What You Should Know About Jewelry Appraisals
After you have read this brochure speak to our jewelers, who will be pleased to answer any further questions you may have.
What is a Jewelry Appraisal?
It is a written professional opinion of the authenticity, quality, design, and approximate value of a piece of jewelry. Since it is an opinion, there can be variations between competent appraisals.
Why an Appraisal?
The most common reason for obtaining an appraisal is for insurance purposes (i.e., insuring against loss, theft, or damage). This pamphlet addresses itself to this type of appraisal.
The Cost of Your Appraisal
Appraisal charges vary according to the service being rendered. Generally, the more thorough and detailed (hence, the more useful) the appraisal is, the more it will cost. Therefore, don't try to save money on an appraisal.
The Details of Your Appraisal
Since many insurance companies retain the option of replacing your lost or stolen jewelry with "similar" items, an accurate and complete description of the item is essential to be sure of a proper replacement. Therefore, a complete appraisal should include the following details:
- Major (or primary) stones identified and their shape, dimensions, and approximate weight;
- The "quality" of major stones described. For diamonds this includes color, clarity, and cut. For colored stones it includes clarity, as well as hue, tone, and intensity of color. (Superlatives, such as "beautiful" ring or "fine" diamond, are not used because they do not aid in replacement.)
- Secondary stones are listed and identified with their approximate size and total weight given. Their quality may be given as an average;
- Metal chains and mountings are described by their quality, design, workmanship, weight, and any stampings on them;
- A photograph of the item may or may not accompany the written appraisal;
- The estimated retail replacement cost of the item is given.
An appraisal should also state the date it was carried out and the price of precious metal at the time of the appraisal. An explanation of terms used should be included to aid in the understanding of the document.
When to Have Your Jewelry Appraised?
Ideally, you should have your jewelry appraised to account for current values of precious metals and gemstones. This is also an excellent opportunity for the jeweler/appraiser to inspect the condition of the jewelry.
Choosing a Jewelry Appraiser
There are no legal requirements or regulations to appraise jewelry. Therefore, it is up to you to choose a professional jewelry appraiser in whom you have confidence.
To begin, speak with a jeweler who will either be able to do the appraisal or recommend a professional who can. Since the validity of your appraisal is largely dependent upon the ability of the appraiser, whomever appraises your jewelry should have the following qualifications:
- extensive gemological knowledge, based on special educational training or suitable experience;
- knowledge of current retail prices for jewelry such as yours, either because he/she actually sells similar pieces or is in touch with the market;
- experience in doing appraisals;
- a good reputation within the community as an ethical business person.
A professional jewelry appraiser will also have the gem testing equipment and instruments necessary to do a complete appraisal, and will be pleased to answer any questions you may have.
In Conclusion
To go back to the beginning, a reliable appraisal is a professional written opinion based on knowledge, backed up by technical equipment and reinforced by experience. An insurance appraisal is just that and is not meant to be used as a yardstick for buying or selling jewelry. In the event that your jewelry is lost or stolen, remember that the best way to ensure that it is replaced as closely as possible to what you had, is with a written appraisal containing a detailed description of the jewelry, as well as its approximate retail replacement value.
