In short, a jewelry appraisal determines the value of a piece of jewelry with professional expertise. If you are looking to learn more about what jewelry appraisal involves, read on as we explain in detail.
Similar to appraisals for other types of personal property, a jewelry appraisal involves having a professional appraiser to evaluate the condition of an item, determine its historical value, and the fair market price. The appraisal document that the professional appraiser provides after the process is an official record of the jewelry’s value. It gives a detailed description of the item, evaluates its relative quality in consideration of a range of factors, and then assigns a value.
For jewelry appraisals, the descriptions will generally cover the measurable, tangible, visible, and analyzable facts about the jewelry, such as its markings, materials, and weight. There are also many jewelry appraisals that will also include descriptions of subjective features, including relative gemstone rarity, gemstone quality, and overall quality of the item. Jewelry appraisals are different from gemstone or diamond grading reports.
In most cases, people want to get jewelry appraisals for insurance. This is different from when an owner wants to get an appraisal to sell their jewelry, because appraisals done for insurance takes into account the purpose or intent, which is to replace the jewelry with an item of a similar value. The jewelry appraiser will determine the realistic cost of making this replacement in a jewelry store that sells items similar to the jewelry that is being appraised.
There are certain legal guidelines that jewelry appraisers have to follow in order to uphold the reliability of these appraisals. Under the Federal Trade Commission guidelines, it is illegal to intentionally overvalue items on appraisals. As such, the value assigned should not go over a fair retail selling price, especially when the item has been used.
Are you looking for a professional jewelry appraiser? If so, look no further than Wm. Roland Appraisers & Estate Advisors. Our jewelry appraisers abide by the standards set out by the Uniform Standards of Professional Appraisal Practice (USPAP). Here at Wm. Roland Appraisers & Estate Advisors, you can trust us to provide reliable and honest jewelry appraisals. With more than 50 years of experience, we have built trusted relationships with many allied professions, individuals, and families. If you have questions about our jewelry appraisal services, please contact us today. Our friendly customer service representatives will answer any questions you may have.