Happy New Year! How Old Are Your Jewelry Appraisals?
This Iconic depiction of Father Time on the right is a reminder to check the date on your jewelry appraisals. If it has been over five years you are in need of an update.
Why do you need to update your jewelry appraisals? There are several good reasons. The first reason is to have your jewelry inspected. If you have not had your jeweler clean and check your jewelry, (especially the items you wear everyday), in the last year; please do it now. Precious metals wear down with the friction of everyday use causing prongs to thin and easy to bend or break, resulting in loose gems. You will want to do this before you take them to be appraised.
The second reason is due to changing market conditions. Whether you purchased your jewelry at the top or bottom of the metal and diamond prices, the current replacement value is going to need updated. Very few insurance agents call their clients to let them know that their jewelry is currently overvalued. They do not mind if you are slightly overpaying on your premium. Precious metals and diamonds are not at the high prices that they were a few years ago. If you have
30 year old appraisals or fabulous, one of a kind, designer items they may have increased in value. Such as the the Brooch to the left, from Graff.
You want to be Insured correctly for the properly described and valued items you have, so in case of loss or damage to the items, you may be made whole.
Do a quick check up on your appraisals. Do they all have photos, gem descriptions, complete millimeter and gram or penny weight measurements for all the items? Does the document identify the number, size and quality of all the gems? Is the maker, designer or manufacturer identified? Is the metal identified along with the stamps or engraving on the jewelry?
If your document for your solitaire engagement ring says, "One diamond solitaire engagement ring approximately .50 carat in a six prong white gold setting, valued at $????", You are missing some vital information that can make hundreds of dollars worth of difference if you have to replace that item. Basically the 4 C's that were so important to you when you originally received the ring. It is easy to have forgotten exactly what that information was.
Please take the time to make an appointment with an qualified jewelry appraiser to update your jewelry appraisals. Remember to bring all the original documents you have, Diamond Grading reports like GIA, EGL, etc. and any documents with the actual weights of the gems.
We appraisers are observing the diamonds and gems in a setting. We have to estimate the weights, colors, etc. It helps for a comparison to have the actual information of the unmounted gems, if possible, to validate our findings. An appraisal is not a test of the Appraiser's gemological skills, it is an assessment and analysis of your jewelry using your jewelry, your information and their knowledge to arrive at the proper value for the stated purpose of the appraisal. You are a partner in the process.
Time is of the essence, do not wait until something happens and you say, "I should have had that appraised. Speaking of time, and the image of Father Time in this Blog, check out the history of the Elgin Watch Company, An Iconic American Watch Company.