Importance of Appraisals of Diamonds

Diamonds are well known as priced possessions. Though most people would just be concerned about wearing diamonds, its quite important to know the value of your diamonds. An appraisal is the process that helps you know the current value of your diamonds and whether they are genuine or not.

The appraisal of diamonds is important, primarily for the following three reasons:

     Insurance: In order to get a separate insurance for your diamonds, you need to get them appraised (to get to know their current value). An appraisal is also required if the insurance company suggests replacing the lost diamonds instead of a cash payout (in this case the replacement diamonds will need to be appraised to determine their value for comparison with the lost item)

Sale of diamonds: An appraisal is also important when buying or selling diamonds. You will surely be asked to get your diamonds appraised when you try to sell them In the case of buying, its your discretion to get the diamond appraised or not. If you are buying from a reputed shop, you would not need an appraisal but if you are buying from someone you dont know, you should surely ask for an appraisal from a reputed gemologist.

     Inheritance/ settlements: These are other scenarios where an appraisal is used for calculation of value of diamonds. The value is then used for computation of inheritance and for settlements.
An appraisal of diamonds is also important for the purpose of customs (and computation of customs tax) but this is seldom used by people.

So the appraisal of diamonds is important and you do incur a fee for appraisal; but it is really worth it.