Do You Need Appraisal for Every Piece of Jewelry? When Is It Smart to Get Your Pieces Appraised?
A jewelry piece can be a huge investment, whether a diamond engagement ring or something you want to wear for a night out on the town. However, you may want to ensure you're getting fair market value.
To do so, you'll want to get a detailed jewelry appraisal from someone who can vouch for a piece's overall quality. But does every piece really require a jewelry appraisal? This guide will explore what jewelry appraisals are and when you should get one.
What Is a Jewelry Appraisal?
Let's start by answering what a jewelry appraisal is.
When you buy a piece of jewelry, you'll receive a receipt telling you how much you spent. However, jewelry appraisals go much further by giving you a detailed account of the piece. Jewelry appraisal documents typically include details like:
· A detailed description of the jewelry piece, including elements like carat weight
· Gemstone grading reports
· The total monetary value a piece of jewelry is expected to be worth
Why Can You Trust a Jewelry Appraiser?
Of course, not all jewelry appraisers are equal, and you've probably seen shows or movies about people taking jewelry to pawn shops because they're short on cash.
However, many qualified appraisers exist beyond those pawn shops. Your best option is to get a jewelry appraisal from someone with a gemological degree or extensive experience. Some places you can look for that have appraisers on par with a gemological institute include:
· International Society of Appraisers
· American Gem Society
· Appraisers International Society
How Much Do Jewelry Appraisers Cost?
The appraisal process isn't without its costs, and you want to ensure you receive a fair-market-value appraisal. Many fine jewelry stores will provide a free appraisal at the point of purchase, but not all.
The jewelry appraisal cost can vary, with most places charging by piece or per hour. You also get what you pay for, so be wary if a price sounds too low.
Most jewelry appraisals start between $50 and $100 per piece but can become more expensive depending on the item. Be sure to ask for an estimation upfront before proceeding with the appraisal.
When to Get Jewelry Appraisals
Of course, getting jewelry appraised every time you purchase a new piece is unrealistic. You may just enjoy how a piece looks, or it holds sentimental value, so its monetary value may not be of any immediate concern.
There are some situations where it makes sense to explore a jewelry appraisal:
Jewelry Appraisals for Insurance
An appraisal is generally required for jewelry insurance. Typically, an insurance company won't offer insurance coverage or an insurance replacement without one.
Most people get jewelry appraised to determine retail replacement value or for insurance purposes. In these situations, an insurance company can cover you if something happens to your rings, necklaces, etc.
You Want to Resell
Instead of wanting jewelry insurance, you may want to resell your items. This reason often occurs after divorce settlements or for estate or tax purposes. An appraisal can determine a piece's liquidation value or how much you can gain by selling your jewelry.
Get Your Jewelry Appraised Today
Whether for insurance, reselling, or another reason, you can get local jewelry appraisal by working with our Ohio Gem Lab team. We bring over 30 years of experience in the jewelry industry. Contact our expert team today or follow us on Instagram!
