What is a Jewelry Appraisal, and Why Do I Need One?

A jewelry appraisal is a written evaluation of your jewelry. Most appraisals determine how much it would cost to replace your jewelry if damaged or lost. Some appraisals focus on the value of your jewelry as part of a family estate. In either case, the process is the same, and at the end you’ll have complete documentation stating the approximate value of your item along with a detailed description.

Why Do I Need an Appraisal?

Your appraisal ensures that in the case of loss, theft, or damage, your insurance company will be able to provide you with the proper monetary compensation for your loss. Your insurer can rely on the appraisal to calculate a retail price. The more information contained in the appraisal, the better chance you have of receiving a replacement of like kind and quality as the original.

An appraisal is indispensable when trying to ascertain the value of your jewelry for estate purposes, divorce settlements, private sales and loans.

Having an appraisal is also important in the event that you ever need to prove ownership of your jewelry.

What happens during an appraisal?

When I appraise your jewelry, I make sure that you are always present—your jewelry never leaves your sight. Using an GEM Instruments Gemolite Diamond Grader Microscope, I take a very close look at your pieces to determine their quality and sometimes their maker. As I work, I will answer your questions as they come up. I take pictures of your pieces, weigh them, and use all this information to prepare the appraisal.

How do you determine how much my jewelry is worth?

To determine the value of your jewelry, I use current market data on:

·         Retail prices

·         The cut, color, clarity, and carat weight of the gemstone(s)

·         The weight of any precious metal

·         Craftsmanship

What is included with my appraisal?

Here’s what’s in the appraisal:

·         The replacement value clearly stated

·         A digital color photograph of each piece

·         Documentation of the type and condition of the metal and mounting

·         A description of the stone(s), including grades of clarity, color and cut, measurements and weight.

·         My signature as an accredited gemologist

I’ll give you two copies of the appraisal, one of which you can, if you wish, send to your insurance company.

Is a single appraisal enough?

I recommend that you obtain an updated appraisal every 3-5 years because jewelry values change.  Without an up-to-date appraisal, your jewelry may not be sufficiently insured for its true replacement value, and you will not be fully covered in the event of a loss.

What about insuring my jewelry?

I do not offer insurance, but will be happy to refer you to a reliable insurance source.  By the way, it’s important that you insure your jewelry separately from your homeowner’s coverage. This is because, if you must make a claim for lost jewelry on your homeowner’s policy, your insurance premiums may increase drastically.

What if I already have an appraisal from the store where I bought my jewelry?

An independent appraiser who does not buy or sell jewelry is more likely to give you an unbiased opinion about the true condition and value of your jewelry. You need not worry that you are getting an inflated replacement value. Finally, it’s always a good idea to get a second opinion about the value of important items.