Getting a ring appraisal can feel confusing, especially if you don’t know where to look. There are less than reputable online providers out there, which can make it an unappealing option. However, if you want to get a ring appraisal and don’t want to wait days or weeks for the results, the online route could be the best solution for you. It all depends on how soon you want or need the appraisal, your budget, and the reason you’re seeking out a ring appraisal in the first place.
But if you’ve never gotten a ring appraisal before (online or otherwise), you’ve probably got a lot of questions. For example, what is a ring appraisal? How does an online ring appraisal differ from a traditional appraisal? How much should you expect to pay for an online ring appraisal? What do you get in return? Finally, what is an affordable alternative to online ring appraisals if you want to know the value of your ring?
In today’s guide, we will answer all of these questions and more, so let’s get started!
What Is A Ring Appraisal?
A ring appraisal is a professional assessment of the value of a ring. It is generally conducted by a certified gemologist or an experienced jewelry appraiser, depending on the appraisal provider. Contrary to popular belief, a ring appraisal is not necessarily done just to find out how much a ring can sell for on the open market. In most cases, ring appraisals are done for insurance purposes or estate evaluations.
Once the appraisal is finished, the person who has asked for the evaluation will have a document that contains detailed information about the ring and its components, as well as an estimation of its current market value. Here are some of the facts and elements of an appraisal that you can expect to learn:
- Description - The detailed description of a ring will often include a wide range of data points, including the type of metal used in the band, the type and number of gemstones, as well as the specifications and grading of the gemstones, such as the cut, color, clarity, and carat.
- Pictures - Most appraisals include photographs of the ring from multiple angles. This can be extremely helpful if you’re requesting an appraisal of a ring that is not in your possession, as you can actually see what the ring looks like without any fixed or doctored photos.
- Setting Quality - The appraiser will evaluate the quality of a ring’s setting, as well as the overall craftsmanship. Though these aspects may seem more subjective, there are still many industry-wide standards used to determine the quality of a setting and ring design.
- Current Market Value - An appraisal will ultimately provide an estimate of the ring’s current market value as it relates to similar items for sale. It’s important to note that this figure does not necessarily tell you exactly how much you can get for selling the ring. Instead, it will give you a ballpark figure of its value to potential buyers. Oftentimes, the appraisal value is substantially higher than the actual resale value.
- Replacement Value - Replacement value refers to the amount you could get if the ring is insured and becomes lost, stolen, or damaged.
- Credentials - Finally, an appraisal document will include information about the appraiser’s qualifications and any relevant affiliations with professional gemological organizations.
What Is An Online Ring Appraisal?
An online ring appraisal offers the same basic services as a standard appraisal, though the format of the appraisal can differ. Online ring appraisals are often provided through digital platforms, websites, or even mobile applications. The report you receive at the end of an online ring appraisal will be very similar to the report you would get with any other kind of ring appraisal, though there could be some minor differences.
There are different ways to get a ring appraised online, but in most cases, you will need to provide pictures and information about the ring, and a qualified appraiser will provide you with a remote evaluation. Some differences that you can expect with an online ring appraisal may include:
- Digital Submission - This is one of the most important steps, as you will be expected to provide very clear, high-res photos of your ring from multiple angles. Additionally, you’ll need to provide accurate and relevant details about the ring, including the type of metal, the carat weight of stones, and any previous appraisal documents (if applicable).
- Virtual Consultation - Depending on the provider, you may be able to schedule a video consultation. During this consultation, you can show the ring to the appraiser in real-time and discuss its features.
- Convenient Process - Many people choose online appraisals because they are simply more convenient. You don’t need to take your ring anywhere or mail it to a gemologist. Instead, you can simply have it appraised from the comfort of your own home.
- Varied Accuracy - While it is more convenient, an online ring appraisal may not be as accurate or as trusted by third parties. If the appraiser is unable to do a physical inspection of the ring, they will have to rely heavily on the information you provide. That said, if certified gemologists are conducting the appraisals, you can generally expect the process to provide an accurate and detailed evaluation. Nonetheless, you may still run into the issue that potential buyers or even insurance agencies might not place as much trust in an online appraisal.
- Lower Cost - The price of an appraisal varies from one provider to the next. However, since online appraisals are often expedited and require fewer costs, they may be more affordable than in-person alternatives.
How Much Does It Cost To Get A Ring Appraised Online?
Just as the process can vary widely based on the provider you choose, the price can vary widely as well. Here are just a few of the factors that can affect the price of an online ring appraisal:
- Reputation of the appraising body or gemologist
- Depth and detail of the appraisal process
- Purpose for the appraisal (resale, insurance, estate evaluation, etc.)
- Any additional services that are included with the appraisal, such as video consultations
- Expedited services, if requested
In general, you can expect to pay anywhere between $50 and $150 for an online ring appraisal. But again, the actual price you pay can vary based on all of the factors outlined above; it’s important to reach out to multiple providers to find out how much you would need to pay for the service.
Calculate How Much Your Ring Is Worth Online For Free
If you’re just looking to get an idea of the value of your ring, there’s no need to pay for an official appraisal. Rather than shelling out money just to be given a lot of information that you may already know (or may not need at the moment), you can speed up the process and get a ring price estimation for free on HYSTR. Using our tool could help save you time and money, and potentially help you buy or sell an engagement ring at a fair price!
We hope you enjoyed our online ring appraisal guide! Are you currently trying to buy or sell a used engagement ring? If so, be sure to contact HYSTR today!