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What You Should Know About Jewelry Appraisals


You should ask yourself this question: what would happen in the event that my jewelry gets lost, damaged, or stolen?


Emotions can play a big role when you lose an item that is precious to you and your family. If it would feel like a big emotional or monetary loss, you should consider getting a professional appraisal from a certified gemologist.


A jewelry appraisal will verify the authenticity, quality and value of your piece. They are most commonly used as proof of ownership so insurance companies can reimburse you in case anything happens to it. A lot of people don’t realize that homeowners, renters, and umbrella insurance policies do not cover the cost of lost or damaged pieces. Even if they do, it is important to have documentation of the jewelry, diamond, or precious metal.


Broadly speaking, there are three main categories of appraisals:


· Insurance

· Estate

· Pre and Post Purchase


Insurance appraisals can document items owned, be referenced during the claims process, and if an item is damaged, you can get a comprehensive report that details the damage.


Estate appraisals can be used for estate planning purposes, in litigation, for inheritance reasons, and in the distribution of property.


If you are buying or selling an item, consider getting a pre or post-purchase appraisal.


How often should I get my jewelry or diamonds appraised?

You may not know that it is good practice to get an appraisal every couple of years. The monetary value can fluctuate greatly in that time span. It is also smart to touch base with your insurance company to see what their requirements are for having an up-to-date appraisal.


So, who can you trust to conduct a professional jewelry appraisal?

There are two qualifications the appraiser should have. They should either be an AGS certified Gemologist or a GIA Graduate Gemologist.


How much does an appraisal cost? The short answer is it can vary a lot. Paying for something you hopefully never have to use isn’t fun. But it is important. SAZ has a detailed pricing sheet that can tell what you can expect to pay based on the number of items and the kind of documentation you need.


Tips for Getting a Good Appraisal. If you work with a professional appraiser other than SAZ, here are a few things you should take into consideration.


· Make sure he or she uses an official letterhead with their contact information in the documentation

· Check their credentials

· Know what will be included in the appraisal report

· Be clear on the type of appraisal you are getting. For example, a fair market appraisal, replacement value appraisal, and liquidation appraisal are different


If you have any questions about an item or the process of getting an appraisal, don’t hesitate to contact SAZ!

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