Why is my jewelry appraised for more than i paid tax?

Susanna Wyman asked a question: Why is my jewelry appraised for more than i paid tax?
Asked By: Susanna Wyman
Date created: Sun, Jun 13, 2021 5:11 PM

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Those who are looking for an answer to the question «Why is my jewelry appraised for more than i paid tax?» often ask the following questions:

👉 Why is my jewelry appraised for more than i paid?

It is also my feeling that whom ever prepared theis appraisal for you, had a responsibility to discuss with you the basis upon which they placed a value on it. Furthermore, asking you why you needed this appraisal would also allow them to put the value that would work for you. David- Owner, Diamonds by Lauren.com.

👉 Why is my jewelry appraised for more than i paid online?

In that case, having my diamonds insured for more than I paid for them was a good thing, so I will not complain. But, yes, some of those brick & mortar stores, particularly the mall jeweler chains that sell so-so quality, give appraisals that his the Ludicrous Zone.

👉 Why is my jewelry appraised for more than i paid for meaning?

Is there a need or a reason to appraise your jewelry much higher than what you paid for it? Because that also means that you’re going to have to insure it for that $9,000 price instead of what you paid. That’s a big difference. So why is this? The real reason: Because it looks better on paper and it makes you feel better.

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So my question has to be if I spent this specific dollar amount on this piece of jewelry should I ensure it for more, less, or the price that I bought it for. I have this idea in my head that if I insure the ring for more than its worth I would still only get the acutal price I paid for it, or is worth in current market.

So have the jeweler keep the listed jewelry price lower, that way you won’t over pay with insurance costs and your jewelry appraisal will be more accurate, fair and give you a better idea of what the true value of your jewelry is. Insuring that $9,000 ring (that you paid $4,000 for), would be better off insured as $5,500 instead.

Here’s why.. Understanding Appraisals. In the jewelry industry, most “insurance appraisals” are given values of approximately 100% above retail value. These appraisals are inflated, and do not reflect the true value of the diamond. You may go to a jewelry store and receive an appraisal at double the price you paid for the diamond.

Other reasons to get your jewelry appraised are the following: For tax purposes. To find out the value of jewelry you have inherited. This is especially useful with estate jewelry when it may be unclear what is valuable and what is merely costume jewelry. In the event of a divorce, you may need to appraise your valuable pieces.

In that case, having my diamonds insured for more than I paid for them was a good thing, so I will not complain. But, yes, some of those brick & mortar stores, particularly the mall jeweler chains that sell so-so quality, give appraisals that his the Ludicrous Zone.

Keep in mind that an appraisal is often inflated above what you might pay for the same item at a jewelry store, but can be useful for insurance or tax purposes. If you are getting your jewelry appraised for insurance purposes from a local jeweler or appraiser, expect to pay a flat or hourly rate, based on $75 to $150 per hour.

I liked that you said that one reason to have your jewelry appraised is to insure the proper value in case of a robbery. I would imagine that being able to prove how much your jewelry is worth to your insurance company would help you receive a full refund. I would be sure to have my jewelry appraised just in case there was theft of any kind.

Modern jewelry may receive a New Replacement Value (NRV), while antique jewelry may receive a Second Hand Replacement Value (SHRV). 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.

Why Do I Need a Jewelry Appraisal? Many appraisals are conducted for insurance purposes. Insurance is meant to cover the replacement value of an item. Therefore, jewelry appraisals must reflect the accurate retail cost of replacing a piece of jewelry in a typical jewelry store. In many cases, jewelers appraise the merchandise they sell in stores.

The value often depreciates over time, and the retail price initially paid is inflated to cover business expenses: employee wages, rent for the building, marketing, electricity, etc. As in every business, jewelry retailers need to cover their costs, as well as make a profit. Therefore, their pricing usually falls in the range of being between double or triple the wholesale price. Retail markups are seen everywhere, with even more dramatic margins in the fashion and electronics industries.

Your Answer

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A jewelry appraisal for insurance purposes can be had at these locations: A local jeweler near you. A jewelry laboratory, such as GIA or IGI Worthy.com provides each item mailed in a copy of a lab report (which is different than an appraisal) as well as an...

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Where to have jewelry appraised?

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How much to have jewelry appraised?

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How to get estate jewelry appraised?

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How to get jewelry appraised uk?

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Is it worth getting jewelry appraised?

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Lubbock where to get jewelry appraised?

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