Why are Jewelry Appraisals needed?
Two very important reasons!
ONE: There have been incredible increases in precious metals and jewelry in the last few years!!! (Gold was up 31% in 2007 alone.)
Jan 2001 –Jan 2009
Gold up 300%+
Platinum up 50% +
Silver up 250% +
For example: A gold chain purchased in 2001 for $300.00 will cost about $900.00 today!!!!
Large fine grade diamond prices are soaring. The price of a 5.00 carat, round, high quality diamond was increasing at up to 5% per week, December 2007!!!
For these reasons and others the Insurance Institute of America recommends that people update the values on jewelry and other personally property every two years.
It is recommended that diamonds of 3.00 carats or more be appraised yearly and diamonds 1.00 carat to 3.00 carats every 2 years!
If you have not had your jewelry appraised in the last 2 years don’t wait any longer as your insurance coverage may be out of date and your jewelry seriously undervalued.
TWO: Most people commonly believe that the “current or updated value” is the most important reason to have your jewelry appraised and or reappraised.
This is not true!
From 30 years of experience in the jewelry business, I know the most important and relevant facts involved in making a customer “whole” (insurance term), when a loss occurs is a complete, accurate description of the jewelry. This includes the type and weight of metals, quality and type of construction, the type, weight, quality and condition of diamonds, gemstones and pearls with detailed explanation of design, manufacture and age of the jewelry. This supplemented by good photographs.
I feel that, by far, this detailed information is the most important part of an appraisal. It is one thing to place a value on something, it is quite another thing to defend that value when, “push comes to shove” …when a loss occurs! – Craig A. Lynch G.G. Appraiser