace.
Get Your Diamond Appraised at a Trusted Diamond Store
At Bova Diamonds, we offer appraisals for diamonds of all sizes, shapes, and colors. Our GIA-certified gemologists can provide an accurate appraisal using the latest gemological practices. Visit our store today and start protecting your valuable diamond with a quality appraisal report.