Why a written appraisal matters
Your engagement ring has a story worth documenting. A written insurance appraisal records the finished ring and its estimated replacement value on a stated date. That value serves a different purpose from a resale offer.
A useful report describes the metal, setting, stones, measurements, condition, and identifying details, with photographs where appropriate. This record can help an insurer and jeweler understand what would need to be repaired or replaced.
An appraisal and a grading report serve different purposes
A diamond grading report describes a diamond’s characteristics. An appraisal considers the finished jewelry and states a value for a particular purpose. Keep both documents together. Read our guide to diamond grading reports for more about what the diamond paperwork tells you.
Discuss the paperwork with your insurer
Ask which documents your insurer accepts and how your ring is covered. Requirements vary; an appraisal alone does not create coverage or guarantee a claim payment. Review limits, exclusions, deductibles, and settlement terms with your insurer before relying on the policy.
Keep the record current
Replacement costs can change. Ask your insurer and appraiser when an updated valuation is appropriate, especially after a new center stone, a redesign, or other substantial changes. Keep a dated copy of the report and supporting documents in a secure place.
What to bring to N.J. Diamonds
Bring the ring itself, the purchase receipt, any diamond grading reports, and previous appraisals. If your insurer has specific documentation requirements, bring those as well. Tell us about any repairs or changes made since the last appraisal.
N.J. Diamonds is a family-owned jewelry store in Dearborn, serving the Detroit Metro Area since 1996. Our in-store team combines jewelry experience with GIA training in diamonds, colored gemstones, and pearls. A real professional examines your jewelry in person.
Learn about our jewelry appraisal service, or contact N.J. Diamonds to discuss your ring and arrange a visit.
Further reading: Jewelers Mutual’s guide to jewelry appraisals for insurance.
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