Five things to do before getting your jewelry appraised
Gemological equipment and plot diagram of center diamond in engagement ring.
First things first: why do you need to have your jewelry appraised? Did you just buy it? Do you want to insure it? Ask your seller to give you a detailed description of insurance coverage. Are you changing insurance companies? Likewise, see if you can go back to where you bought it to get an updated estimate to replace the item. Do you want to see if you got a good deal? Instead of a written report, an oral appraisal of market value may be best suited to your needs. Are you distributing items among family members? An appraisal that considers how much you can get for them (called “marketable cash value”) is the usual basis for doing this. Are you not sure whether to keep or sell your jewelry? Again, the marketable cash value is usually the type of value you’ll need.
There are other reasons people need jewelry appraisals; these are some of the most common ones. Please remember – there is no such thing as a recreational valuation. “I just want to know what it’s worth” is not enough. You will get the right information (and save time and money) if you decide why you need your jewelry appraised and tell the appraiser from the start.
Ask your insurance company how your policy works. What kinds of jewelry losses are covered in your basic homeowners’ policy? They are often limited to fire and burglary loss only. How much value is covered, both for each item as well as for all items claimed in a given period? What is the deductible? Can you document these items with sales receipts or photographs without an appraisal? Does your company’s enhanced (“scheduled”) coverage cover robbery? Damage? Mysterious disappearance? How much does this type of insurance cost? If you file a claim, is it settled at the appraised value, or is it the “actual cash value” (calculated by the company at the time of loss)?
Make an inventory. No matter why you’re having your jewelry appraised, it will help in many ways to know what’s there. If you have a lot of pieces, put them into groups, as follows: rings; bracelets; wrist watches; earrings; necklaces, pendants and neck chains; brooches and pins; and all others (such as loose charms and cuff links). With this step and the next one, you’ll know a lot more about what you have. And you will learn much more about why you’re wanting each specific item appraised.
Check your jewelry’s condition. Is it dirty? If so, can you safely clean it? The American Gem Trade Association gives good instructions for cleaning gemstones. Anything safe for gems will also be safe for gold, platinum, and usually silver. If you aren’t sure, don’t worry, I love to make dirty jewelry clean again, but it saves a lot of time if you can do it.
Take a careful look at your stuff. What condition is it in? Do your rings have thin shanks (the part that goes around the finger)? Are there chipped or missing stones? Bent or missing prongs? Is your bracelet stretched out due to weak links? Missing earring backs? If you’re insuring your jewelry, it’s important to fix it first. Some insurance companies won’t cover jewelry that’s not in good condition.
Gather your documentation. Please bring whatever documents you can find, including sales receipts, descriptions, or value statements issued by sellers. Also, reports from gemological laboratories, old appraisals, or insurance schedules. These may or may not provide good information, but they should always be considered. Sellers’ statements of exact gemstone weights are especially useful after I verify them as likely by using physical measurements and standard volumetric formulas. I am glad to discuss with you any discrepancies between quality descriptions and values in your documentation and my conclusions.
Please contact me before you come. In the appraisal profession, the most important element is communication. On the phone or by email, we exchange information about your situation and how I work. I can usually give you a general idea of how long the assignment should take and what my fees will be.