5 Elements Every Jewelry Appraisal Should Contain
Whether you are looking to sell your jewelry or simply document its value, a reputable jewelry appraisal is extremely important. A jewelry appraisal is a process in which a certified professional will evaluate your jewelry and determine its value. So how do you know you are receiving a professional appraisal? Continue reading below for the 5 elements every jewelry appraisal should contain.
The following elements have been adapted from: gemguide.com
1. Detailed Description
A detailed and proper description of the piece of jewelry being appraised is extremely important. The description helps the jeweler who is evaluating the appraisal determine whether or not that piece of jewelry belongs to the appraisal. the type of jewelry, brand, size or carat weight, color, unique identifiers, etc.
Although photographs are not required in an appraisal, it is still a good idea to have the item photographed in the event it is lost or stolen. It is also good to have photographs when selling fine jewelry, engagement rings, diamond rings, gemstones, or other pieces of jewelry to help the buyer determine whether the appraisal belongs to the jewelry being sold.
The value stated in the appraisal should reflect the current market value of the piece of jewelry. Although it may be tempting to inflate jewelry value it will only make the appraisal void in the long run and can greatly affect premiums and settlements. When selling your jewelry the gemologist or the person evaluating the item will most likely have knowledge of the current market and will not accept an inflated appraisal.
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4. Sales Tax
Including sales tax in a jewelry appraisal is highly debated in the appraisal industry. Not all appraisers will include sales tax. Adding this element is entirely up to you and the appraiser. Generally speaking, if you are appraising for insurance purposes it would be wise to include sales tax. The insurance company can then determine whether or not to reimburse the insuree. If the jewelry is being appraised to sell, sales tax may not be relevant, instead the appraiser should focus on the current true or fair market value of the jewelry.
5. Treatment Information
Any treatment applied to a piece of jewelry to improve appearance, other than cutting and polishing, must be disclosed on the appraisal according to the Federal Trade Commission in the United States. This information also needs to be disclosed to the consumer. Common treatments include heating, bleaching, dyeing, fracture or cavity filling, surface coating, etc. Visit gia.edu for more information about jewelry treatments. If you are unsure whether or not your jewelry has been treated, check any original documentation you may have. If you don’t have any documentation let the certified gemologist or appraiser know you are unsure whether or not your jewelry has been treated.
Best place to receive a jewelry appraisal
There are many places to receive jewelry appraisal services, however not all places are considered reputable. It is extremely important to do your research before receiving a jewelry appraisal. Typically The best appraisals are those conducted by true independent appraisers (those who don’t work for or inside a jewelry store) with proper credentials, experience, a good reputation, and who neither buy nor sell jewelry. If you are unsure about the reputation of the appraiser check their online reviews or the BBB rating or ask friends and family for recommendations. You can also find reputable jewelry appraisers by searching for appraisers through the National Association of Jewelry Appraisers (NAJA).
Should you receive a jewelry appraisal before selling jewelry
At Diamond Buyers, we recommend you receive a 3rd party appraisal before selling your jewelry. This ensues that the buyer remains completely unbiased during the offer. A reputable jewelry buyer will evaluate an appraisal and determine whether or not it fits the current fair market value of your jewelry and will base the offer on both factors. It is important to remember, that it is okay to receive multiple appraisals and offers to ensure you a receiving the best value for your jewerly.