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Your Guide to Jewelry Appraisals

What is one of the first things you do when you buy a car or a house?

You get it insured, right?

Well, some jewelry can be as expensive as a car or for the elite few a house (let’s be friends with them!).

But any jewelry over an insurance value of approximately $2,500 should be covered by insurance.

And, if it has sentimental value and irreplaceable, then you should definitely get it insured with lots of photos to cover loss or theft.

Think of how you would feel if anything were to happen to your costly investment or a special heirloom piece.

That is why a Professional Jewelry Appraisal is your Best Solution to protect you and make you whole again.

Here are the 3 Top Types of Appraisals:

1. Insurance Appraisal:

Appraisals for insurance purposes estimate the cost to replace the items in case they are lost or stolen. This type of appraisal, depending on the insurance, will also cover major repairs or lost or damaged gemstones.

Be sure to bring any documentation, like a sales receipt or Diamond/Colored Stone Certification. These items will have exact weights and jewelry information needed to duplicate that item.

The value should be slightly above the price you paid to cover typical market changes.

It should not be largely over-valued, then you are just paying more for insurance when you don't have to & you don't want too low of a value, then you may have to pay out of pocket to cover any extra cost.

2. Liquidation Appraisal:

Immediate liquidation appraisals are lower than other types of appraisals because of the situations that create their need, like in a divorce settlement or need for quick cash.

In this case, there is pressure to sell quickly and the value is a scrap value of the metal and larger diamonds (small diamonds and most colored stones do not have ANY or much of a resale value).

3. Estate Appraisal:

An estate evaluation provides what the item could actually be sold for to an end user with no pressure to sell or time limit. The value is based on date of death or 6 months after death.

This case usually requires a Fair Market Value: Fair market value is the price that a property would sell for in a market where it would most commonly be sold to an end user (like private sale, ebay or other auction types). Both buyer and seller are aware of all the relevant facts about the property and agree upon the price without being pressured to accept the deal.

What a Professional Appraisal should Provide:

  • State the Purpose of the Appraisal—Insurance, Estate or Liquidation, etc.

  • Who the appraisal is for, address and date

  • Detailed description of the piece for replacement purposes, including how the piece was manufactured

  • The cut, color, clarity & approximate carat weight of all diamonds & or gemstones.

  • The precious metal type & content as well as total pennyweight of the piece.

  • Detailed pictures of the piece as well as a magnified picture of any main diamond &/or gemstone focusing on its unique internal characteristics.

  • The metal prices for that day

  • What instruments were used

  • Date you should get an update

Sample diamond jewelry appraisal-8-15-2021
Download PDF • 1.65MB

Ok, You have it insured, now it is important (like your car & house) to keep up with maintenance and updates:

1. Keep your jewelry clean, out of the sun, and orderly in a box

2. Have your prongs & or metal checked every 6 months or so.

3. Have your appraisals updated every 2-3 years due to market conditions and inflation.

When you do get an appraisal update, it is important for the appraiser to see the jewelry in person and document the condition at that time.

I have performed updated appraisals where the diamond was seriously chipped and the owner was unaware and shocked when I told her. Because they already had insurance, they were able to replace that diamond according to the original documentation.

So, please don't learn a Valuable lesson the hard way!

The low cost of an appraisal and insurance is definitely worth any worry or heartbreak. And you can wear and enjoy your jewelry knowing you are protected.

It's easy, Just Click the Book Now button for your free consultation

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