Chicago Gem Lab
As I said in my previous post, my engagement ring was given to me by my
mother-in-law. (Free ring! Score.) My MIL thinks the ring is worth a fortune. Apparently, it appraised in the early 1980s for $7,000, and, with inflation/appreciation, she expects it's worth a lot more today.
But when I put it on... I dunno... the ring just didn't scream FIFTEEN THOUSAND DOLLARS. Heck, it didn't even scream ten.
My mother-in-law insisted that I would need the ring specially insured, probably with a rider on my renter's insurance. In order to do so, I'd have to get the ring appraised, she said. I didn't bother calling my insurance agent, I just started looking for appraisers. I wanted to see how much the ring was actually worth before getting my insurance company involved.
I took it to Ms. Oakes at Chicago Gem Lab. The company has an A+ rating with the Better Business Bureau, and Ms. Oakes was very professional. It took about 20 minutes, we had very pleasant small talk, and it only cost me $65. The ring never left my sight. The appraisal included an image of my ring; the ring's fingerprint; information on the diamond's color, cut, carat, and clarity; measurements; and her estimate of it's replacement value.
So what's the ring worth? Drum-roll, please...
$2,800. The diamond is of much lower quality than my MIL was lead to believe, and its cut and the color of the gold are very out of fashion. But, I'm relieved that I can wear it without worrying that a criminal will mistake me for a Rockefeller or a Vanderbilt. Also, there's no need to pay for additional insurance!
My MIL doesn't even know I took the ring to be appraised, and I suspect she would be disappointed (and perhaps outraged) to hear the ring is worth so much less than she was hoping... I think I'm not going to bring it up.
But when I put it on... I dunno... the ring just didn't scream FIFTEEN THOUSAND DOLLARS. Heck, it didn't even scream ten.
My mother-in-law insisted that I would need the ring specially insured, probably with a rider on my renter's insurance. In order to do so, I'd have to get the ring appraised, she said. I didn't bother calling my insurance agent, I just started looking for appraisers. I wanted to see how much the ring was actually worth before getting my insurance company involved.
I took it to Ms. Oakes at Chicago Gem Lab. The company has an A+ rating with the Better Business Bureau, and Ms. Oakes was very professional. It took about 20 minutes, we had very pleasant small talk, and it only cost me $65. The ring never left my sight. The appraisal included an image of my ring; the ring's fingerprint; information on the diamond's color, cut, carat, and clarity; measurements; and her estimate of it's replacement value.
So what's the ring worth? Drum-roll, please...
$2,800. The diamond is of much lower quality than my MIL was lead to believe, and its cut and the color of the gold are very out of fashion. But, I'm relieved that I can wear it without worrying that a criminal will mistake me for a Rockefeller or a Vanderbilt. Also, there's no need to pay for additional insurance!
My MIL doesn't even know I took the ring to be appraised, and I suspect she would be disappointed (and perhaps outraged) to hear the ring is worth so much less than she was hoping... I think I'm not going to bring it up.
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