How Often Should I Update My Jewelry Appraisals and Why
There are a few reasons why getting your jewelry appraised is important. Aside from proving ownership, the main reason is often for insurance purposes to secure investment.
Plus, considering how the jewelry market changes according to the trend, the value of jewelry may fluctuate. You want to make sure you’re updated on the current value of your collections.
At Buckhead Jewelry Appraisers, we recommend updating your appraisals every two to three years, regardless of whether you wear your jewelry often or store it in a safe place. The decision still depends on you.
It’s important to inform your insurer whenever you obtain new appraisals. The changes to the updated appraisal will depend on how values have changed since the last appraisal.
In this guide, we’ll explore how often you should update your jewelry appraisals. Whether you’re getting your jewelry appraised for the first time or updating existing ones, we’ll provide simple, practical advice to guide you through the process.
What’s in a Jewelry Appraisal Certificate?
1. Description of jewelry
Material composition
Gemstone details
Design characteristics
Condition assessment
Hallmarks or maker’s marks
Any unique features or markings
2. Photographs of jewelry
3. Weight measurements
4. Valuation
5. appraiser’s credentials
6. Purpose of the appraisal
7. Signature and date
Why Update Jewelry Appraisals
I mention all the obvious reasons jewelry owners should get updated jewelry appraisals, and it all comes down to being aware that the monetary value of every jewelry piece you have right now may fluctuate. This is due to various reasons in the market, like trends, craftsmanship, and materials.
When getting an appraisal, be sure to:
Research reputable appraisers in your area.
Collect relevant documentation about your valuables.
Organize your jewelry collection.
Ask questions during the appraisal.
Request written appraisal reports—always.
Keep organized records to keep them safe.
Review and update appraisals regularly.
Here are four reasons why you should get updated appraisals:
1. Documentation Ownership
As I mentioned, the appraisal certificate serves as evidence of ownership. To receive compensation from an insurance company in the event of the loss or theft of your jewelry, you must provide legal documentation proving ownership of the items.
Let’s say you have high-value pieces that were given to you as a gift, inheritance, or purchased directly from the original owner. You should have a document proving that those pieces are yours now.
Updated appraisals include detailed descriptions and photographs of your jewelry. They can be invaluable for proving ownership in legal or insurance claims. Keeping these records updated ensures that you have the necessary documentation to protect your rights should the need arise to assert ownership claims.
2. Accurate Valuation
You’re probably aware of it, but the value of jewelry can honestly fluctuate dramatically. What’s considered trendy and unique today may fall out of favor tomorrow.
Gold and diamonds mostly maintain or even increase in value over time. However, even if market values remain steady, there are still lots of reasons that can impact their value. How frequently it’s worn and how well it’s maintained can also influence its worth.
When you wear jewelry frequently, it’s more likely to get scratched or dented, especially if you have delicate jewelry. Over time, this damage can make them look less appealing and cause their value to decrease.
Likewise, as we all know, preserving the appearance and condition of jewelry is important. Regular cleaning and care help prevent tarnishing, discoloration, and other types of damage. Well-maintained jewelry keeps its beauty, which adds to its value. So ignoring maintenance can speed up wear and tear and soon drop its value.
For both cases, you should have regularly updated jewelry appraisals to get the exact value of what you currently own.
3. Protection of Investment
Authentic jewelry is truly valuable. Many of us consider it a good investment because not only can we wear and enjoy it for a long time, but we can also decide to sell it if our preferences change—or even pass it down as an inheritance to our successors. So you should protect your financial interests at all costs.
Regular appraisals allow you to monitor the value of your jewelry portfolio. You can also get advice about its management and protection from professional jewelry appraisers like Buckhead Jewelry Appraisers.
Keeping appraisals up-to-date ensures that you’re aware of any changes in value and can take appropriate measures for insurance valuation to preserve your investment.
4. Insurance Coverage
Your jewelry is an asset that should be protected. But things could happen. No matter how much you keep them safe, some unfortunate circumstances may lead you to lose them. Losing something as valuable as genuine jewelry can be incredibly stressful.
When that time comes, outdated appraisals may result in inadequate insurance coverage, which will leave you financially vulnerable.
Updating your appraisals helps ensure that your insurance policy reflects the true value of your jewelry. This makes it easier to recover its full worth in the unlikely event of an incident.
Get Updated Jewelry Appraisals Now
If it’s been more than three years since you received your jewelry appraisal certificate or more, you should have it updated now. Do not wait another year. Bring your jewelry to the reputable appraisers along with the appraisal documents you have.
There’s no other best time to protect your investment than at the right time. And the right time is now.
You can also request to have them cleaned and inspected if you notice any visible changes to their appearance.
Jewelry Appraisal Atlanta, Georgia
Buckhead Jewelry Appraisals is just around the corner to offer you jewelry appraisal services. Schedule an appointment with us to receive detailed written appraisals for your valuable jewelry accessories.
With over 35 years of industry experience and reputable credentials, you can trust that our professional services will provide you with an accurate valuation of each piece you entrust to us.