A Walk-Through of the Appraisal Process

If you have a piece of fine jewelry, it is important to have it appraised in case it is ever damaged or lost and you need to file an insurance claim, or if you ever want to resell it later. Having an up-to-date, accurate appraisal is vital, and being a detailed process, it should be performed by a credentialed and reputable appraiser.

When having your jewelry appraised, you will first consult with the appraiser to explain why you need the appraisal. You will also provide any prior documentation you have on the item, like diamond or gemstone grading certificates, purchase receipts, photographs of the piece, and previous appraisals.

Then, the appraiser will examine your jewelry, including a gemstone analysis to determine the cut, color, clarity and Carat weight of the gemstones featured in the jewelry. They will confirm whether the diamonds or gemstones are natural or lab created, as well as if they have gone through any treatments like color or clarity enhancement.

Next, they will test the metal to determine its purity, and inspect your jewelry items to look for trademarks, maker’s marks or other identifying stamps, as some jewelry makers or brands, such as Tiffany & Co., Cartier have a higher value because of their provenance. Additionally, the appraiser will identify whether your jewelry is from a certain era or if it is an antique piece, as this could also affect its value.

Once the appraiser has finished their physical inspection of your jewelry item, they will provide you with a report stating their findings, including a detailed description, photographs, and their valuation of the piece. They will also sign and date the appraisal. This should include their credentials, such as designations from the GIA.

Just as having a detailed and accurate appraisal is important, so is keeping the value up-to-date. Since the price of precious metals, diamonds and gemstones are constantly fluctuating, having an outdated appraisal can result in an out of pocket expense of thousands of dollars if you were to file an insurance claim and the cost to replace the item ends up being more than you insured it for based on the outdated appraisal.

Bottom line? Don’t wait until something unfortunate happens. Do you have jewelry that’s important to you? Make sure your appraisal is up-to-date.