What to Know about Jewelry Appraisals
It has been a while since we talked about appraisals (see our blog on Diamond Appraisals Versus Certificates) and, if you own jewelry, it is important to understand its value. An appraisal helps you understand the worth of your jewelry or monetary value. Performed by a certified appraiser or gemologist, an appraisal is based on many factors including the type of metal, the quality, type, cut, color, clarity and size of any gemstones, the craftsmanship, and the current market conditions. Once complete, you will receive a written document with a detailed description of the jewelry and its value.
Why might you want to have your jewelry appraised?
- To ensure adequate insurance coverage: this is the cost to replace the item with one of similar kind and quality at current retail prices.
- To understand current market value: if you plan to sell your jewelry, it will help understand current market value to ensure you receive a fair price and provide a basis for your asking price.
- To provide value for each piece in an estate: this would be needed when dividing assets in an estate or among family members.
What does an appraisal include?
- A Detailed description: This includes the type of metal, the weight, the dimensions, the type and quality of gemstones, and any unique features or markings.
- Photographs: High-quality images of the jewelry from various angles.
- Market value: An assignment of value based on current market conditions.
- Appraiser’s credentials: The appraiser’s qualifications and certifications should be included.
What can you do to prepare for an appraisal?
- Provide documentation, if available: a certificate of authenticity and/or previous appraisal, for example.
- Information on the history of the item: provide details on any significant history, for example if the piece is an heirloom in your family for generations or if it was made by a notable designer or jeweler.
Between appraisals, maintain the value of your jewelry by having professional cleanings and checks and storing your pieces properly. Due to fluctuating market conditions, an appraisal should be done every 3-5 years to help keep insurance coverage accurate. And remember, if you make changes to your jewelry, an updated appraisal will be needed. Stop in to Bridgewaters to learn more about appraisals or have one completed on your jewelry.