Appraisals and fees

Appraisals why do we need them and who should document them?

Jewelry appraisals have a function and a purpose. It takes experience. Choose a certified Gemologist, who has integrity and good ethics. The appraiser (evaluator) should be  working or familiar in the retail, manufacturing and wholesale markets.

It is important to know what kind of appraisals you need. There are many different types of Appraisals. This helps the evaluator find the best approach when doing the evaluation and placing a value on the item.

                              Types of Appraisal's:

Retail Replacement...this is the most common type of Appraisal. The owner is seeking insurance coverage on their item. Most insurance polices

cover against breakage, loss, damage, mysterious disappearance and theft. This  evaluation is in a written form with details of the item and pictures.

A declared value is placed on the item for replacement in the retail market. This is called the "Cost approach"

Most insurance companied do not cover a loose stone. These should be put in a mounting. Check with your agent on what your insurance company requires.

It is a good practice to update older documentation's every five years or when you notice gold, or stones change in value. If you move to a new address a new appraisal will be necessary. If you change or modify your jewelry it will be necessary to update.

We have seen over the last few years how precious metal, labor, diamonds and colored stones have escalated in value. Check your policy to be sure that you are not underinsured.

Discuss with your agent about the kind of policy you will need. Apartment renters, Condo owners and homeowners policies may differ. Your agent will be able to quote you a price based in the value of your item.  This additional  type of coverage is call "Personal articles policy".

      Other types of appraisal's:  

Divorce:  appraisals are for equal and fair settlement.

Donation: appraisal are done when Jewelry, Gems, Art and mineral specimen's are donated to churches, schools or museums. The IRS will require documentation for deterring tax deductions.

Liquidation: appraisals are done when a person is selling an item and its cash value. What would the item sell for and the price is realized. Other values might be wholesale or scrap value.

Damage: these types of appraisals are usually done for the insurance companies, however most insurance companies have their own forms we fill out. This type of appraisal is also done for legal purposes.

Estate: These are done among the heirs for equal dividion of property to determine inheritance tax. These are requested the the executor of an estate who wishes to establish a fair market value.

                                            Appraisal Fees: 

Retail Replacement Per Item:

Fee for the first item...............$110.00

Fee for each additional item...$85.00

(5) items or more.................. a reduction in price

Stone over 3.0 carts call for price.

Estate Jewelry Appraisals:

Hourly rate of ......................$165.00

Other Services and Fees:

Appraisal Updates each if done by this office....$45.00

Verbal (not written or documented).... $45.00

All credit and debit cards accepted.

Check your Jewelry

When was the last time you checked your ring for worn (very thin) or bent prongs? Most people don’t realize that a problematic prong can cause a stone to fall out or even be the cause of your stone to chip.  

 It is important to look at your ring and inspect them. This can be done with a magnifying glass or a jeweler’s loupe.  

Look for a bent prong, a missing prong or feel the top of the ring with your finger to feel if it is ruff. If you find any of those issues, do not wear your ring.

 A procedure called “re-tipping can be done. In some cases a new head will be necessary. Also look at the bottom of your ring, this is called the shank. Do you see any cracks in the metal?

Let’s talk about sizing your ring. Gaining weight, losing weight or enlarged knuckles can be a reason you might want to resize your ring. As some of us start to age we will get “enlarged knuckles”. Many people have issues with this...

You do not want to size a ring to fit over the knuckle. Sizing a ring to fit the knuckle will cause your ring to spin on the finger. There are shanks that can be customized to fit. These are called “Finger fit shanks”. I do not recommend inexpensive finger seizers that you put in the shank. They slid and will cause the metal to wear.

Insurance Appraisals are very important, it covers your jewelry in the event of loss, damage, mysterious disappearance and theft. When a theft occurs the thieves usually take everything. Insurance recovery can be a challenge if there is no proof of purchase. Many of us have received jewelry items as gifts or are family heirlooms’. Everything should be documented. Every 5 years you should update your jewelry and watch items. Don’t wait until it is too late.

Call (Kris) if you have any questions.  619-223-8543