So, you’ve done your research and found the perfect jewelry piece for you – congratulations! The problem? You’re not done yet – or, at least, you shouldn’t be. Why? There’s one last step you need to take to make to make sure your piece lasts for years to come: the appraisal.
Many people assume that jewelry appraisals are simply a means of verifying the worth of their particular pieces, and as such, not as necessary as experts say. While it’s true that an appraisal will verify the worth, it’s more than just a piece of paper and is highly important to keep your investments secure for generations.
Why Do You Need to Have Jewelry Appraised?
You may be asking why it’s necessary to have an appraisal done after you spent months researching the particular piece you selected and have the official certification to back up its quality. It’s a legitimate question, and one that has a simple answer: insurance.
Despite having an official certification from a respected gemological association, appraisals are necessary because they provide current value to pieces. Since prices can fluctuate over time, it’s imperative to keep a current record of your jewelry’s worth on file for insurance coverage.
Insurance is the main, and most obvious, reason for keeping up with bi-yearly inspections on all of your jewelry investments. In the event of loss, theft, or any other damage, you don’t want to be left with less than your item’s worth because you didn’t have a current appraisal on file for your favorite pieces. Essentially, you could not only lose your precious heirlooms, but could also take a major financial loss in terms of replacing them.
Store Appraisals or Independent?
Many retailers offer their own appraisals as part of the sale of a diamond or gemstone. While this may be appealing (they are usually free services), it’s important to understand they may not be accepted by your insurance company. Often times, insurance companies require independent appraisals be done as part of establishing the worth of your valuables. Be sure to check with your insurance carrier to understand what you need to have done in order to have your investments covered fully.
In addition to insurance requirements, an independent appraiser will likely give you a much more detailed certification of your jewelry’s worth. You’ll be presented with highly respected documentation on every aspect of your item’s overall value.
Another aspect to consider, apart from insurance coverage, is the resale value of your pieces. Many jewelers will happily purchase valuables back from you – be it for trade-in on a new piece, or an outright sale. Having a current, unbiased appraisal to present to a jeweler (or independent sale of any kind), will establish worth and present the purchaser with a documented history of quality and care. This will ensure you get the absolute best price for your pieces when you’re ready to part with them down the road.
Keeping your jewelry pieces inspected and appraised on a regular basis may seem redundant, but it’s an important step to protecting your investment. Ask your local jeweler for recommendations on appraisal services near you.