Value of gold jewelry varies significantly on the basis of market of specific gems or metals that one possesses or on the purpose of the appraisal. To get a precise appraisal and the best price for the jewelry, one should find a firm that has a history of providing professional honesty and service.
Why is it important to appraise your jewelry on a regular basis?
When you buy gold, you must need to consider its appraisal at periodic intervals of time. With passing time, you can see a major change in the value of gemstones and jewelry. If the last appraisal of your jewelry is more than 2 years old, then there is a possibility that it is outdated.
This implies that your jewelry can be insured for an amount less than the value of its replacement. It can mean that you are at a risk of a considerable financial loss in cases when your gold jewelry gets lost, damaged or stolen.
For the protection of jewelry owners, it is advised to have the jewelry appraised once in every 2 years. Accurate appraisal reports in accordance with the existing market values help in obtaining the right insurance coverage.
What are the places where you would require jewelry appraisals?
Insurance claim is actually one of the major areas in which the jewelry appraisal is mandatory in today’s world. There are certain other areas where you would need to determine the genuineness or value of your gold jewelry. These are tax and estate purposes, donations, divorce settlements, and loans.
Things to consider when considering gold jewelry appraisal
- A clear-cut explanation of the jewelry grading system that is used for a specific property.
- A fixed value that is mentioned properly on the appraisal report. The appraisal report has to be sealed or signed by an appraiser.
- The limitations of the appraisal report should be properly explained. There are different types of reports that are used for insurance, auction or retail purposes.
- There should be a comfortable and open conversation with your appraiser. You are allowed to ask and get answers for all your questions.
- The right appraiser is the one who has membership in industry regulating bodies such as: The Jewelers Board of Trade, The Better Business Bureau, RapNet, GIA Alumni Association, the American Gem Society and Polygon Jewelry Network.
These are some of the important factors that need to be considered when choosing an appraisal procedure and appraiser for your jewelry.