There are many reasons for having your jewelry appraised. Most jewelry appraisals are done for insurance purposes, and it is important to make sure you are insuring your jewelry for the correct value.
Many of NGL’s customers request either an Insurance Appraisal , or an Estate Appraisal. An Estate Appraisal is usually done to establish value based on current market conditions and immediate liquidity, while an Insurance Appraisal reflects the “Retail Replacement Value” of your jewelry . Retail Replacement Value is calculated on current retail pricing of the item. Many factors contribute to the retail value of jewelry, including; how the jewelry is made, where the jewelry can be purchased, and estimations on future value.
If you have homeowner’s insurance, or renters insurance, it may include coverage for “unscheduled” property including jewelry. Generally, “unscheduled” coverage would cover you if your jewelry is stolen or destroyed in a fire. However, coverage allowance is often only $1,000 or $2,000. In order to protect your fine jewe!ry investment , most insurance companies require an additional rider on your existing policy. These riders require an independent Insurance Appraisal from a Graduate Gemologist to allow for detailed description and retail replacement value of your fine jewelry item.
If you have an old or unique piece of fine jewelry, you may want to get an appraisal to learn about the history of that type of jewelry and its value. This is often described as an Estate Appraisal, which assigns value to a piece of jewelry that is more in line with current pricing conditions and liquidity potential. Estate jewelry is often appraised to facilitate a quick sale, or to help divide property for an Estate.
Nidiffer Gem Laboratory also manages a large Collateral Appraisal Service. Collateral Appraisals are a Business to Business (B2B) Service offered to jewelry companies requiring inventory audits and confirmation of their inventory current market value.
Ultimately, fine jewelry is a significant investment and should be documented, appraised, and recorded as an asset to you, your company or your family . Make sure you use an appraiser such as NGL, who is properly qualified.