Jewelry Appraisals

All jewelry appraisals are done in house using the latest GIA equipment. Most appraisals take a few days but with an appointment can be done the same day.

What types of appraisals are available?

Insurance replacement appraisals are done for the purpose of obtaining, or maintaining an insurance policy on an item. This statement of replacement cost will provide enough information to assure a replacement of equal kind, quality, and value. Having this report will prevent the insurance company or replacement agency from making an inferior or otherwise unacceptable substitution in the event of a loss. The replacement cost stated on this appraisal will be the amount that JewelSmiths would offer a like item for sale to our customers. Some members of the jewelry industry make it a common practice to use inflated values on items in order to make customer’s feel good about their purchases. This is harmful to you as a customer in the long run because the insurance company will base your premium on this inflated amount. We wish to see our clients protected against loss without overpaying on the premiums.

Fair market value appraisals reflect an actual selling price between a willing buyer and seller, when neither is compelled by time or need to buy or sell in the item’s most common market. Fair market value must represent the item’s value in its current (used) condition. Fair market value is generally required for charitable donations and estate appraisals. Fair market values may run lower than retail replacement values, because replacement values often reflect the cost to replace a used item with a new equivalent.

Immediate liquidation value appraisals usually reflect low values because of the situations that create their need. Divorce settlements and some types of estate liquidations may require this type of appraisal, depending upon the jurisdiction where the scenario takes place. Less common types of appraisals include probate and loan collateral appraisals.

How are appraisals done?

Each item brought into our store for appraising will be handled with great care and consideration, thoroughly inspected with you before being left. All items will be professionally cleaned and inspected prior to being appraised, noting any need for repairs. We will then test and grade each individual gemstone or diamond, measure the gems, research the item for current market value, and submit a picture along with the complete description.

Why do I need to update my appraisals?

Insurance companies request that their clients have their personal property values updated every 2-3 years. This is due to the constant change and fluctuation in gold and diamond markets. Items purchased in the 1990’s cannot be replaced for their original price.