People have many reasons to get jewelry appraised. You might want to determine the value of your jewelry for homeowner’s insurance or estate tax valuation. You may also choose to get jewelry appraised for liquidation, or you might need to value your jewelry if you are getting a divorce or valuing your jewelry as collateral.
A piece of jewelry may have many different values according to the purpose of the appraisal.
Types of appraisals include:
- Replacement Value for insurance scheduling – The majority of appraisals conducted in our lab are for this purpose.
- Fair Market Value for estate tax determination.
- Fair Market Value for divorce or equitable distribution.
- Fair Market Value for charitable contribution.
- Cash liquidation value (for quick sale).
- Orderly liquidation value (broker, auction or independent sale).
- Market comparison for pre-purchase appraisal/consultation. Are you getting a fair deal?
- Damage Assessment.
We also offer gem identification: usually a detailed written report including gemstone grading, not an appraisal.
Concerning insurance appraisals: Most insurance policies provide for replacement of the lost, stolen or damaged item rather than monetary reimbursement.
In the event of a claim, a professional insurance appraisal will provide the insurance underwriter with a complete description and analysis. Specific criteria must then be adhered to when the insurance company replaces the item.
In addition, jewelry and gemstone prices are volatile. An old appraisal could leave you substantially underinsured. Therefore, it is recommended to appraise your valuable jewelry every two to three years.