Inherited Jewelry, Received a Jewelry Gift or Found Jewelry?
You LOVE it and want to make sure it is safe and secure if the unexpected happens.
So, what is one of the first things you do when you buy a car or a house?
You get it insured, right?
Well, some jewelry can be as expensive as a car or for the elite few a house (let’s be friends with them!).
The rule of them when it comes to what should be appraised is that any jewelry over an insurance value of approximately $2,500 should be covered by insurance.
And, if it has sentimental value and irreplaceable, then you should definitely get it insured with lots of photos to cover yourself against loss or theft.
Think of how you would feel if anything were to happen to your costly investment or a special heirloom piece.
That is why a Professional Jewelry Appraisal is your Best Solution to protect you and make you whole again.
What type of appraisal do you need?
Many clients come to me with jewelry they inherited, or got as a gift or found (lucky them!) and want to know the “Value”.
As a jewelry appraiser, I tell them that “Value” means many different things. Why?
Because the Value of your jewelry depends on your ultimate purpose or what you want to do with the jewelry.
- Do you want to sell it quickly to a jewelry store?
- Do you want to sell it to a family member, a friend, or on a marketplace platform like Facebook or Ebay?
- Do you want to keep it and wear it?
- Do you need to divide it amongst family members and want to make a fair split?
- Do you want to know if it is worth redesigning into something new?
Here are the 3 Top Types of Appraisals:
1. Insurance Appraisal:
Appraisals for insurance purposes estimate the cost to replace the items in case they are lost or stolen. This type of appraisal, depending on the insurance, will also cover major repairs or lost or damaged gemstones.
Be sure to bring any documentation, like a sales receipt or Diamond/Colored Stone Certification. These items will have exact weights and jewelry information needed to duplicate that item.
The value should be slightly above the price you paid to cover typical market changes.
It should not be largely over-valued, then you are just paying more for insurance when you don’t have to & you don’t want too low of a value, then you may have to pay out of pocket to cover any extra cost.
2. Liquidation Appraisal:
Immediate liquidation appraisals are lower than other types of appraisals because of the situations that create their need, like in a divorce settlement or need for quick cash.
In this case, there is pressure to sell quickly and the value is a scrap value of the metal and larger diamonds (small diamonds and most colored stones do not have ANY or much of a resale value).
3. Estate Appraisal:
An estate evaluation provides what the item could actually be sold for to an end user with no pressure to sell or time limit. The value is based on date of death or 6 months after death.
This case usually requires a Fair Market Value: Fair market value is the price that a property would sell for in a market where it would most commonly be sold to an end user (like private sale, Ebay or other auction types). Both buyer and seller are aware of all the relevant facts about the property and agree upon the price without being pressured to accept the deal.
For more types of appraisals click here
What a Professional Appraisal should Provide:
- Date you should get an update
- State the Purpose of the Appraisal—Insurance, Estate or Liquidation, etc.
- Who the appraisal is for, address (where the jewelry is located) and date
- Detailed description of the piece for replacement purposes, including how the piece was manufactured
- The cut, color, clarity & approximate carat weight of all diamonds & or gemstones.
- The precious metal type & content as well as total pennyweight of the piece.
- Detailed and colored pictures of the piece showing any unique design
- The metal prices for that day
- What instruments were used to examine the jewelry
- Unbiased and ethical Value
- Signature of an expert Graduate Gemologist Appraiser
My Tips on how to Keep the Value of your Jewelry:
Ok, You have it insured, now it is important (like your car & house) to keep up with maintenance and updates:
1. Keep your jewelry clean, out of the sun, and orderly in a box
2. Have your prongs & or metal checked every 6 months or so.
3. Have your appraisals updated every 2-3 years due to market conditions and inflation.
When you do get an appraisal update, it is important for the appraiser to see the jewelry in person and document the condition at that time.
I have performed updated appraisals where the diamond was seriously chipped and the owner was unaware and shocked when I told her.
Because they already had insurance, they were able to replace that diamond according to the original documentation.
So, please don’t learn a Valuable lesson the hard way!
The low cost of an appraisal and insurance is definitely worth any worry or heartbreak. And you can wear and enjoy your jewelry knowing you are protected.
Where should you Insure your Jewelry?
I typically recommend Jewelers Mutual because they only deal with jewelry and watches. They protect you internationally and cover even the small things, like losing a small diamond or needing a new head. Click the image below to find out a quote:
Need more assistance? I am happy to answer any questions you may have regarding your jewelry.
Need an expert jewelry appraisal? For a Professional Appraisal with me, Jennifer Vichinsky, GIA Graduate Gemologist, click the button below to schedule your appraisal appointment.
Appraisals are done in person at my comfortable home gemological lab right in front of you, while you watch and wait. Feel free to ask any questions before, during or after; I love to educate!
You will leave with a colored print-out in a protective plastic sleeve so that your appraisal stays as secure as your jewelry. I also send you a pdf version to easily email to your insurance provider.
If you have old or inherited jewelry and you would like to unlock the mysteries of your treasures, I offer FREE Jewelry Sorting Solutions.
Just click the button below to schedule a convenient date and time!
