22191 Powerline Road #12b, Boca Raton, FL 33433

Why It’s Important to Update Your Jewelry Appraisal Every 5 Years

Why It’s Important to Update Your Jewelry Appraisal Every 5 Years

A jewelry appraisal is an important tool used to document the value of your jewelry. In order to obtain insurance for your precious heirlooms and diamonds and pearls, it is imperative that you secure the market value of your belongings. As market prices fluctuate for precious metals, you want to protect your investments to the best value.

When looking at your jewelry from an investment standpoint, you want to secure the market value for your belongings. At of the close of trading on June 26th, gold was trading at a price of $1572 per ounce. As of this date in 2007, gold was valued at $652.57 per ounce. If your market value appraisals are not up to date, the price reflected for your gold jewelry will not reflect its growing value in today’s market.

When you’re using a jewelry appraisal to reflect the replacement cost of jewelry, it’s equally as important to keep your appraisal up to date. Perhaps your jewelry includes jewels that are harder to find, or of a rare cut or rock? As market conditions and availability of information change, it is important that your appraisals include as much information in the description as possible. This will help insurance carriers, police and jewelers properly replace lost, damaged or stolen jewels.

In the event of needing to prove ownership of jewelry, appraisals are indispensable. During divorce settlements, estate purposes, sales and collateral loans, an appraisal properly values the jewelry, while allowing you to use it as collateral or for the purpose of negotiations.

In a statement from Raymond Lee Jewelers, summing up the essence of appraisals and the importance of keeping them updated:

“As the markets continue to rapidly change, it is important to update your insurance policies. Raymond Lee Jewelers has decades of experience in jewelry appraisals which are to be written and strictly used for insurance policies. A jewelry appraisal value is the price you should expect to pay to replace that item in the event that your jewelry gets damaged, lost, or stolen.”

You can call us at any time at 1-800-329-4367, or fill out our online appraisal form to schedule an appointment with our GIA graduate gemologist.


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