Have you ever heard of someone having their jewelry appraised? Do you have any idea why this is even necessary and what is so important about this document? Here, we exaplin everything you need to know about appraisals and why you should ask for one!
A sample of a recent appraisal sent out to a Leibish customer
Even if you don't own a unique colored diamond jewelry piece, unlike most other purchases, it is actually a really good idea to have your jewelry appraised at some point or another. Not only does jewelry generally maintain its value, but it often appreciates in value as well.
This is why, when contemplating your insurance needs in order to protect yourself, understanding what an appraisal is will help you get the correct value for it should there ever be a need. Regardless of whether it’s because you are selling the piece or because you want to ensure it is protected in all circumstances, here is information about a jewelry appraisal you want to know.
Different Types of Appraisals
While the ultimate goal for most appraisals is to determine the monetary worth of a particular jewelry piece, there are different types of appraisals based on the overall purpose of the appraisal. For instance, if you would like to insure your jewels, you will need an appraiser to assess the value of your jewelry in order to create a suitable policy. Similarly, if you have received jewelry as an inheritance, you may have to report it for tax purposes. In order to do so in a proper manner, your jewelry will need to be appraised first. Other examples of types of appraisals include for the purpose of selling a piece of jewelry. You cannot and should not accept an offer before knowing what it is really worth. It works in the other direction as well. It is crucial to have jewelry appraised before purchasing, whether you are buying it second hand or brand new from a jewelry store or dealer.
Looking up close at an 81.07 carat AQUAMARINE
When appraising a diamond or gemstone, you need to obtain all technical information of the stone
Understanding the Process
Once you have directed your search based on the specific kind of appraisal you are after, you will want to make sure that you understand the assessment process. This includes the various aspects of the jewelry that the appraiser will be looking at from weight to the size of stones to the quality and color of the metals and stones to the condition of every part of the jewelry piece. Next you will want to ensure that you will be receiving a signed or sealed document stating the official value of your piece along with the purpose of the appraisal. Finally, make sure that you have all of your questions prepared ahead of time and make a point of asking them. Any and all questions have a place during an appraisal, after all, this is the worth of your precious jewelry, and it may affect the future of your jewels as well as their monetary value.
Leibish Polnauer louping a diamond and emerald ring
Appraisals Vs. Grading
Both appraisals and gemstone/jewelry grading reports are ways of assessing jewelry. Only, the former doesn’t assess the value whereas an appraisal will. Diamonds and gemstones are graded by third party associations such as the GIA based on factors like cut, clarity, carat, and color. Most jewelry containing gemstones that are sold, already come with a certificate stating the grades of those particular stones. The appraisal stage comes in once the jewel has already been obtained and is in need of reassessment for one of the aforementioned reasons or for a dozen others.
Up close and personal with a vivid yellow diamond
Most jewelry pieces are fairly easy to have appraised. Pieces without stones that are made from platinum, gold, or silver are simply weighed and are estimated based on the going rate for that specific commodity. Stones are easier to appraise when they have their certificates. It only gets complicated when pieces contain indiscernible stones, stones with unusual cuts or shapes, or are incredibly dated. Damaged pieces need to be looked at carefully as well, as their original grading may no longer be relevant. In any case it is always best to get a second opinion, especially before selling or buying a piece that cost or costs a hefty price.