The Importance of Jewelry Appraisal
07 April 2014
Many times people are stumped on whether or not they should have their jewelry appraised. The answer is not only simple, but quite clear when all things are considered. If your jewelry is of any value then you should definitely have it appraised.
This is especially true if it is, or if you plan to have it insured.
When you have your jewelry appraised there will be a detailed record of the piece. It will have a full description and you will have more luck having it replaced in the event of loss or theft.
As a rule of thumb, an appraisal will generally need to be performed on any item worth more than $500. 00, or on any item that has an abnormal settlement sum attached to it.
If you are questioning whether or not a piece is worth having appraised then you should definitely do it. It is always better to not only be informed, but to be safe rather than sorry.
What many jewelry owners may not know is that appraisals need to be updated. Having an appraisal every 2 to 3 years is best. The markets change the value of the jewelry as in some instances will the aging of the piece. For instance, 5 years ago the value of gold was $600 per ounce compared to today’s prices of $1,530 per ounce. That is a significant difference that definitely needs to be noted.
It is also generally a good idea to go over your policy to be sure that you are covered for replacement coverage on high valued items and not just on set price limit coverage. You do not want caps on a $30,000 Rolex.
So yes, you most definitely need to not only have your high priced jewelry appraised, but it needs to be insured as well. After having it appraised plan to have it reappraised every 2 to 3 years or after any major market change. This is the only way to protect your precious and oftentimes irreplaceable valuables.
Ken Ross Jewellers
Established in 1954, Ken Ross Jewellers is renowned for producing and maintaining fine jewelry and watches. And over the decades, many awards have been won. Ken Ross Jewellers specializes in supplying fine jewelry like diamonds and semi-precious stones, plus repairs for rings, wedding bands and watches. For a valuation of a diamond you have, repairs on a wedding ring or new precious diamond jewelry, contact: