Have you ever wondered about the true value of your jewellery? Well, you’re not alone. Jewellery holds sentimental and financial worth, and understanding what it’s really worth is essential. The best way to do this is with jewellery appraisal.
What is Jewellery Appraisal?
A jewellery appraisal is the process by which a professional inspects a piece of jewellery/stone in order to determine what it is and its monetary value. This usually results in a document outlining the characteristics and value of the piece.
Why should you get your Jewellery Appraised?
Getting your jewellery appraised isn’t just some boring chore – it’s an important part of being a smart jewellery owner. Here are a few reasons why you should consider appraisal:
- Insurance Coverage: Accidents happen, and jewellery can be lost, stolen, or damaged. Appraisal provides an accurate valuation that helps you secure the right insurance coverage. Without it, you might not receive the proper compensation in the case of a loss.
- Estate Planning: When passing jewellery down to heirs or beneficiaries, knowing the exact value is crucial for estate planning. An appraisal can help distribute assets fairly and avoid conflicts among family members.
- Selling or Trading: If you decide to sell or trade your jewellery, an appraisal gives you a clear understanding of its market value. This knowledge empowers you to negotiate better deals.
- Loan Collateral: In some cases, you might need to use your jewellery as collateral for a loan. An appraisal will be essential to determine its value for such purposes
- Authentication: Appraisals can help verify the authenticity of your jewellery, ensuring you don’t fall for counterfeit pieces or get duped when buying or selling
- Detecting Damage: Appraisers often spot issues like loose stones or damaged settings that may need repairs, helping you maintain the integrity of your jewellery.
As you can see, there are many reasons to have your jewellery appraised. It’s definitely something worth considering especially if your jewellery was costly.
Jewellery Appraisal Cost
The cost of jewellery appraisal can vary widely depending on many factors. This includes things such as location, complexity of jewellery and the appraiser’s qualification. Appraisers may adopt various pricing structures, with some billing by the hour, and others basing their fees on a percentage of the jewellery’s ultimate value. The latter is frowned upon as this may lead to appraisers overinflating prices. It’s important to understand that jewellery appraisal is a sort of investment. Therefore, investing in a reputable and qualified appraiser is the best decision.