Should you get a jewelry appraisal?

Yes, you absolutely should get your jewelry appraised! Here’s why…

A jewelry appraisal documents the value and key details of a piece. It doesn’t matter how you got the piece – maybe you’re planning to buy an engagement ring and pop the question, making a jewelry purchase for yourself or someone else, or you’re inheriting a piece of jewelry, like a diamond bracelet. No matter what the scenario, if you are giving or receiving a valuable piece of jewelry, then you need to know its value. Buying a piece of jewelry without an appraisal is like buying a pre-owned vehicle without a CARFAX certificate. You simply need proper documentation on your jewelry, which for many people is among their biggest purchases, after cars and homes.

Why is it important to get a jewelry appraisal?

There are several reasons why it makes sense to have your jewelry appraised, including…

1. Check For Damages

You want to have a jeweler make sure your newly purchased ring, necklace, bracelet, etc. is in prime condition. If your item is not evaluated and appraised properly, you may risk it becoming damaged or lost due to a loose prong or other defect not immediately obvious to someone who isn’t professionally trained.

2. Low Cost, High Reward

It’s not expensive to get an appraisal! Most jewelers charge anywhere from $75-$125 for a jewelry appraisal. Therefore, the cost to have your jewelry appraised is absolutely justified when you compare it to the value of your jewelry piece.

3. Confirm Jewelry Value & Ownership

Documenting the true value of your diamond engagement ring and other pieces of fine jewelry can help you avoid disputes about the jewelry’s value down the road should you ever need to make an insurance claim. If it’s a new purchase, getting jewelry appraised is also another way to validate your ownership.

4. Back-up Plan For Lost Or Damaged Jewelry

If you ever lose or damage your piece of jewelry, then you will need to provide a detailed description of the piece so that your jeweler will be able to get or create a replacement that is as close to the original as possible. Imagine losing an item, not having proper documentation, and your jeweler telling you there’s not enough information to properly replace your jewelry. With a good appraisal, the jeweler would have the details they need to replace the piece. For example, an engagement ring appraisal is a great way to make sure your special ring will always look as good as the day you got it if anything ever happened to it.

5. Jewelry Insurance

Insurance! Most jewelry insurance companies require an appraisal to insure your jewelry. If your insurance company doesn’t require a jewelry appraisal, then it might be time to look for a new insurance company. When you know the specific details of the piece of jewelry and its appraised value, you will get an accurate jewelry insurance quote. Otherwise, you could run the risk of underinsuring the piece and having to pay out of pocket costs to replace it, or you could end up overpaying for insurance (year after year) if the appraisal has an inflated value.