What types of appraisals are there?
“Insurance Replacement Appraisals” are the most common types of appraisals and are used to insure jewelry for loss or theft. It is important to remember these documents should prove useful in re-making or replacing the lost item.
“Fair Market Value Appraisals” generally represent a different dollar amount when compared to an Insurance Replacement Appraisal, and should assess your jewelry in order to sell, not necessarily re-make, for a fair price (according to the current market).
Why is an appraisal important?
An appraisal is important to ensure you will receive full reimbursement from your insurance company if your jewelry happens to be lost or stolen. If appraisals are not updated regularly your jewelry could be insured for an incorrect amount. If you are selling your jewelry, it ensures you have documentation of a fair market price for your piece.
What should be included in an appraisal?
An appraisal should include detailed information about the piece of jewelry. A jeweler should be able to read an appraisal and have enough details to reconstruct the jewelry loss incurred. For example, as it relates to diamond jewelry, this includes diamond characteristics (color, clarity, cut, and color), metal information, how the piece was made, and the jewelry design style . A photo can prove to be an extremely valuable resource here, and may be required by your insurance company for high value items.
How often should jewelry be appraised?
Jewelry should be appraised every 2-5 years. However, insurance companies should be consulted about their specific requirements.
Diamond Appraisals at Booth Custom Jewelers
When you bring your diamond jewelry to Booth Custom Jewelers, we take great care and interest in providing you with the most detailed appraisal possible. We love and appreciate the construction and history of jewelry making, and feel this should be evident in our appraisal documents.
Appointments take approximately 30-45 minutes per piece. You are more than welcome to stay and observe the appraisal process, or leave the pieces with us. The final appraisal takes approximately 4-5 days to be completed. This includes market research, comparable sales investigation, and making sure we have a clear perspective as it relates to how the jewelry was created. Rush services may be available seasonally and an additional fee may apply. The final documents are available for pick up during our normal business hours Wednesday-Saturday. If mailing proves more convenient for your schedule, we have various shipping/mailing options. We offer expedited mailing and rush services for an extra charge.
We welcome questions about the appraisal! Please feel free to ask us anything about the process or the appraisal itself.