diamond appraisal question

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loyolabenson

loyolabenson

make monies
May 17, 2007
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Situation:

The grandmother of my soon to be fiancee and her older sister recently passed away. Their grandmother left them all the jewelry in her will. The diamond in their grandmothers engagement ring is going to be used for my fiancees ring. Keep in mind again, the girls are splitting the jewelry evenly. Her sister got the diamond appraised for $4700 and expects half of the price as her share. I am pretty sure you would not get face value of the appraised diamond.
This affects my soon to be fiancee as the less money I put into the diamond will go towards her band.

so the questions I pose is

Rather than giving her half ($2350) , what would be a fair amount for both sides?
 


John said:
$2350 for an engagement ring that will mean a lot to her is a steal...
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It's actually just for the diamond. I have a $4K budget for the entire ring. If I spend the $2350 for the diamond that leaves $1750 for a band. If I spend less on the diamond it all goes towards a better band.


Honestly, I am tired of her older sister screwing my fiancee over all the time because she is the dominant one of the two . I am looking for fair value here.



Say her sister attempts to sell the diamond, any appraiser can tell you that you won't get face value as appraisals are for insurance purposes.
 
loyolabenson said:
It's actually just for the diamond. I have a $4K budget for the entire ring. If I spend the $2350 for the diamond that leaves $1750 for a band. If I spend less on the diamond it all goes towards a better band.

I would definitely spend more on the diamond, that's more important because people usually aren't attracted to the band, but moreso to the diamond. :)
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loyolabenson said:
Honestly, I am tired of her older sister screwing my fiancee over all the time because she is the dominant one of the two . I am looking for fair value here.
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There you go. Nip it in the bud and buy her out before it get's any bigger than it is. Then it becomes a lifetime issue you are marrying into. Every time you see her sister it's gonna be "that fucking ring". Think about how many holidays and family events that will potentially get fucked up over "that fucking ring". Even if you got to sink another grand into it - get it done. Diamonds are forever - unfortunately so can stupid little spats that begin like this. Piece of mind trumps fair value.
 
Jizzlobber said:
There you go. Nip it in the bud and buy her out before it get's any bigger than it is. Then it becomes a lifetime issue you are marrying into. Every time you see her sister it's gonna be "that fucking ring". Think about how many holidays and family events that will potentially get fucked up over "that fucking ring". Even if you got to sink another grand into it - get it done. Diamonds are forever - unfortunately so can stupid little spats that begin like this. Piece of mind trumps fair value.
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I hear what you are saying. But I think I would be separating myself from the situation if I remind everyone that any price difference is going towards the band( opposed to going in my pocket) . It does not affect me at all really. Also, This is the second time a money issue came up with her sister. ( first one was a rent issue)I let her get her way that time and probably lost $1,000 because of it. I'd rather the extra money go towards the band. But I don't want any problems in the future. This is bullshit though, because if she tried to sell it her self, she would be lucky to get HALF. There is an appraisal value and a retail value.
 
Then take the diamond to a buyer and see what they would buy it for. That's the fair value.

I agree with John and Jizz though, just pay it to avoid the drama especially over something as important as a diamond can be to your future wife (or any other female, generally).

If you want to be really sneaky, just sell the diamond to a buyer but arrange to buy it back for the same price (maybe an extra $100-200 for the buyer's time) once your sister-in-law isn't around.
 
The band shouldn't matter that much unless you are getting some sort of custom design that has significant emotional meaning. That's how I looked at it anyway -- I put all of my money into the rock. And when my wife was picking out her wedding band, she wanted the engagement ring to match, so the original band was tossed, and she bought a set that was even more sparkly.

So I agree with the other posters- just pay for it unless you can hardball the sister. All you can really do is try to establish market value by going to a buyer. I just wouldn't let the band issue complicate matters.
 
Thanks for the advice everyone. It makes sense not to complicate matters with future family. So I will pay the $2350. I'll still get the band I was planning on. I should be thankful for this situation in the first place. Before her grandmas passing, I was looking to throw down 10 K on a ring. This situation kind of fell on my lap. So I did get a big break with this one.
 
So she's winning again. Why don't you take 'em both to the appraise and ask so what can we sell it for ? (after they give you the appraisal value, while the other sister is sitting there).

The pay her the half, I really hate when assholes win and that's what she'd be doing if you over pay.
 
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