How to Get Your Jewelry Appraised: A Step-by-Step Process
Unlock the true value of your jewelry. This comprehensive guide outlines the essential steps for a professional and accurate appraisal.
A jewelry appraisal is a formal document that describes an item, assesses its quality, and provides its value. This report serves various purposes for jewelry owners. It is obtained for insurance coverage, protecting pieces against loss, theft, or damage. Appraisals are also essential for estate planning, determining asset value for distribution or probate. They can also establish fair market value for resale, divorce settlements, or charitable donations.
Finding a Qualified Jewelry Appraiser
Selecting the right jewelry appraiser is key to accurately determining your pieces’ value. Seek an independent appraiser who does not buy or sell jewelry. This ensures unbiased valuation and avoids conflicts of interest. Reputable appraisers should possess specific qualifications and certifications.
Look for credentials such as a Graduate Gemologist (G.G.) diploma from the Gemological Institute of America (GIA). Membership in professional appraisal organizations like the American Society of Appraisers (ASA) or the National Association of Jewelry Appraisers (NAJA) signifies adherence to industry standards. These organizations often provide online directories. Referrals from insurance companies or estate attorneys are also reliable sources.
When contacting appraisers, inquire about their experience with your specific jewelry, especially antique or unique items. Discuss their fee structure upfront; an hourly rate or flat fee per item is preferred over a percentage of the appraised value. Charging a percentage can incentivize inflation, which is unethical and leads to higher insurance premiums. This ensures transparency and an informed decision.
Preparing for Your Appraisal
Preparation before your appraisal appointment streamlines the process and contributes to accurate valuation. Gather any existing documentation, including original purchase receipts, previous appraisal reports, and diamond or gemstone grading reports from recognized laboratories like GIA or AGS. These documents provide insights into the item’s origin, quality, and history.
Gently clean your jewelry to remove surface dirt. While appraisers perform their own detailed examination, a clean piece allows for better inspection. Make a list of all items, noting any known history or provenance. This includes acquisition details, previous ownership, or special significance. Clearly identifying each piece assists the appraiser in organizing and documenting findings.
What Happens During the Appraisal
During the appraisal, the appraiser performs steps to evaluate your jewelry. The process begins with a visual inspection of the piece’s condition, settings, hallmarks, and any wear or damage. This identifies materials and craftsmanship.
Measurements are taken, such as gemstone dimensions and metal weight. Specialized tools are used for testing, including diamond testers to distinguish diamonds from simulants, and various methods for metal purity testing, such as acid tests or XRF devices. Gem identification uses equipment like microscopes and loupes to assess clarity, color, and cut. Items are photographed for the report, documenting appearance and condition. This is complemented by market research, analyzing trends and sales data to determine value.
Understanding Your Appraisal Document
The final appraisal document is a formal report detailing the appraiser’s findings. This document includes a thorough description of each item, with measurements, material specifications, and gemstone details. Photographs are also included as a visual record.
The report states the appraisal’s purpose (e.g., insurance, estate planning, resale) and the assigned value type. Common types include Retail Replacement Value (cost to replace for insurance), Fair Market Value (price between willing buyer and seller, for estate/donation), and Liquidation Value (what an item fetches in a quick sale). The document also includes the effective date, appraiser’s credentials, and signature. Jewelry values fluctuate, so periodic updates (every three to five years) are advisable to ensure accurate valuation.