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Five Essential Factors You Should Remember Before You Get Your Jewelry Appraised

To get an accurate statement of the piece of jewelry you own, you get it appraised. This is a good decision if you are planning to sell the item for a good price or hoping to insure your item. Whatever the reason might be, it is crucial to hire a professional appraisal to do the appraisal for you.

If you are first time doing it then you must research to find a trustable appraisal on whom you rely your faith. In this article, we will provide you with five essential factors that you should remember before you get your jewelry appraised.

Important Points to Remember Before Getting Your Jewelry Appraised

Here are the points you should keep in mind before you decide to get your jewelry appraised-

Understand which kind of appraiser you want depending on your jewelry 

It is in your best interest to choose an appraiser who specializes in jewelry; nevertheless, selecting the appropriate sort of appraiser involves more than just that consideration. Knowing what sets your jewelry apart from others is essential in this regard. Do you have any valuable gemstones in your item? Is it an antique? There are a number of other choices, but here are two that might be relevant to your circumstance. Let us look into some of the options-

  • Gemologist Appraiser: If your jewelry contains any valuable or semi-precious gemstones, you should look for an appraiser who is also a trained gemologist in order to get an accurate valuation. This sort of expert has received training in gem grading and is able to carefully evaluate and assess the stones that are set in your jewelry.
  • Appraiser of Antique Jewelry: The condition of an item and the quality of the materials that were used in its manufacture are not the only factors that determine the price of an antique piece of jewelry. When determining an item’s worth, it is important to take into account not just its uniqueness but also its rarity, its history or origin, and its design.

Choose an appraiser from a professional association

According to the Gemological Institute of America (GIA), finding a professional association is the most effective method for locating a qualified appraiser. In this method, you will be able to verify that the appraiser has the necessary credentials and is an expert in the field that you want. 

Because members of professional appraisal organizations are dispersed around the nation and the globe, it should not be difficult for you to discover someone in your area. Take into account the following:

  • International Society of Appraisers: Appraisers with expertise ranging from antique jewelry to one-of-a-kind artifacts from various ethnic or cultural traditions may be found through this association.
  • Appraisers International Society: These appraisers have a specialty in all kinds of jewelry and cover the United States as well as the rest of the globe.
  • American Gem Society: These appraisers have earned their certification as gemologists and are able to determine a price for items that are set with stones.

Go through and understand the requirement of the insurance company that you are associated with

It is estimated that the majority of insurance providers will need you to seek an appraisal for jewelry with a value of more than $5,000; however, the particular requirements may differ from provider to provider. If you are having jewelry, such as an engagement ring, appraised for insurance reasons, it is preferable to work directly with your insurance company to understand their expectations. 

This is especially true if you are having the jewelry appraised for an insurance claim. There is a possibility that the company you are associated with has requirements regarding the qualifications of your appraiser or the structure in which the appraisal must be provided.

Understand the pricing rates before the appraisal 

The prices that an appraiser will charge for their services may be determined in a number of different ways; but, before you begin working with them, you should be provided with a comprehensive explanation of those rates. 

The costs can range anywhere from $50 to $150 for one hour of the appraiser’s time, but on average, you can anticipate spending somewhere in the middle of that range. The complexity of the jewelry, the experience and credentials of the appraiser, and the region in which you live all play a role in determining the expenditures. Let us look at the fees structure-

  • Flat Fee: An appraiser will do an appraisal on a certain number of items for a predetermined flat price under this pricing structure. You will get a clear statement of the job and the costs beforehand.
  • Hourly fee: In this scenario, the appraiser will provide you with a cost estimate after first providing you with an estimate of the amount of time it will take him or her to conduct your evaluation. Always make sure that you check to see whether there is a base rate.

Important Note: Find another appraiser to deal with if the cost that they charge is determined by the worth of the item you want them to evaluate, such as a fee that is 5 percent of the value of the item you want them to appraise. A potential conflict of interest exists as a result of this fee arrangement.

Establish a preliminary value beforehand

Appraisers may sometimes appraise your jewelry in front of you since doing so prevents either of you from miscommunicating about the extent of any loss or damage that may have occurred. However, it might be difficult to accommodate the schedules of all involved parties in this manner. 

If you are going to give up your jewelry, you will need to fill out an intake form that includes a description of the item or pieces as well as a replacement value estimate. This piece of paper is not an appraisal, but it does show a value that you and the appraiser have mutually agreed upon for the object in the event that it is lost or destroyed while being appraised.