Jewelry Appraisals & Jewelry Insurance
Andrew Robinson, owner of Robinson’s Jewelers, is a GIA Graduate Gemologist. He is an expert in both diamond grading and gemstone identification and grading. In addition, he has deep experience buying estates and pre-owned jewelry. As a result, he has his finger on the pulse of the jewelry market and is uniquely qualified to provide all types of valuations.
What is a Jewelry Appraisal?
A jewelry appraisal is a document that describes an item and assigns a value to it. The description will cover the physical, measurable facts about the item, which would include the type of jewelry, weight, size/length, carat weight, metal type and other materials, brand, etc. Appraisals also describe features such as diamond/gemstone quality and overall quality/type of manufacture.
Jewelry appraisals should not be confused with diamond or gemstone grading reports, although report data, when available, should be included in a jewelry appraisal.
Jewelry Appraisals & Insurance
Why do you need an appraisal? The most common type of appraisal that we prepare is to provide a replacement value for an insurance policy, which is usually the retail replacement value. Insurance carriers typically require a recent appraisal to insure jewelry with a replacement value over a certain amount.
Some insurance policies provide a like-for-like replacement of the lost or stolen jewelry, while other policies pay the policyholder the retail replacement value, up to the insured amount. Whichever type of policy you hold, the point is to either return a comparable jewelry piece to you or return the value to you.
Insuring your jewelry gives you peace of mind, and it usually doesn’t cost that much! Rental and homeowners’ insurance carriers have jewelry riders available. There are also jewelry-specific carriers like Jewelers Mutual. With a professional appraisal in hand, it is easy to compare the various carriers.
Other Types of Appraisals
Fair market value appraisals
Fair market value appraisals reflect an item’s value in its current (used) condition. These types of appraisals are most appropriate for charitable donations and estate appraisals. Typically, values will be lower than retail replacement values because replacement values often reflect the cost to replace a used item with a new equivalent. Fair market value appraisals can also exceed the retail replacement value if the item is highly collectible or rare. An example would be a Rolex Submariner “Hulk” watch. This watch model is no longer available new from Rolex. It is only sold on the secondary market, and its fair market value far exceeds the original retail value.
Liquidation Value Appraisals
Liquidation value appraisals reflect immediate, wholesale value. These appraisals are used commonly for divorce settlements, bankruptcy, probate, and some types of estate liquidations.
Will I need to leave my jewelry with you to have it appraised?
In most cases, no! We typically take all measurements, tests, and photos while you wait, so you can take your item with you. Our normal turnaround for a completed appraisal is one to two days. More complex pieces could take a bit longer.
What should I bring to my appraisal appointment?
Please bring all of these if available: Gemstone/diamond grading reports (like GIA, EGL, etc.), original purchase receipt, certificates of authentication.
I don’t have my jewelry item with me, but I have all the paperwork. Can you give me an updated appraisal?
Unfortunately, no. We must see the item in person to provide a written appraisal.