Jewelry Appraisal Tips

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An appraisal is an opinion of value for a particular market on a particular date. It is usually in document format, describing all qualitative and quantitative attributes necessary to arrive at the value conclusion.

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Maybe it’s a vintage ring that has been handed-down in your family for generations.  Or perhaps it’s a gemstone necklace that your husband bought you on vacation last summer.  Either way, its value goes beyond sentimental memories and, due to factors like fluctuating metal markets and mine extinction, is always changing.

If you have valuable jewelry, odds are that you’ve already taken steps to protect it under your homeowner’s insurance or an inland marine endorsement.  However, it’s also important to ensure that the value stated in your policy is correct and up-to-date.  In fact, most insurance companies recommend having your jewelry reappraised every two years.  While this may seem cumbersome, it will ensure that you and your insurer are on the same page regarding the value of your jewelry.  A thorough appraisal should include the following:

• A detailed description of the item(s) that includes:
  • Type of jewelry (ring, bracelet, pocket watch, etc.)
  • Type of metal
  • Gemstone description – number of stones, type, color, cut, and estimated weight
  • Any identifying marks (chips, engravings, etc.)
• A photograph of the item(s)
• Lab certification (if available)
• A note that the appraisal is for insurance purposes
• The appraised value of your jewelry

All of this information should be printed on official letterhead from the appraisal company, and dated and signed by the appraiser.  Appraisals are critical to proper compensation by your insurer after a loss, so be sure that yours is thorough and current.