Getting your jewelry appraised? 5 things you need to know
Do you need to get your jewelry appraised? Maybe you need it for insurance purposes, have divorced and need to know the value of your engagement or wedding ring, are liquidating some assets, or want to sell it? Whatever the reason, keep your eyes open and know these basic tips.
Easier than you think
Rule number 1 is that the process of jewelry appraisal is not as difficult as you might think. No need to feel scared, overwhelmed or intimidated, just be clued up. Firstly, many jewelry businesses offer on-site evaluations, some of them offer an appraisal for free. Others offer a secure mailing option. So, find a well-reputed company and you’re already not alone in the process. You still can, and should, do some research alone before.
Different appraisals
When you get an appraisal, you will obtain facts and all relevant information about your items, such as the features of a stone and documentation specific for your jewelry. There are different types of appraisals:
- Retail replacement value: Mainly for insurance, this informs you of the cost of your jewelry should something happen to it, such as theft, and have to replace it.
- Fair market appraisal: Estimates the value of your items should you sell it to a buyer. The amount is less than the aforementioned appraisal.
- Liquidation appraisal: If you have to liquidate your jewelry quickly, in case of estate insolvency or divorce. This appraisal is also lower as you need to sell immediately.
What to look for in an appraiser
Your jewelry is actually an item of property. If you ever need your appraisal document for legal purposes, the person who did it must be credible – someone with references and reviews (check Facebook, Google, Yelp), training, experience, and knowledge. Make sure they have:
- Gemological training – a graduate gemologist (G.G.) with credentials.
- Appraisal training – a professional recognized as a trained and tested appraiser by a renowned and trusted association like the GIA (Gemological Institute of America), American Society of Appraisers (ASA), or the National Association of Jewelry Appraisers (NAJA).
Appraisal cost
You’re ready to get your jewels assessed, but how much is this little exercise going to set you back? Since appraisers work independently, there is no set price. However, you can request details of what the fee is based on, such as: the size of your jewelry item (does it include a major gem or diamond); their expertise (education, certificates, knowledge); a flat fee; or an hourly rate. Do not use an appraiser whose fee is based on a percentage of the value of the item being appraised as it is unethical.
What’s in the report?
Your report after appraisal should include details, such as: your details, the appraisal date, reason for the appraisal, a complete description of the piece (the 4Cs), notes on the gemstone, setting, necessary statements (any conditions or explanations), photograph of the piece, the value. The Jewelry Insurance Standards Organization, a non-profit that serves the insurance industry to maintain standards, offers different forms that apply to different reasons for having jewelry appraised (JISO.org).
If you wish to sell your jewelry, but are worried about the cost, some companies, such as renowned DNR Diamonds NY, offer appraisals absolutely free of charge!