I have a diamond “valuation,” is this not the same as a diamond certificate?

A diamond valuation is only done once the diamond has been set in the ring. Inclusions are hidden, colour is obscured, carat weight and measurements have to be estimated. This makes it impossible to determine the exact characteristics (4 C’s) of the diamond and consequently the “valuation” can be significantly different to the actual value.  In fact most valuations have the following disclaimer: “Gemstones have not been removed from settings for accurate assessment, all grades and weights are approximate.” Often these insurance valuations are used as selling tools by jewellers; for example, when selling a diamond ring for $10 000 a jeweller may present a valuation for $15 000. The customer will think he is getting a very good deal, however the diamond ring had never ever been sold at that value.