An diamond appraisal is a document listing the approximate retail replacement value of the diamond piece. It's calculated using current market data in addition to the cut, color, clarity, and carat weight of the diamond, the weight of any precious metal included in the jewelry, and the craftsmanship quality of the piece.

An appraisal ensures that in the case of loss, theft or damage your insurance company will give you an equal replacement of your diamond. Your insurance agency relies on the appraisal to calculate a rate for your diamond or fine jewelry.

Some jewelers provide an appraisal from the International Gemological Institute (IGI) for diamonds over a certain purchase price. These appraisals can include a photograph and brief description of the jewelry item, and the cut, color, clarity, and either carat weight for diamonds, or millimeter dimensions for any other gemstone.