Getting a Jewelry Appraisal For Your Valuable Jewelry
“It’s Smart to get a Written Jewelry Appraisal, here’s why.”
Some may believe that getting a jewelry appraisal is a waste of time and not worth the extra cost. Others are not aware of the benefits of having an appraisal. Having a piece of jewelry without an appraisal is similar to buying a second-hand vehicle without a CARFAX.
Your jewelry needs to have proper documentation because, following the purchase of a home and cars, your jewelry is amongst your largest purchases.
What is a Jewelry Appraisal?
A jewelry appraisal is a process done by a qualified jewelry appraiser to allow the creation of an official document that describes the piece of jewelry in detail.
An appraisal document includes a detailed description of your jewelry. It also determines the quality of the various elements of your jewelry and assigns a monetary value to your piece.
The American Society of Appraisers (a non-profit organization that functions as a professional affiliation of all disciplines of appraisers) says that the official written jewelry appraisal document should include measurable and visible facts about your jewelry as well as subjective features:
Measurements
Design particulars and details or detailed descriptions of the jewelry
Overall condition and quality of the jewelry
Markings
Characteristics and quality of the gemstone (color, cut, clarity, carat weight)
Craftsmanship
The official jewelry appraisal document should also include:
Name and contact information of the client
Date of the appraisal
Photo of the jewelry
The kind of value being determined:
Fair market value or resale value
Replacement value for insurance purposes
Liquidation value for divorce or estate settlement
A detailed description of the process used to arrive at the estimated value of the jewelry.
Professional credentials of the appraiser
Statement from the appraiser
Signature of the appraiser
Official seal of the appraiser
A written jewelry appraisal is an official document made by a jewelry appraiser that describes the piece of jewelry in detail and assigns a monetary value to the piece. Some of the information an appraiser can provide is objective such as the jewelry item’s weight, and some information is subjective such as the item’s value. Appraisers should include these details on the appraisal:
The kind of value being determined, such as “Estimated Retail Insurance Replacement Value Appraisal.”
The client’s name and address, and the date
A photo of the item
A basic descriptive title like “One Pair of Diamond Stud Earrings”
A detailed description and measurements of the item
All maker’s trademarks, quality marks and hallmarks
Characteristics of all of the gemstones including the name of the gem, measurements in millimeters, color, clarity, estimated weights, any detectable enhancements and any known lab reports
Signature and professional credentials of the appraiser
Before getting a jewelry appraisal, you need to know the purpose of the appraisal. This will help you choose the right appraiser.
Reasons You Need a Jewelry Appraisal
There are a few reasons you might want to appraise jewelry. Having an official document with detailed descriptions of your jewelry may give you some peace of mind and can make things a lot easier down the road.
A jewelry appraisal is the only way you can have an accurate statement about your jewelry. It never hurts to have full knowledge about the jewelry you own.
1. To Show Proof of Ownership
A jewelry appraisal validates your proof of ownership in the event that your jewelry is lost or stolen and recovered by the police.
2. To Determine the Condition of your Jewelry
A jewelry appraisal entails an in-depth assessment of your item. In the process, some minor damages can be discovered allowing you to have your piece immediately repaired. Conversely, an appraisal can also ensure the prime condition of your piece of jewelry.
3. To Help Provide an Accurate Replacement
If you lose or damage your jewelry, an appraisal includes a detailed description of your piece of jewelry and a photo. The appraisal ensures that a jeweler can create a replacement that is as close as possible to your original piece because he has enough information.
Your home insurance policy may only cover jewelry if it is stolen and not when it is damaged or lost. An accurate jewelry insurance appraisal allows you to get a competitive quote allowing your jewelry to be properly covered based on the value stated on the appraisal.
Insurance companies require you to get a jewelry appraisal for your item every about five years because the prices of gemstones, diamonds, and precious metals often change.
How Much does it Cost to Appraise Jewelry?
I have 3 basic types of appraisals with differing prices for each.
My Sellers Verbal Consultation fee is $180.00 per hour or fraction thereof. You can get a 10% discount by simply agreeing to leave me a Google Review. With this type of consultation, you own a piece of jewelry that you no longer wear and you want to sell it. You need help understanding what the item is worth in the secondary market (used market). With this 1-hour consultation we discuss the desirability of the item, it’s condition, maker’s marks, age of the item and metal quality. Based on my assessment of those factors combined I can give you an estimated value of your item and usually find you multiple buyers for your item. You sit with me at my conference time the entire time and leave the appointment with your jewelry. I work from my notes and photographs of your jewelry to find you a buyer who would make you an offer.
My General Verbal Consultation is $180.00 per hour or fraction thereof. This type of consultation usually involves equal division of jewelry amongst heirs, wanting to know if your inherited jewelry is real or costume, or seeing if your diamonds are real or look-alikes. A promise to leave a Google review gives you a 10% discount on all verbal consultations.
My Written Jewelry Appraisals for Insurance Purposes start at $175.00 for simple items such as a solitaire ring with a single diamond under 1 carat. My appraisal fee for complex items with multiple diamonds or larger diamonds require more research and higher appraisal fees. Watch appraisal fees start at $250.00 for basic watches. Non-diamond Rolex watches and AP watches start at $300.00. My appraisal fee is set and discussed with you at the beginning of our appointment after I have had to look over the item. A promise to leave a Google review gives you a 10% discount on all written appraisals.
How to Choose the Right Jewelry Appraiser
The most important consideration in choosing the right jewelry appraiser is to pick one whose processes fit the purpose of the appraisal.
There are some important qualities you need to look for in a jewelry appraiser:
The appraiser should have a Graduate Gemologist Degree from the Gemological Institute of America (GIA).
The appraiser should appraise your jewelry while you wait and watch. An appraiser should discuss your item with you and be pointing out to you anything unusual like loose gems, broken prongs or chipped gems.
The appraiser should have a good Google score
Make sure to always work with a credible jewelry appraiser.
Final Thoughts
Generally speaking, a written jewelry appraisal is of great value. Keep in perspective that the cost of the written appraisal is the least expensive part of owning jewelry compared to buying the jewelry in the first place with after-tax dollars, paying 9% state tax on top of that and then paying the insurance premium on the item every year.