If you want your engagement ring fully insured, an appraisal almost certainly will be required. An appraisal assigns a monetary value to your ring and provides you with information that may be valuable if the ring is lost or stolen.
If you buy a loose diamond, it will come with a grading report. This report describes your diamond according to the four C’s and is an important document to keep for your records. The grading report is not, however, an appraisal. An appraiser will double check the grading report for accuracy, but also assigns a value to your diamond. The grading report assigns no value.
Who should appraise my engagement ring?
A ring appraisal should be done by an experienced gemologist-appraiser. This is a person with both formal gemology education and training as an appraiser. A Graduate Gemologist certificate from the Gemological Institute of America is a good credential to look for. Check out their website for more helpful info on diamonds and engagement rings: http://www.gia.edu/.
Having your ring appraised by the jeweler you purchase it from is not recommended.