Q1) What is jewelleryappraisal?
An appraisal is a document stating the approximate retail replacement value or worth of a jewellery item.
It is calculated using current market data and trends, which reflects typical retail prices.
The appraisal will look at the condition of the jewellerypiece.
Some of the criteria used in the appraisal are:
* the quality characteristics of the gemstones, including cut, colour, carat weight,
* the craftmanship of an item,
* the quality of the metal and the settings,
After a close examination of your jewellerypiece, the appraiser estimates how much the item is worth and put this value in writing with a detailed description of how the item appraisal was done.
Q2) Why & when to appraise a piece of jewelry?
Some items are priceless such as family heirloom, it’s important to remember that the value of the precious metal and gems that comprise your fine jewelleryare constantly changing due to market conditions. Gold, Diamond, or Platinum for instance have doubled in value over the past decade.
A jewelleryappraisal is always a good idea since it can be of great help. This is especially true if your jewellerypiece is expensive.
In case your jewelleryis cheap, it is not worth to pay for an appraisal, but if your jewellerypiece is expensive, it is a good idea to have it appraised every 2 to 3 years since it can be of great help for insurance or sales purposes.
As appraisals are done to verify the value of a jewellerypiece, the most common reason for appraisals is for insurance purpose, to decide the insurance value of your jewelry, the insurer will require you to present proof of how much the item is worth.
The appraisal ensures that in case of loss, theft, or damage the detailed description in the appraisal will help you to collect insurance and will also help the insurance company to give you an equal replacement for your item. The more information contained in the appraisal, the better chance you have of receiving the exact replacement or value of an item. Your insurance agency may rely on this appraisal information to calculate the value of your fine jewelleryand also identify your piece if found.
The written proof of the value of your jewellerymight come in handy in various occasions.
