Frequently Asked Questions
What is an appraisal?
An appraisal is an educated, informed objective opinion of value based on a stated purpose and function. It is independently prepared by an impartial, qualified appraiser, as of a specific date and is supported by the presentation and analysis of relevant market information. It is not a guarantee but is an informed opinion backed up by experience, education and instrumentation.
When do I need an appraisal report?
- Insurance replacement purposes
- Actual Cash Value for an insured loss
- Fair Market Value for estate purposes - equitable distribution among heirs
- Dissolution of commonly held property (divorce)
- Charitable donation to a public institution, charity or museum (IRS Rules)
- Liquidation
Is an appraisal a legal document?
No, but it is admissible as evidence in certain types of court cases.
A written appraisal may support legal documents. It is often used in probate review of estates, divorces, bankruptcies and liquidations.
What qualifications should I look for in an appraiser?
- Formal education in gemology & training in the principles of valuation
- Knowledge of current wholesale and retail prices of gemstones, jewelry and watches including verifiable sales prices
- Gemological laboratory instrumentation & resources
- Current education in gemological markets, treatments, methods, and testing
Can a jeweler appraise my items?
A reliable appraisal is an independent, objective and qualified opinion. A person who buys and sells gems and jewelry may not be objective.
How do I arrange for an appraisal?
Please contact me. We'll discuss your needs and arrange for an appointment at a convenient time.
All of my appraisal work is done by appointment only. If necessary, we can schedule appointments for evenings or Saturdays.
How do you do an appraisal?
Once we have established the purpose of the appraisal, I can start to examine your jewelry and help you determine which items meet the purpose for which I am appraising. Now I can go to work for you. If you have any questions about what I’m doing during the appraisal process you are encouraged to ask them. I want you to understand the process and the results. Besides, I enjoy educating you about your jewelry.
Part of the appraisal process involves taking photographs of the jewelry which will be included within the appraisal. One thing that I do that most appraisers don’t is that all diamonds over ½ carat in weight will be plotted. Plotting is the mapping of the inclusions within the diamond that serve as that diamonds unique fingerprint.
When I am done appraising your jewelry, I like to go over the report with you so you more fully understand the value and unique features of each piece of jewelry I appraise. Payment is expected when I deliver the 2 copies of the report to you.
Do I need to bring the items to your office?
Yes. I can’t appraise what I can’t see. If you are not able to get to my office, you can send the items to me by mail. I recommend overnight shipping for speed and convenience. Please don’t forget to insure the items for what you feel they are worth. After the appraisal, the items and the report will be returned to you by overnight shipping.
What is the cost of an appraisal?
My fees are based on either a per item charge, or on an hourly basis. My minimum fee for a single item $100.00. I have found it to be substantially less expensive when I’m appraising several items for the same person to charge by hour, as I am able to work uninterrupted. I don’t bill based on a percentage of the appraised value as that is unethical.
How long does an appraisal take?
An average appraisal takes between 30-45 minutes for a single item. Some simple items can be done in 15 minutes or less, while some very complicated items can take a few hours.
How frequently should I have my jewelry appraised?
Most insurance companies recommend having your jewelry reappraised every 2 years or so. My recommendation is at least once every 4-5 years. Once I have appraised your jewelry, if you return for a reappraisal within that 5 year time period, the cost of the reappraisal is half that of a new item.