Jewellery Appraisal

Many people own jewellery but don't really know its worth. 

That jewellery you bought at a garage sale for $200 could be worth $5,000. The jewellery your ex gave you could be worth $50,000.

To determine the true financial value of your jewellery, you need to get an appraisal done by a qualified professional. 

What is a Jewellery Appraisal?

A jewellery appraisal is an objective and professional evaluation of the quality and value of a piece of jewellery. 

During the evaluation, the appraiser will consider the materials used, the artistry, the style, any historical significance and the current market conditions of the jewellery. A good jewellery appraisal also includes a photograph or sketch of the appraised piece.

Photo by Andrea Piacquadio: 

If you own a valuable piece of jewellery, you should consider getting it appraised. This is especially true for engagement and wedding rings, heirloom pieces, or any other sentimental jewellery. The importance of a jewellery appraisal is to know your jewellery's worth and establish a fair market value. 

Types of Jewellery Appraisal

There are two basic categories of jewellery appraisal: 

• Insurance appraisals 
• Estate appraisals

Insurance appraisals are done to insure jewellery. This type of appraisal will give you a replacement value for your jewellery should it get lost, stolen, or damaged. Insurance appraisals are typically valid for one year.

Estate appraisals determine the market value of your jewellery for estate planning purposes. This type of appraisal is often valid for three to five years. 

Other types of jewellery appraisals include:

• Retrospective appraisals look at the historical value of your jewellery as opposed to its current market value.
• Diminution in value appraisals considers how the value of your jewellery may have decreased over time.
• Probate appraisals are required when jewellery is passed through a will or estate.

No matter the type of jewellery appraisal you need, choosing a qualified and experienced appraiser is essential. And this leads us to the next section of this guide.

How to Get Your Jewellery Appraised

Step 1: The first thing is to find a qualified appraiser. 

Ask friends and family for recommendations, do a quick search online and read reviews. 

Photo by Tima Miroshnichenko:

Step 2: Schedule an appointment once you find a qualified appraiser. 

Be sure to bring all the documentation you have for your jewellery, including receipts, insurance paperwork, previous appraisals and any other pertinent information. 

Step 3: The appraiser will examine the jewellery and ask you questions about its history. 

Afterwards, the appraiser will provide you with a written report, which includes an estimate of the value of your jewellery.

Photo by Tima Miroshnichenko: 

P.S.: An appraisal is not the same as a jewellery insurance policy. If you do decide to insure your jewellery, make sure you get a separate insurance policy, as most home contents insurance policies will not cover the full value of your jewellery.

Key Factors That Affect the Value of Jewellery

During an appraisal, the value of your jewellery will be affected by factors like:

• The weight and purity of the metals used: Pure gold is more valuable than gold alloyed with other metals. And the same is true for silver and platinum.

• The quality of the stones: Diamonds and other precious stones are more valuable than semi-precious or synthetic stones.

• The designer: Pieces by well-known designers are usually more valuable than those by lesser-known designers.

• The style: Styles like antique or vintage are often more valuable than others.

• The condition: The condition of a piece of jewellery also affects its value. Pieces that are in good condition are usually more valuable than those that are not.

• The rarity of the gemstones: Rare gemstones are worth more than common ones.

• The age of the jewellery: Older pieces are sometimes worth more than newer ones.

A professional appraiser will consider all of these factors when determining the value of the jewellery.

Frequently Asked Questions

Is an Appraisal Compulsory?

Yes, it is if you want insurance. 

Your insurance company will require proof of ownership and the value of your jewellery to insure it against theft, loss or damage. 

Appraisals also help prevent fraud because they establish a paper trail that can be used to identify stolen property. An appraisal can also be used in estate planning to divide assets equally among beneficiaries.

How Much Does an Appraisal Cost? 

The cost of an appraisal depends on the type of appraisal you need. 

A simple appraisal for insurance purposes might cost $50 - $100 per item, while more complex pieces could cost hundreds per item. Often, appraisers charge by the hour for more complex pieces or collections.

It's important to note that appraisers are not allowed to accept payment based on a percentage of the appraised value. Beware of any appraiser who quotes you a fee as a percentage of your jewellery's value.

How Often Should I Get My Jewellery Appraised?

It is a good idea to have your jewellery appraised every few years or whenever there is a significant change in value. Some changes that would warrant an appraisal include:

• You purchase a new piece of jewellery.
• You sell or trade in a piece of jewellery.
• You experience a significant loss or gain in weight, which could affect the fit and size of your jewellery.
• There is a change in the market value of the metals or gemstones used in your jewellery.

However, when you insure your jewellery with JewelCover, you get a free annual revaluation of your jewellery, no matter the policy you choose.

What Happens if I Don't Get My Jewellery Appraised?

If you don't get your jewellery appraised, you may not be able to insure it for its full value. 

If your jewellery is lost, stolen or damaged, you will only be compensated by your insurer for the appraised value of the piece.

Appraising your jewellery also protects you if you need to sell the piece. Without an appraisal, you won't know how much your jewellery is worth and could end up selling it for far less than its actual worth.

Final Thoughts

A jewellery appraisal is crucial for anyone who owns one or more valuable jewellery pieces. 

An appraisal gives you a better understanding of your jewellery's true value and ensures your jewellery is properly insured. JewelCover offers the ultimate protection and backup for your jewellery.

Whether it's an engagement ring, diamond ring, luxury watch or family heirloom, JewelCover is the perfect solution for anyone who wants peace of mind for their jewellery.

Our worldwide coverage means your jewellery is always protected no matter where you are in the world. But it doesn't stop there. We have a range of features that give your jewellery the best cover.

You'll also get a complimentary annual revaluation from our expert jewellery consultants. We understand the value of your jewellery can change over time. So not to worry; your jewellery will be regularly revalued to ensure that you're adequately covered in the event of a claim. 

Ready to get the ultimate coverage for your jewellery? Get a free quote in seconds.