Why do I need an appraisal?

Appraisals are performed on jewelry for a variety of reasons.

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 a replacement.

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 the item.

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 gemstone over $ 500.00 and for documenting valuables in a taxable estate.

An appraisal may be necessary in the event of distribution of estate among heirs, establishing a trust or division of property in the event of a divorce.

Each type of appraisal is unique and requires different research and methodology to reach a final estimate of value. As a result, the value of the same jewelry item will likely be different for each of these appraisal types.

What is an appraisal?

A comprehensive appraisal report provides a detailed description of each item, including metal type, karatage, trademarks or hallmarks, dimensions, weight, method of manufacture and style, period and provenance when warranted. Each item of jewelry is then researched for the appropriate value.

In the appraisal report, diamonds are described by their actual or estimated weight, color, clarity and attributes of cut. Increased details of cut and diagrams of internal characteristics are provided for larger diamonds. Colored gemstones are identified and are described by their dimensions, actual or estimated weight, color (hue, tone and intensity), clarity, attributes of cut and phenomena when applicable.

Research and analysis leading to the value is summarized. For some complicated signed or vintage items, a more detailed analysis may be provided.

Gemologically Speaking provides two typed copies of the completed appraisal report (one bound) with full color digital photographs as well as a digital copy of the report including photographs on CD for your convenience.

Fees

Appraisal fees are based on the complexity of the item(s) and the research and analysis necessary to reach an estimate of value and produce a comprehensive report.

Estimates for appraisal fees are quoted at the time the jewelry is presented. Although this is only an estimate, fees rarely exceed the original quote. Any unforeseen complications will be communicated to the client if an increased fee is necessary.

While it is difficult to quote a fee for services without seeing the item(s) of jewelry, here are some guidelines.

The minimum charge for the first item (in my office) is $ 125.00.
Each additional item starts at $ 75.00.

The minimum charge for the first item (if I come to you) is $ 175.00.

Updates of appraisals performed by Gemologically Speaking generally run 50% of the full appraisal fee.

The fee for large diamonds, signed jewelry pieces, period and antique jewelry or complicated jewelry and watches (generally pieces that require more extensive analysis and research) will be higher. Likewise, the fee for simple items such as gold chains or plain wedding bands may be substantially less.

Please note that these are guidelines. Estimates on fees will be quoted at the time the item(s) are presented.

You are welcome to schedule an appointment for single items and watch while your jewelry is being examined and evaluated. If you have multiple or complex items that will require more time to evaluate or if you have other business to attend to during the day, you may choose to leave the jewelry while the examination is performed. Should you choose to leave your jewelry, we take the time to locate a unique identifying characteristic for each item so that you can confidently identify your jewelry when you return.

All jewelry is fully insured while in the office.

Travel

All local assignments outside the office are billed at an hourly rate door to door. Please take this into consideration when requesting this service.

Consultations

In some cases you may not need a written appraisal. A good example of this is assisting to sort through a quantity of inherited jewelry or gemstones and identify which pieces are genuine and which are costume or imitation.

The hourly rate for consultations (in the office) is $ 150.00 to be billed in 15 minutes increments.

The hourly rate (out of my office) is $ 175.00 which includes travel time + mileage or other travel expenses incurred, with a minimum charge of one hour.

Written reports will only be provided by request with consultation services and then only at the applicable hourly rates.