Jewelry Appraisal

There are many factors that are taken into consideration when appraising jewelry. The age of the piece, the metal it is comprised of, the stones contained within the piece, the overall gram weight and size and the condition are all factors that contribute to establishing a fair market value for your jewelry. If you are interested in getting an appraisal because you want to sell a particular piece, you are looking to clear out your existing jewelry wardrobe, you are liquidating an estate, you need quick cash or are interested in determining the value of an inherited piece, here is some insight on how an appraisal is done.

There are different types of appraisals. When you take your jewelry to a professional and licensed appraiser, you will need to disclose the type of appraisal you are looking to have performed. This information is important because different types of of appraisals will result in different values. If the wrong type of appraisal is assigned to the piece of jewelry, it may not hold up as a legal document.

A retail replacement value appraisal establishes the highest monetary value that would be assigned to replace an item of similar age, color, metal, origin, quality, appearance and condition in a relevant market and within a specific amount of time. A fair market value appraisal determines the value when a buyer and seller equally agree to a set price and both parties have reasonable knowledge of the item's worth. Insurance appraisal is the most common type of appraisal. Wedding jewelry is most commonly appraised via this method. An appraisal of this nature is performed when ongoing maintenance, cleaning and replacement of a high-value piece is needed.

A resale appraisal occurs when a person is looking to sell jewelry for a set cash value. When a resale appraisal is needed, many jewelers send the piece off to a company with an online appraisal system. Once the piece is returned, it can be sold directly to the jeweler or buyer at the determined fair market value. Always do your research before sending jewelry away for an appraisal.

No comments:

Post a Comment