When you own a cherished piece of jewelry, whether it’s a family heirloom or gift from a loved one, it’s important to safeguard your investment by seeking a jewelry appraisal. While that process might seem daunting, here are some tips to get started, how to find a reputable appraiser, and what to expect during your appraisal.
What is a jewelry appraisal?
A jewelry appraisal is a detailed evaluation that determines the value of a piece of jewelry based on factors like gemstone quality, relative rarity, and current market conditions. Appraisals help determine the appropriate amount of insurance coverage needed to compensate the owner in the unfortunate event of loss, theft, or damage.
What are the different types of appraisals?
Replacement Value Appraisal: This type of appraisal estimates the cost to replace the jewelry with a similar item of equal value. It considers factors like current market prices and the quality of the materials.
Market Value Appraisal: This appraisal determines the current market value of the jewelry based on factors like the demand for similar items, condition, and jewelry market trends.
Fair Market Value Appraisal: This appraisal assesses the price the jewelry would likely have if sold in the current market, considering aspects like age, condition, and demand.
How do I find an appraiser?
When it comes to finding a trustworthy appraiser, look for one certified by reputable organizations like the Gemological Institute of America, American Gem Society, National Society of Jewelry Appraisers, or International Society of Appraisers. The latter two organizations offer online directories to find local appraisers.
Be sure to check with your insurance provider to see what types of appraisals are needed to ensure proper coverage for your jewelry item.
What can I expect during my appointment?
Some jewelry appraisers may specialize in high-value or rare gemstones and jewelry items, while others may primarily work with more affordable or everyday pieces. In addition, some may have a minimum value threshold for the items they evaluate, and might provide guidance or recommendations based on the description of the item before scheduling an appointment. After scheduling your jewelry appraisal – which usually costs from $50 to $150 – plan to block out two to three hours to leave enough time for the appraiser to examine the piece and document its measurements, materials, and any distinguishing features.