Why Have Your Jewelry Appraised
Having your jewelry appraised is a very important part of protecting yourself in the event of theft, mysterious loss or damage to your jewelry items. Most jewelry appraisals are performed for the purpose of determining a current replacement value so insurance coverage can be obtained.
An individual who needs an engagement ring appraisal for example, typically wants to make sure that the appraisal considers and describes all of the key elements of that item since it will become the basis for how the insured will be compensated in the event of a loss.
Gold Market Value
A jewelry appraisal is like a snapshot in time as it should consider market factors in effect as of the date of appraisal. A skilled jewelry appraiser in Gilbert would know what a significant effect the increase in precious metals prices as well as diamond prices would do to the replacement value of a heavy gold wedding ring, especially over the last several years. This type of market factor would be a good reason to have appraisals more than five (5) years old reviewed and updated to make sure that the replacement value is accurate.
Jewelry Appraiser Qualifications: What To Look For
A jewelry appraisal needs to go beyond the gemological description of an item and requires the qualified jewelry appraiser to understand the market that the jewelry is typically sold in to arrive at the proper value conclusion. Jewelry appraisals are not sales tools and should include the elements necessary to identify the item and a photograph as well as listing the market considered to arrive at its value.
When looking for local jewelry appraisers, credentials to be considered might include gemological training; i.e. Graduate Gemologist, Gemological Institute of America (GIA) as well as appraisal specific training through organizations such as International Society of Appraisers (ISA), or National Association of Jewelry Appraisers (NAJA) to name a few.
At Barnes Fine Jewelers, our gemologist is a GIA graduate as well as a Certified Appraiser of Personal Property from ISA.
It is important to remember that jewelry appraising is not a pure science and is therefore, subjective estimates of value may vary from one appraiser to another and relies on the appraiser’s education, experience and ongoing knowledge of the market place.