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When was the last time you had your jewelry appraised? With the rising costs of precious metals and gems, your jewelry could be worth more than you think!
The 3 most common types of appraisals are:
-Retail Replacement Value, most often used for an insurance policy.
-Estate Value, used to establish the market value of an item, and useful in the case of evenly distributing an estate among its heirs.
-Bankruptcy, which offers the liquidation value for a piece of jewelry. (Hopefully it will be never be necessary for us to perform this service!)
In order to precisely determine the grade of a diamond or precious gem, a variety of specially designed tools are needed. Some of the instruments in our facilities include a refractometer, polariscope, dichroscope, (these all observe the unique ways different gems interact with light) a set of GIA master stones for comparing color, and an OGI cut scanner that electronically measures a gem’s angles and dimensions and calculates its proportions.
Most insurance companies require an updated appraisal every 3-5 years to keep your coverage current– otherwise you may be at risk of being under-insured for replacing your valuable possessions. Be sure to discuss with your insurance agent the specifics of your policy, such as exclusions in the coverage, proof needed to file a claim, and whether claims are paid in cash or with replacement jewelry. It’s important to know exactly what will happen should your jewelry ever be damaged or stolen.
The Source’s fees for appraisals start at $60 per item, and we have discounts available for appraising multiple items. Our appraiser, Barbara A. Jones, G.G. earned her Graduate Gemologist degree from the Gemological Institute of America in 1992, and has been doing appraisals since then.
You can contact her in the Pittsford store at (585) 586-9145 for more information or to schedule a consultation.