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They each serve different purposes. The following is to explain the differences in appraisals and their purposes. Verbal Appraisals: This is just a visual inspection to determine potential value of the piece. Often this is for inherited items to determine appropriate action to be taken or for newly-purchased loose diamonds to determine if the stone is accurately graded and/or matches the certificate sold with it. This is a free service. Insurance Appraisals: This is a written document signed by our graduate gemologist and states the item and stones/metals contained in it. The retail replacement value is determined at a reasonable value. Call for the fee for this service—it varies according to the complexity and the number of pieces. Cash Value Appraisal: This is a written document usually for estate settlement purposes. This value is actual CASH value if you sold it for just the gold and stone value—no labor or design. Some items may have more value as a finished piece than the sum of its parts—like a David Yurman silver item. Those could get more as finished jewelry and should be valued appropriately. Some additional advice on appraisals: Have your jewelry checked and reevaluated each year. That means make sure stones aren’t loose or prongs worn, and make sure the value hasn’t gone up substantially in the last year. If a new appraisal is needed, be sure the insurance company gets the new value. Our policy for appraisals is that if you have an appraisal on file with us (as in--we did your appraisals), you can get a free updated value and date to give to your insurance company. (You must still bring it in for us to check it.) It’s just one more way for us to show how much we appreciate your business. |
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