Do you have old jewelry lying at home? If yes, you might consider appraising jewelry to get its worth. The pieces could include the ring your grandmother gave you or a pair of earrings you found lying on the street. But how much do jewelry appraisal cost? Are jewelry appraisals accurate? What are the things involved in jewelry appraisal?
If these are the questions revolving around your mind, we have got your back. Keep reading to find out all the answers regarding jewelry appraisal.
What is Jewelry Appraisal?
It is the process that follows the appraisal of your jewelry with the help of certified professionals. When you go to sell your jewelry, you are eager to know its actual worth. And getting it appraised helps you know that. Several types of jewelry appraisal are there according to different purposes. Professionals consider gems as well as precious metals when it comes to appraising jewelry.
Jewelry Appraisal for Insurance
Most people choose an appraisal of jewelry for insurance replacement purposes. The reason is insurance replacement helps return the realistic cost of the piece. Experienced jewelers like the one at DJP Diamonds hold expertise in writing insurance replacement appraisals on precious jewelry. You can contact them in case you want to get a jewelry appraisal for insurance.
How does Jewelry Appraisal Work?
This is done to establish the value of your fine jewelry. You get proof of its features and value, which is of utmost importance for insurance purposes. Determining the worth of the piece includes several factors to keep in mind: design details, quality and condition of the jewelry, measurements, and the gemstones present in it. An appraisal report is given to the customer once the jewelry is appraised.
How Long Does a Jewelry Appraisal Take?
Two factors determine how long it takes – how much and who is examining the jewelry. It is usually a matter of hours and not days. The only reason it will take more than that is if the jewelers are busy with other things. But the actual process takes no more than an hour or two.
What are the types of Jewelry Appraisals?
Replacement Value Appraisal
It is performed for insurance purposes. The appraised value is known as the retail replacement value, which answers how much my jewelry is worth. The retail replacement value is more than the resale value of your priceless possessions. Why is this so? Because appraisal means the estimated value if you consider buying the replacement for your jewelry against selling the used jewelry piece. Some other reasons include market fluctuation and insurance premiums.
Fair Market Value Appraisal
It is the actual resale value of your jewelry piece. Fair market value might give you the price even if you decide to sell the jewelry. But the exact value is not the same. The fair market value appraisal will give you a lower value in comparison to the replacement value.
Some people like to liquidate their assets to find the resale value of their items. Liquidation appraisal is required in such a case. It is useful in terms of telling how much amount you will get for an immediate resale. The value you will get will be lower than the fair market value appraisal.
What are the Legal Guidelines for Jewelry Appraisal?
Some reputed jewelry stores perform an appraisal of jewelry for free at the time of making a purchase. The appraising fee tends to differ. It varies either by pay per hour or pay per piece.
Where to Get Jewelry appraisal?
There are many stores that provide appraisal services. But finding a good one is quite challenging. That is where DJP diamonds come to your rescue. We strive to provide you with the answer to how much is my jewelry worth with our 40 years of experience and professionalism. You won’t regret coming to us for jewelry appraisal. Furthermore, if you want to sell your priceless pieces, DJP Diamonds is your way to go.
Knowing the whole process of jewelry appraisal is extremely helpful in getting the best value for your jewelry. Ask the right questions to the jewelers to be assured. Having more queries? Book an appointment at DJP Diamonds.
Frequently Asked Questions
What do jewelry appraisers do?
Jewelry appraisers appraise the jewelry using authentic machines and provide you the detailed report of your jewelry pieces.
What should be included in a jewelry appraisal?
Things included in a jewelry appraisal include the jewelry measurement, design details, condition and quality, and setting particulars
Should you clean jewelry before appraisal?
Yes, it is advisable to clean your jewelry before getting it appraised. Cleaning it will help you pay attention to its metal stamps, engravings, or any tarnishing. You can clean the jewelry using a toothbrush and gently scrub it with warm and soapy water.
Can I appraise my own jewelry?
Expert jewelers test your jewelry with professional tools and provide authentic information about your luxurious possessions.