When It's Time to Update a Jewelry Appraisal
The value of jewelry changes over time. Jewelry that was purchased 1 to 3 years ago may be worth more or less today. For insurance, personal and sentimental purposes jewelry should be appraised as often as the value of precious metals change. However, due to the ever changing stock market and the rise and fall of diamonds, gold, silver and other precious metals it is recommended that jewelry be appraised at least once every two years.
If jewelry is an investment and selling it is an option it should be appraised when the value of gems increase. Some pieces are worth more as time goes by, depending on the gem type. Within the last few years the price of silver, gold, titanium and platinum has gone through the roof. Nevertheless, jewelry still retain its’ value and increases its’ worth over time.
Jewelry that is not appraised or has not been recently appraised will probably be sold for less than its actual value. In this case, the owner will be losing out on receiving thousand of dollars in profits. This is one of the main reasons why an up to date insurance appraisal is necessary.
There are typically two kinds of appraisals available. One type is for insurance purposes and the other type is for investment purposes. Appraisals can be done by a certified jeweler or by an insurance expert. With a professional appraisal certain legal authentic documents are given to the owner. These items are the identification, weight, grade, gem type, quality workmanship and current market value.
The jewelry is either photographed or plotted for insurance and personal reasons. Like any other profession not all appraisers are fair and honest. Some jewelry experts may want to charge according to the worth of the jewels and not according to the job. Beware and stay clear from these types of appraisals.
Brenda T for Raymond Lee Jewelers, premiere fine jewelry and luxury watch boutique and buyer.