Does a lab-grown diamond need an appraisal, and what does one include?

ZKZ Editorial TeamMain answer · Product & gemmology desk

A grading report and an appraisal do different jobs. A report describes the stone, while an appraisal is a written estimate of replacement value for insurance. You do not need an appraisal to own a ring, but an insurer may ask for one or for adequate documentation.

What the source says

Fact Jewelers Mutual says an appraisal is an expert determination of what jewelry is worth, in which an appraisal-certified jeweler or professional appraiser examines the piece using tools such as loupes, microscopes and ultraviolet light to assess its condition and the type and quality of metal and stones, including carat weight, cut, colour and clarity.

Fact It says the appraiser sends a written appraisal with a detailed description and photographs of the piece and an estimate of its current retail replacement value, and that retail replacement value is higher than resale value.

Fact It says that with that insurer most customers can initiate coverage without an appraisal, with some exceptions, but an appraisal or other adequate documentation is needed when filing a claim.

What to do

Our advice Keep your grading report, invoice and photographs together. Ask your insurer what it requires.

Our advice Choose an appraiser from a recognised association, and ask whether they will state that the stone is laboratory-grown.

It depends Insurers and countries differ in what they accept as documentation.

Questions to ask an appraiser

• Are you certified, and by which association?
• Will you describe the stone as laboratory-grown?
• Which replacement value method do you use?
• How long is the appraisal valid and when should it be updated?

Our advice Ask for the appraisal on letterhead with photographs, since the insurer may ask for those.

Our advice If you want one, ask the appraiser what the written appraisal will include and how replacement value is worked out. Keep a copy of the report, receipt and photographs with it, and ask your insurer what it needs.

Our advice Review the appraisal if you change insurance.

Uncertain We did not verify how appraisal values for lab-grown diamonds are set, whether appraisers apply different methods to them, or what an appraisal costs.

Related reading: Can a Lab-Grown Diamond Pass a Diamond Tester? · How to Choose a Lab Diamond: The 4Cs Without the Jargon

Sources

• Jewelers Mutual, Jewelry appraisals for insurance
• GIA, Laboratory-grown diamond services

Fact = stated by the cited source. Our advice = editorial recommendation. Uncertain / it depends = limits of what can be said in general.