Appraisal Services
The most common reasons for having your items appraised would be:
Retail Replacement Appraisals, also known as Insurance Appraisals
Estate Appraisals, also known as Fair Market Evaluations for IRS submissions.
What should you have appraised?
Typically any single item with a value over $1,000.00
Unique period or Antique jewelry.
Custom designed and one of a kind items.
If the value of an item is more than $1,000.00, it usually will be required to have documentation in order to have it separately scheduled through your insurance policy.Extra coverage is then purchased and the item is fully covered (usually without a deductible) for replacement with a like quality item.
Can't I just use my sales receipt?
Your sales receipt shows what you paid for an item on the day of purchase. This does not establish the quality or provide complete documentation or description of your jewelry. In the event of loss or damage in the future you may not be fully covered for your jewelry items.
What information will be included on your appraisal document?
Gemstones will be identified, graded, measured, and their weights calculated
Metal content will be determined, quality analysis of the mounting.
All diamonds over 1/2 carat will be given a full gemological evaluation including clarity, color, weight and cut analysis.
Digital photography with multiple angled positions and enlargement of the photos.
Explanations of the grading system used.
Original laminated copy to keep with your important documents.
Copy to provide to your insurance company.
A brief explanation of the process:
You do not have to leave your jewelry. Appointments are made and time set aside for the complete evaluation of your items while you are here in the office.
A thorough cleaning of the items prior to evaluation.
Items will be checked for current condition.
Documents are available within 2-3 days after the evaluation. They can be picked up at the office or mailed directly to you.
Why should I pay for an appraisal?
A professional service by an independent appraiser justifies a fair price. For documentation that thoroughly describes and represents your item expect to pay a minimum of $95.00 per item. Complex items, pieces with multiple gemstones require additional time and therefore will cost more to appraise, as well as items that require additional research time.
Never pay an appraiser based upon a percentage of the appraised value.
How do I choose an appraiser?
Unfortunately, there are no local or federal regulations prohibiting the unqualified from appraising jewelry at this time. This means you need to check the credentials of your appraiser before contracting them. The Graduate Gemologist (G.G.) degree indicates a basic level of study in the identification of gemstones and diamond grading. Membership in trade associations show involvement in the industry.
Most important, though is their reputation within the industry. Since most jewelers contract appraisal services, ask them who they would use or would recommend as fair and competent. Those jewelers who perform appraisals in-house should have a department dedicated to that function with all the facilities and expertise of an independent laboratory.