Appraisal: a legal document you can present to insurance companies in case of damage or theft, for example, and it is also essential in the process of settling an estate.
- It’s important to keep your appraisals up to date.
- Knowing what your valuables are worth is always a sensible thing to do (i.e. jewelry, watches or sterling silver.)
- There's a continual rise in the gold and gemstone markets.
How much is mom’s diamond brooch worth? Can you share inherited jewelry equitably? What is the worth of my grandmother's pendant? Are you giving jewelry as a gift to a family member, or someone else?
For insurance purposes you will want a full, complete, and highly detailed appraisal of each stone. An appraisal is Insurance companies prefer that you keep your appraisals up to date, every three to five years.
Here at The Diamond Gallery of Naperville we have certified staff members, a gemologist, accredited appraisers, and accreditation from a recognized jewelry institution. During an appraisal we will:
- Examine your jewelry, which may include cleaning it in order to see the setting and gemstones clearly.
- Take a photograph of your jewelry
- Measure and possibly weigh larger gems to determine the type, carat weight and quality of the gemstones.
- Check the type of metal and karat of metal, as well as collect notes on the item.
- Provide you with a detailed written description of your jewelry item, along with the picture, and a stated retail replacement value.
Tip: If you have an old appraisal or a receipt from the original purchase of a jewelry item, bring it with you when you have your piece appraised. This can help the appraiser determine vital information like original cost or the carat weight of a gem (so no need to remove it from its current setting to weigh it) or even lessen the cost of the appraisal.
Types and Reasons to get an Appraisal
- Retail Replacement Value
- Insurance Replacement Appraisal
- Estate Appraisal (Fair Market Value)
- an estate jewelry appraisal value is different than the appraisal value for insurance purposes.
- Fair Market Value
- appropriate in cases such as dissolution of a marriage
- Verify Internet Jewelry Purchase
- Selling Used or Inherited Jewelry (Free estimate)
Want to know more about getting an Appraisal at The Diamond Gallery of Naperville?