Many things may push you to get a jewelry appraisal. Among them is if you are divorced and want to know what your wedding band or engagement ring is worth. You may require a review for tax reporting or a jewelry appraisal for insurance. After planning your estate, an assessment is also necessary to divide your assets among your family. Whatever your reasons for getting an estimate are, you need to be well-informed about the process before pushing through with it. This post will explain the top 5 things you need to learn before getting a jewelry appraisal. Keep reading for more insights.
Why are you getting a Jewelry Appraisal?
Knowing why you want to get an appraisal for your jewelry affects what you will get. Some of the reasons for getting a jewelry appraisal include the following:
Jewelry Appraisal for Insurance
You need to prove your jewelry’s worth to ensure it. This will make it easier for you to replace it with another piece of similar value or cash. Accurate appraisal value will ensure you get the right amount from your insurance provider when replacing your work.
Tax reporting
The IRS may need you to get a jewelry appraisal declaring your assets after an inheritance or divorce or when you want to donate your jewelry to charity. It recommends doing this at a reasonable price, which is the market value in its present condition.
Dividing Assets
Appraisals also come in handy when settling assets among family members of a deceased or divorced. To ensure fairness, the piece’s value should be stated in dollars regardless of how many parts a person gets.
Understand the Various Appraisal Types
Once you have understood the reasons for your appraisal, the next thing that you need to learn is how to choose the right type of appraisal that meets your goals. They include
Resale Appraisal
Getting a resale appraisal gives you a fair market price for your piece. That is if you choose to resell it at the current market price. This type of appraisal considers the jewelry’s condition and how much you should get from a willing buyer.
Liquidation Appraisal
This appraisal is the best if you want a quick way to liquidate your piece. It applies to both estate and divorce liquidation.
Understand what you Want in a Jewelry Appraisal for Insurance
Before getting a jewelry appraisal, you need to know that it may be used for legal purposes. This means that you should ensure that your piece is credible when inspected by relevant authorities. This concerns training and certification. Make sure your Appraiser is certified by the International Society of Appraisers, the American Society of Appraisers, or the National Association of Jewelry Appraisers. It would help if you also choose an appraiser or jeweler with positive online reviews from genuine customers.
Know Jewelry Appraisal Expectations
Another thing you need to know is what to expect from a jewelry appraisal for insurance and other purposes. You will need to give the appraiser details of your jewelry item. These details include where you got it from, the type of gemstone or metal it is made of, and why you need to get an appraisal. You should provide copies of available details such as purchase receipts, lab reports, retail prices, certificates of authenticity, etc.
The Appraiser will then use factors such as weight, metal composition, karats of gemstones, and measurements to evaluate your jewelry piece. The last thing that the Appraiser will do is give you the appraisal results in a written report. The report will show how the Appraiser arrived at the final decision.
Know what your Appraiser will Charge You for Services Rendered
Appraisers work independently. This means that there is no standard pricing. What dictates what they charge are factors such as certification, education, reputation, and expertise. Due to the vast knowledge, an appraiser with more credentials or education may charge more for their services. Charges may also be based on how big or small a piece is. Others may charge per hour for their jewelry appraisal for insurance services.
Conclusion
Once you decide to get a jewelry appraisal, you need to understand what you need to make the process successful. You also need to know how to look for a credible appraiser with enough expertise and knowledge to meet your appraisal needs. Investing in a reliable appraiser ensures you get the correct value for your jewelry piece once you lose it. Alex and Company offer reasonable jewelry appraisal for insurance services to everyone who wants to know the actual value of their jewelry pieces.
