Q. Average price for an appraisal
What is the average price to have a engagement ring and wedding band with diamonds appraised? Also, do major jewelers purchase jewelry from the general population? - Virginia Beach

A. That will depend on the appraiser and the type of appraisal needed. An appraiser has nothing to sell but his time, so the price will depend upon his time for the job. An appraiser cannot have an interest in the value outcome, or this would be a conflict of interest. A qualified appraiser is defined in a previous question under “appraisals” in the “Ask the Expert” area. An appraiser should not perform an appraisal and then make an offer for the item. I recall a case from a famous show on appraising where the appraiser did just that, offered a price for the property appraised and he then turned around and sold the same property (within six months) for ten times the value appraised. He made about $600,000 on the deal but lost it all when a judge ruled his appraisal to be fraudulent. It sounds like you would like to sell your rings rather than have them appraised for insurance or the IRS. An appraisal for cash value would give you an idea of what to accept in terms of an offer; but you would likely accept the highest offer anyway. If all offers are lower than the appraised value, would you sell the rings to the highest offer anyway? If so, then do not spend money on an appraisal. Otherwise, seek out a professional appraiser using the guidelines I listed in the question on “Appraisals.” Make sure that the dealer has a license to buy and sell from the city, when seeking a place to sell your items. Most jewelers do not have the license and should not be buying from the general population. A store or pawnshop may not be the best place to sell your rings; sometimes auctions are a good place to consider.

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