| They say a diamond is a girl's best friend, but in all reality a jewelry appraiser should be. In this article, I want to offer practical information on jewelry appraising and shed a little light on four topics that I frequently encounter with our prospective clients. |
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1) Purposes of Jewelry Appraisals
There are many situations where an appraisal is necessary including obtaining insurance coverage, settling a claim, estate purposes, equitable distribution for divorce and price verification. |
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2) What should I have appraised?
At one point, most people will have some select items of jewelry appraised. In most cases it is their wedding rings and other fine jewelry, but what about the items that you may have inherited. Have they ever been assessed? Even though they may not seem "fine" because of the lack of diamonds or precious stones or because they are not set in silver, gold or platinum, certain jewelry makers or designers may have a value based on the craftsmanship or their name alone. Example of famous makers include Tiffany & Co., Cartier, Bulgari and Van Cleef & Arpels. Also please note that jewelry is not only limited to rings, necklaces and earrings, but also decorative items with jewel work including vanity and other items. |
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3) Be wary of free appraisals
I am always cautious when I hear the word "free" with a service. Two things come to mind – "poor quality" or "strings attached." Some jewelers may offer you free appraisals at the time of your purchase, but I strongly recommend a "second opinion" to confirm the value. A certified jewelry appraiser will provide a fair and unbiased assessment that will prevent you from paying excessive premiums or underinsuring your jewelry. A certified appraiser may cost you more money, but it will be worth it in the long run. |
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4) Are jewelers appraisers?
Not all jewelers are appraisers. Jewelers may quote a price at which to buy your item, but you must understand that that is a conflict of interest. That should be a red flag so steer clear of any appraiser who has interest in buying the item he has appraised. |
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| Look for a certified gemologist who also is an appraiser, not only a gemologist. The reason for that it is that a gemologist, trained through Gemological Institute of America or another recognized institution, may understand the cut, color and clarity of a stone, but they may not have a clear view of its value. The valuation of a stone requires market assessment training through a recognized organization such as the American Society of Appraisers or the International Society of Appraisers. |
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