Have you ever had a piece of expensive jewery stolen?
It is NOT a good feeling! Especially if you have yet to get that item insured.
Even if your homeowner’s insurance covers your belongings, you’ll probably need to prove its value. This is where an appraisal comes in.
Covering yourself in the case of theft is one reason to get your jewelry insured, but it’s not the only one.
Let’s take a deeper look at what happens during an apprasail and why they are so important.
Who Should Appraise My Jewelry?
To get an accurate assessment of your pieces, you should always take your jewelry to a certified jewelry appraiser. This person is a gemoligist, but not every gemologist is qualified for appraisals.
A gemologist is someone who has studies gemstones. That’s the simple answer. The truth is not everyone who knows about gemstones is qualified to assess jewelry and give it an accurate value.
The Gemological Institute of America (GIA) provides the most comprehensive and widely-recognized graduate gemologist program in the world. According to their website, the GIA educates gemologists by teaching their students how to:
- Grade diamonds consistently and accurately in the D-to-Z color range
- Use a microscope, a polariscope, a refractometer, and other gemological equipment
- Identify hundreds of common and unusual gemstones
- Detect synthetics, simulants, and treated gems
- Understand value and the path gems take from mine to market
- Speak the language of gemstones accurately, confidently and fluently
Just a word of warning, anyone who has studied gemology can call themselves a gemologist.
However, only those who have obtained proper certification can call themselves a Graduate Gemologist (GG).
Becoming a jewelry appraiser is an entirely different thing. This requires that the individual not only becomes a Graduate Gemologist, but also that they obtain an appraisal education and certification from a professional organization, such as the American Society of Appraisers (ASA).
Why Should I Have My Jewelry Appraised?
There are two main reasons why people get their jewelry appraised, and both have to do with getting the best value.
Replacement Value
Most people get a jewelry appraisal before (or shortly after) making a major jewelry purchase. There are two main reasons for this; the first is to make sure that the item that they purchased was correctly represented by the selling party
and the second is for insurance purposes. The appraisal helps the insurance company insure the full retail price so, it can be replaced in the event that it is lost, stolen, or damaged.
Fair Market Value
This type of appraisal is done in the case of a private sale, liquidation, estate settlement, divorce settlement/dissolution of marriage, tax liability, and collateral. These prices are determined by the current market value and condition of the piece. It is generally lower that what the retail value would be.
Getting your jewelry appraised is about protecting your investment. Yes, you may have pieces that are irreplaceable, but it does help to know you’re getting all you can in the event they are lost, damaged or stolen.
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