Why do you need an appraisal?
Appraisals are performed on jewelry for a variety of reasons:
Scheduling insurance coverage or settling an insurance claim
The most common reason for
appraising your jewelry is to obtain insurance coverage.
There are two important elements of an appraisal for insurance:
value and description. The value on an appraisal sets
only the upper limit of insurance coverage while determining
the premium you pay. An appraisal with an over-inflated
value will cause you to pay a higher premium than is necessary,
but will typically not result in a higher “cash-out”
in the event of a loss. Most insurance companies consider
the description of the jewelry when replacing an item
that was lost or damaged. A vague description allows the
insurance company greater latitude in their choice of
Estates and Trusts
If the appraisal involves
an estate or trust, the scope of the assignment and level
of detail contained in the report is tailored to meet
the needs of the personal representative, attorney or
Taxable estates require
documents that are structured to meet IRS requirements.
For estate planning, the basis of a taxable estate
may be updated with the passing of a spouse. An estate
may not meet the taxable threshold, but may require
documentation for the probate process through the
courts. Appraisals may be prepared to meet the specific
requirements of each state.
For distribution of estate
among heirs, the level of detail and reporting will
vary with the needs of the family.
An appraisal may be required
to document the jewelry when establishing or settling
a trust, or to insure jewelry contained in a trust.
We are qualified appraisers
under current U.S. Treasury regulations and regularly
assist client and their fiduciaries with their professional
appraisal assignments. We maintain two complete portable
gemological laboratory with the ability to travel to your
office or client’s home if requested.
As internet purchases become
more common, an unbiased appraisal can verify that the
diamond or jewelry item(s) purchased on-line matches the
description, lab report or appraisal that accompanies
Document a loose diamond or gemstone
An independent appraisal
also provides a record of the diamond or gemstone before
it is set or reset by the jeweler of your choice. The
diamond is identified, weighed and graded before the setting
or custom work occurs and is verified and checked for
damage after the work is completed. This process allows
for greater peace-of-mind while the gemstone is out of
your possession and a more accurate appraisal at the end
of the process.
the IRS requires an appraisal for tax-deductible donations
of jewelry and gemstones over $500.00.
Settlement of marital assets
in the event of divorce.
Each type of appraisal is unique and requires different
research and methodology to reach a final value conclusion.
As a result, the value of the same jewelry item may be
different for each of these appraisal types.
don't need an appraisal.
To answer many jewelry questions,
you may not need a written appraisal. You may need identification
and grading services or you may simply need advice. Situations
where you may not require an appraisal include:
Consultations for these and
many other questions are available by appointment. Written
reports will only be provided by request with consultation
services and then only at the applicable hourly rates.
want to sell your jewelry or purchase your next treasure.
Gemologically Speaking provides services in selling jewelry
for our private clients who wish to convert the jewelry
that no longer fits into their lifestyle into liquid assets
and for estates and trusts seeking to sell collections
or partial collections. As we are not a jewelry store
and do not carry an inventory we do not buy or sell, placing
our interests with those of our clients by seeking to
find the best offers in a reasonable time frame for their
pieces given the current jewelry markets. Our brokering
services are comprehensive and designed to be convenient
for our clients.
We also offer services in sourcing fine diamonds, gemstones
and jewelry for our clients who are seeking to collect
their next heirloom piece or remake a treasured family
heirloom. Our decades of experience in the jewelry industry
provide our clients with sources at costs that are lower
than traditional jewelry stores.