Keep in mind that there is a difference between asking someone what he/she would give you for something and getting a formal appraisal by a Certified Gemologist Appraiser, which is required in order to insure an item.
My stepdaughter inherited a 2.5 carat marquise-shaped diamond set in a plain platinum setting from her late great aunt. She was in nursing school at the time and needed money more than a big diamond so she took it to a jeweler in NYC to see what they would give her for it. She was told $2500-3500 and they couldn't give her an exact figure until they took it out of the setting to examine it more closely. Because the prongs on the old setting were kind of hinky and might break with repeated opening and closing, they suggested she decide if she was willing to sell it for any price in that range before they took the stone out. I told her I would give her $3500 for it. I had it reset and now have a ring that I love for < $5k.
I had it appraised for insurance purposes. The appraisal, which cost a couple hundred dollars, I don't remember the exact amount, says it is worth $15,000. A rider on my homeowners insurance is $150 per year (1% of appraised value). If the ring is lost or stolen the insurance company has to give me a ring that looks like mine and has a stone of the same size/weight/rating as the one I insured. They do not have to give me any money. I should probably think long and hard about whether I want to continue to pay $150 a year to insure something that I could probably sell for two or three thousand, at most.
kathy
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