Tips and Hints to Follow When Getting Jewelry Appraised

by Admin 15. September 2013 17:04

I always say appraisals are like insurance….you don’t know the value of it until you need it!  Hopefully you never will.  Clearly both insurance policies and appraisals are services that are better to pay for and never use than to be the victim of a robbery or burglary. 

An appraisal that adequately describes an article is invaluable when someone is trying to recreate your piece.   The information is critical, but so is the value. 

The jewelry market, like most markets, fluctuates.  Having your appraiser update your appraisal periodically (I recommend every three years), helps to keep up with the fluctuations.  For example, imagine if you had your wedding set appraised when gold was around $600.00 per ounce, and you lost it when it was over $1,600.00.  It is likely you may not be able to replace it.  

Some insurance companies try to tie value changes to some sort of index, unrelated to the jewelry market as they have had no reliable resource reflecting actual jewelry market values.   So do you think the cost of living index would be a great tool?  NOT! 

Recently I had a client who asked me to do an update.  You will be asked to bring your jewelry in so your appraiser may check it for security etc.  I updated my client’s appraisal that was several years old.  Subsequently she called me to say her insurance company called concerned because my current value was lower than the last appraisal.  She wondered if it should not have increased.  She was correct, because the market is higher.  I asked her to have the insurance agent contact me.  The agent called, and I had looked up her previous appraisal.  My value was lower.  What happened?  Her insurance company had been automatically increasing her coverage each year in an effort to better protect her.  But it was a percentage not tied to any real market data.  So she was actually over-insured, which means she had been paying more on her premium than she needed to. 

Check with your appraiser about getting updates.

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Your Jewelry Needs Your Attention

by Admin 15. August 2013 17:04

Most people know, but I’m just saying anyway, your jewelry requires maintenance.

It is really important.

Maintenance is your responsibility as a jewelry owner, not the responsibility of your insurance company.

Truth be told, on more than one occasion I have put something in my sonic cleaner for a client only to find out their diamond was shaken loose by the vibration, and now living in the bottom of my cleaner.

I try not to think about what might have been holding it in…

But if that had happened somewhere other than my cleaner, the diamond would be gone.

Prongs wear down over time, channels become thin.   Settings are not permanent and, may periodically, require rebuilding or resetting.

Most jewelry stores will clean and examine your jewelry, for free. They are thrilled to have you looking at their inventory while they are checking it, hoping you will find something you can’t live without.

And, if you do have a security issue, perhaps you will allow them to repair it for you.

So take advantage once a year to let your jeweler examine it for you, under magnification.  But you also need to keep an eye on your setting.  You may be able to see if a prong has moved, is missing, or looks thin. If so, get it in right away to your jeweler to get it checked.

I am embarrassed to admit that even I, one time, could actually hear my diamond rocking in the setting…and I was sitting in a movie at the time!

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