Should You Get A Jewelry Appraisal

Yes, of course, you need to get a jewelry appraisal if you own a fine jewelry collection. Gold and diamond jewelry prices rise with time and it is crucial to safeguard their value. Fine jewelry pieces are not only used as accessories but they are also an asset.

For insurance, estate planning or selling purposes, you must keep your jewelry appraisal updated. Let’s learn more about the importance of jewelry appraisals.

Insurance Company Will Require a Jewelry Appraisal

Your insurance company will need a professional jewelry appraisal. The appraisal value will decide how much premium you will have to pay for your jewelry. And at the time of the insurance claim, how much will you receive.

The appraisal will make sure that you are not under-insured, otherwise, you will pay the extra amount to replace your jewelry item from your pocket. The accurate appraisal value also ensures that every year you are not over paying for your jewelry insurance.

You can get an appraisal from a trustworthy company like Prestige Valuations. Apart from jewelry valuation, they also provide luxury handbag appraisal and online watch valuation.

Whether getting jewelry, luxury watches or handbag appraisal online, you will receive a certified appraisal document. It will have the fair market value of your piece along with all details about the piece. Photographs of your precious piece too will be included in the appraisal report.

Evaluation of the Condition

An appraisal also helps in the evaluation of the condition of the piece. When an appraiser evaluates a jewelry item, they will also notice if any setting is loose or stone is missing. Your jewelry piece can be damaged and an appraiser will let you know before it goes unnoticed. They are professionally trained to detect any defects in jewelry pieces.

This also goes the same way for a luxury watch when getting an online watch valuation.

Authenticity & Ownership

An appraisal also validates the ownership and authenticity of your jewelry. In case of an untoward incident, you might have to make a claim. In that case, your insurance company will require an appraisal as the proof of your ownership. A professional appraiser will validate your ownership and authenticate your jewelry. They will also document the fair market value of your jewelry in the appraisal report.

This is true when getting luxury watches or handbag appraisal online.

Documentation of your Jewelry

An appraisal report documents all details about your jewelry. In case, you lose your precious piece, this report will come in handy to seek information related to the piece. Based on this information, a replacement piece can be created, as much similar as possible to the original.

It is recommended to get your jewelry insured. If your coveted piece gets damaged or lost, a similar piece can be bought by the insurance company to replace the original piece based on the information mentioned in the appraisal report.

Cost-Effective

Jewelry appraisal is a cost effective way to safeguard your coveted pieces. By paying a small fee, you can get to know the accurate market value of your jewelry pieces. The appraisal document will be required by your insurance company to know the fair market value of your jewelry. The value of your jewelry rises with time and it is crucial to get your items insured to safeguard their value.

The value at which you can resell your jewelry will be much higher than this small appraisal fee. This makes sense why you must get an appraisal for your valuable jewelry.

The appraisal report is useful even at the time of selling your jewelry. It can bring in the transparency when dealing with a buyer. An appraisal can build trust and the buyer can purchase your jewelry without the risk of getting cheated.