Appraisal Services
The first step in the appraisal process is understanding the various appraisals available and which best suits your needs.
Insurance Appraisals
Did you know the majority of homeowner insurance policies do not provide coverage for jewelry loss or damage unless the items were individually appraised and scheduled? Because of this requirement, insurance appraisals are the most commonly requested appraisals.
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A insurance appraisal is a detailed description of the quality and condition of the item, the cut, color, clarity and carat weight of diamonds or colored stones, photographs of the jewelry and other identifying information.
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Insurance appraisals calculate the current retail replacement cost, as this is the value an insurance company would need to reference when replacing a damaged, lost or stolen item.
A professional, accurate and detailed insurance appraisal is an essential document for you to be equitably compensated in the event of damage, theft or loss.
Estate Appraisals
Are you the trustee of an estate and need to figure out the value of jewelry for tax purposes or equitable distribution? If so, then you likely need an Estate Appraisal.
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An Estate Appraisal is less detailed than an Insurance Appraisal. This type of appraisal consists of an itemized list of personal property with photos, abbreviated descriptions and an estimated Fair Market Value of each item.
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Fair Market Value is defined as the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
If you are looking for an impartial way to distribute jewelry amongst (sometimes difficult) heirs or determine an estate’s tax obligations, then an Estate Appraisal is what you are looking for.
Gemstone Identification
Sometimes you just want to verify a purchase you made over the internet or a confirm a thrift shop find. In this case, a gemstone identification consultation may be all you need.
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Consultations are priced lower than appraisal services as it does not include a full appraisal report nor an estimation of the items value.
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Gemstone Identification Consultations simply provide a third party confirmation that a gemstone or jewelry item is what the seller advertised it to be.