Expert Appraisal Services for Your Precious Assets

At The Jewelry Source: Everything You Need to Know About Jewelry Appraisals

Jewelry is often more than just an accessory, it's a valuable investment that may hold sentimental value as well. Whether you're looking to insure your jewelry, sell it, or simply want to know its worth, a professional jewelry appraisal is essential. At The Jewelry Source, we are equipped to assist you in determining the value of your jewelry, from precious stones to antique pieces. In this article, we'll discuss our appraisal services, the fees associated with them, and the process involved in appraising your jewelry.

What is a Jewelry Appraisal?

An appraisal represents a valuation for a specific market at a given date, offering an expert's perspective on worth. This document meticulously outlines all relevant qualitative and quantitative factors that contribute to the final value assessment. Appraisals serve various needs, with the most frequent being the documentation of items for insurance, ensuring coverage against theft, loss, and damage. For estate-related matters, appraisals provide a fair market valuation, essential for the resale or just distribution of inherited items. Additionally, when acquiring new items, an independent appraisal serves as a reliable, impartial confirmation of the item's value, offering peace of mind and ethical assurance.

Types of Jewelry Appraisals

• Retail Replacement Appraisal

  • If you need an appraisal for your insurance company, we can provide a retail replacement appraisal to determine the current market value of your jewelry. This type of appraisal takes into account the cost of replacing your item with a similar one in the current market, including factors such as the rarity of the item, the cost of labor, and the current market demand. This information can be essential in ensuring that you receive fair compensation in the event of loss, theft, or damage to your jewelry.

• Estate

  • An estate appraisal is a type of appraisal that is done for the purpose of estate planning or settlement. It provides an estimate of the fair market value of your jewelry and is typically used to determine inheritance tax liability or to distribute assets among heirs.

• Liquidation Appraisal

  • A liquidation appraisal is done when you're looking to sell your jewelry. It provides an estimate of the fair market value of your jewelry in its current condition, taking into account the age, condition, and market demand for the item. This type of appraisal is often used when you're looking to sell your jewelry outright, trade it in, or consign it.

• Verbal Appriasal

  • Verbal appraisals are an excellent option if you want to know the approximate value of your jewelry without the need for a formal appraisal document. At The Jewelry Source, we offer verbal appraisals at no charge. This service is useful if you're considering selling your jewelry or simply want to understand its worth.

The Appraisal Process

At The Jewelry Source, we follow a meticulous appraisal process to ensure that your jewelry is accurately valued. The process usually takes one to three business days to complete. Here's what you can expect:

• Step 1: Item Inspection

  • The item is meticulously cleaned and inspected, and all stones are identified and precisely measured. Photos are taken to document the item's condition and any identifying marks or engravings.

• Step 2: Value Research

  • We look up and place values for the item and each of its stones, comparing them to current market values. Our professional appraiser takes into account various factors, including the rarity of the item, the cost of labor, and the current market demand.

• Step 3: Appraisal Document

  • Once the appraisal is completed, we'll provide you with a detailed appraisal document that specifies the value of your jewelry at a particular point in time. This document can be used for insurance purposes, estate planning, tax purposes, or simply to determine the value of your jewelry.

Fees for Appraisal Services

At The Jewelry Source, our appraisal costs start at $85 per item. Soldered wedding sets count as one item. Larger diamonds over 1 carat, more than 20 stones, or colored gemstone jewelry will have a higher cost. Rates will be confirmed before starting the appraisal. There is no charge to update an existing appraisal that was done by us. Appraisals are transferable if you decide to sell your item. If you only need a verbal evaluation and approximate value for an item, there is no charge.

Loose Stone Certification

Loose stones without certification or larger stones in a 'new' ring that does not have an existing appraisal may have a higher cost. We may also need to send the loose stone out to be certified through GIA prior to writing the appraisal. The GIA certification fee can be found on their website. Add shipping and insurance costs, starting at $60, plus the appraisal fee. Also, add two or three weeks to the process to be completed. For example, a loose one-carat natural diamond would cost approximately $255 plus tax to be appraised (as of 3/2023).

Selling Your Jewelry

If you're looking to sell your jewelry, we can advise you on the best course of action, whether it involves selling it outright, trading it in, or consigning it. Our professional appraiser can help you determine the fair market value of your jewelry, so you can make an informed decision.

Conclusion

At The Jewelry Source, we understand the value that jewelry holds, both monetarily and sentimentally. That's why we offer professional appraisal services to help you determine the worth of your jewelry. Whether you need an appraisal for insurance purposes, estate planning, tax purposes, or simply want to know the value of your jewelry, we're here to help. Our professional appraiser is well-versed in assessing the worth of various types of jewelry, from precious stones to antique pieces. We follow a meticulous appraisal process to ensure that your jewelry is accurately valued. And, if you're looking to sell your jewelry, we can advise you on the best course of action.

FAQs

• What is a jewelry appraisal?

  • A jewelry appraisal is a document that specifies the value of your jewelry at a particular point in time. It takes into account various factors such as the rarity of the item, the cost of labor, and the current market demand.

• Why do I need a jewelry appraisal?

  • A jewelry appraisal is essential for insurance purposes, estate planning, tax purposes, or simply to determine the value of your jewelry. It can ensure that you receive fair compensation in the event of loss, theft, or damage to your jewelry.

• How long does the appraisal process take?

  • The appraisal process usually takes one to three business days to complete. However, if we need to send a loose stone out to be certified through GIA, it can take two or three weeks to be completed.

• What is the cost of an appraisal?

  • At The Jewelry Source, our appraisal costs start at $85 per item. Larger diamonds over 1 carat, more than 20 stones, or colored gemstone jewelry will have a higher cost. Rates will be confirmed before starting the appraisal. There is no charge to update an existing appraisal that was done by us.

• Can The Jewelry Source help me sell my jewelry?

  • Yes, we can advise you on the best course of action for selling your jewelry, whether that involves selling it outright, trading it in, or consigning it. Our professional appraiser can help you determine the fair market value of your jewelry, so you can make an informed decision.