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Is Getting a Jewelry Appraisal Necessary?

Have you wondered why it is necessary to get a jewelry appraisal, if you had then you have come to the right place to know all the necessary details about why it is necessary to get a jewelry appraisal? It is our goal to assist you in understanding why jewelry appraisals are essential, as well as what to look for in a jewelry appraisal.

Why Should You Get Your Diamonds Appraised?

There are a variety of reasons why having your jewelry appraised makes sense, including the following:

1. Checking for Damage

Your freshly acquired ring, necklace, bracelet, or other pieces of jewelry should be checked by a jeweler to ensure it is in excellent condition before wearing it out. Your item may be damaged or lost if it is not inspected and appraised correctly. This may be the result of a loose prong or other problem that is not immediately noticeable to someone who is not professionally educated or trained. 

2.  Good Investment 

Obtaining an appraisal is not prohibitively costly! The majority of jewelers charge between $75 and 125 dollars for a jewelry appraisal. As a result, when you compare the expense of having your jewelry evaluated to the worth of your jewelry item, the cost of having your jewelry appraised is completely justified.

3. Validating Ownership and Jewelry Value

In the event that you ever need to file an insurance claim, having documentation of the exact worth of your diamond engagement ring and other pieces of fine jewelry might help you prevent disagreements over the jewelry’s value down the line. If you’ve just made a new jewelry purchase, having it appraised is another approach to prove that you are the rightful owner.

4. Back-up Option for Jewelry That Is Lost or Damaged

The piece of jewelry must be described in detail in case it is lost or damaged so that your jeweler can obtain or create a replacement piece that is as close as possible to the original. If your piece of jewelry is lost or damaged, you must provide a detailed description to your jeweler so that the replacement piece is as close to the original as possible. 

Consider the following scenario: you lose an item and do not have the required paperwork; the jeweler informs you that there is not enough information to adequately replace your jewelry. The jeweler would have all of the information they needed to replace the item if they had a solid appraisal. For example, an engagement ring evaluation is a terrific method to ensure that your particular ring will always look as nice as the day you received it in the event that anything were to happen to it if something occurred.

5. Insurance for Jewelry 

To protect your jewelry, the majority of jewelry insurance providers demand an appraisal. A jewelry appraisal may not be required by your insurance company; thus, it may be necessary to hunt for a different insurance provider. With the specifics of the piece of jewelry and its appraised worth known, you may get an accurate jewelry insurance estimate for the piece of jewelry. 

Without doing so, you face the danger of underinsuring the item and having to pay out of pocket to replace it, or you run the risk of overpaying for insurance (year after year) if the appraisal indicates that the piece is worth more than it should be.

What Is the Cost of Jewelry Appraisal?

A jewelry appraisal may range in price from $50 to $150, depending on the appraiser who does the evaluation.In general, the cost of a jewelry evaluation is from $75 to $100 per item appraised. Some jewelry evaluators charge a set amount per piece of jewelry, while others will provide a discount if you have a large number of pieces of jewelry that all need to be appraised at the same time, such as a collection of diamond earrings. 

This is particularly useful if you have a huge estate to appraise and need to estimate the value of everything in it. Although you may come across a jewelry appraiser that charges by the hour in certain cases, it is typically recommended that you avoid doing so since it will be far more difficult to determine upfront how much your jewelry evaluation will cost.

What to Look for in an Appraiser?

Did you ever think that the appraisal document you get from an appraiser may be utilized in a court proceeding at some point? You do not want an appraisal that will not be able to maintain its credibility when the time comes to sell the house.

As a result, you need an appraisal from someone who has the necessary expertise and experience to provide you with a legitimate assessment of your real estate. Your appraiser should have formal gemological training and expertise, as well as a working knowledge of the manufacturing process for jewelry. They should also have evaluation training and come highly recommended by previous clients or via peer reviews and referrals.

  • Training by Gemological: What level of G.G. (Graduate Gemologist) does the appraiser possess? This is the very minimum of qualifications to look for in an appraiser. Do they have any areas of expertise? Have they maintained their qualifications up to date via further education?
  • Training by appraisal: Is the appraiser a member of a recognized appraisal organization, such as the ASA (American Society of Appraisers) or the National Association of Jewelry Appraisers, and has successfully completed appraisal training and testing in valuation and appraisal? These are things you look for in appraisal training.
  • Reviews: One of the most effective methods to determine whether or not a jeweler is credible is to simply read their online comments and reviews. You can locate the most reliable jewelry buyers on Google, Facebook, and Yelp, among other search engines.

It is important to ask all of these questions since they will assist you in determining if the appraiser is not only well-educated and competent but also trustworthy and honorable.

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