Why high jewelry appraisals are bad?

11
Dedrick Tremblay asked a question: Why high jewelry appraisals are bad?
Asked By: Dedrick Tremblay
Date created: Sun, Apr 11, 2021 4:10 AM
Date updated: Sun, Jul 24, 2022 3:44 PM

Content

Top best answers to the question «Why high jewelry appraisals are bad»

How much should a jewelry appraisal for insurance cost?

  • Jewelry Appraisal for Insurance Cost How much does jewelry appraisal cost? Each independent jewelry appraiser determines the price they charge. It ranges between $50 - $150 depending on experience of the appraiser and location.

10 other answers

The answer: Both the insurance company and the jewelry store.Insurance companies charge high insurance premiums on items that have a much lower replacement value, while simultaneously, the jewelry store uses these inflated insurance appraisals as a sale’s tactic-- one assumes they are getting a fantastic deal on the diamond.

Appraisals are needed to determine the value and authenticity of your favorite gems and jewels, but it can be a complicated process. In the latest episode of “My Next Question,” experts Gail Brett Levine and Mark T. Cartwright joined Associate Editor Lenore Fedow to shed some light on the world of appraisals.

It is a common misconception that a jewelry appraisal for insurance purposes reveals the item’s fair market value, or the price at which an object would change hands between a willing buyer and a willing seller.

While jewelry appraisal is the process of assigning monetary value to a piece of jewelry for a specific purpose, diamond jewelry grading is the thorough evaluation of the jewel’s stone and its attributes: carat, cut, color and clarity. Gradings are carried out in renowned gemological laboratories like GIA and IGI by certified professionals.

Nobody in the industry will deny that high jewelry should contain only the finest quality of rare gems and precious metal, be of distinctive design and exquisite craftsmanship (presumably handmade), probably comes from a famous designer or jewelry house, and so on.

Why is that a problem? Jewelry insurers and adjusters depend on appraisals for descriptive information, but here's what they're up against: Every appraisal looks different—in layout, in the order of things, in formality. Some are a paragraph long, some go on for pages. The appraisal may use unfamiliar words or obscure abbreviations.

What is an appraisal and why would I need one? An appraisal is a description and valuation of property. The value stated on the appraisal is the opinion of the appraiser based on her research and experience. Appraisals are done for many reasons ranging from a need to determine fair market value for estate planning to more commonly, replacement value for insurance purposes.

3. An appraisal. Most insurance companies require appraisals, especially for more expensive items. Often, they won’t accept the one from the store from where you bought the piece. You’ll need to have a separate certified appraiser work up an appraisal/valuation for you. Do ask what they require before getting your jewelry appraised/valued. 4.

Jewelry can likely take a dip in the pool, or even an occasional shower at the gym, but it's not a good idea to make it a habit. "The effects of hard water and soap scum are hard to remove," says ...

I have bought several pieces from JTV, and was very pleased with my purchases. I am not a jeweler, and just a person who likes sparkle. I have never had anything appraised, just liked how it looked, until I purchased an aquamarine necklace supposedly valued at $1100. I was so excited when I got it home.

Your Answer