Project Your Jewelry
Without proper documentation, most high value jewelry will not be covered, and my goal is to provide you with the tools to help you value and protect your cherished belongings.
Appraisal Services
The first step in the process is to understand the various appraisals that are available.
Insurance Appraisals
Did you know the majority of homeowner insurance policies do not provide coverage for jewelry loss or damage unless the items were individually appraised and scheduled on your insurance? Because of this requirement, insurance appraisals are the most commonly requested appraisals.
An insurance appraisal is a detailed description of the quality and condition of the item, the cut, color, clarity and carat weight of diamonds or colored stones, also including photographs of the jewelry and other identifying information.
Insurance appraisals calculate the current retail replacement cost, as this is the value an insurance company would need to reference when replacing a damaged, lost, or stolen item.
A professional, accurate and detailed insurance appraisal is an essential document for you to be equitably compensated in the event of damage, theft, or loss.
Estate Appraisals
Are you the trustee of an estate and need to figure out the value of jewelry for tax purposes or equitable distribution? If so, then you likely need an Estate Appraisal. An Estate Appraisal is less detailed than an Insurance Appraisal and consists of an itemized list of personal property with photos, abbreviated descriptions, and an estimated Fair Market Value of each item.
Fair Market Value is defined as the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
These appraisals are based on the fair market value of items as of the decedent’s date of death or alternative date and are used for the estate’s tax liability. These values are lower than the insurance replacement values. In cases where the items are kept rather than sold, the values are based on fair market value in the secondary retail level in the appropriate market. If you are looking for an impartial way to distribute jewelry amongst heirs or determine an estate’s tax obligations, then an Estate Appraisal is what you are looking for.
Appraisals Update
Gold and diamond prices fluctuate and over time you’ll need to update your existing appraisals, about every three to five years. The value of your jewelry can change and an outdated appraisal may not accurately reflect the current market value of your belongings. It could lead to inadequate insurance coverage in the event of a loss. Updated appraisal documents are important for estate planning to ensure a fair and equitable distribution of belongings.
Gem Identification
Sometimes you just want to verify a purchase you made over the internet or confirm a thrift shop find. In this case, a gemstone identification consultation may be all you need. Consultations are priced lower than appraisal services as it does not include a full appraisal report nor an estimation of the item's value. Gemstone Identification Consultations simply provide a third party confirmation that a gemstone or jewelry item is what the seller advertised it to be.
Other Jewelry & Diamond Appraisal Services
Elizabeth does not buy or sell jewelry so her opinions are without bias and based on independent market research. She is available for pre-purchase consultations to better equip you when buying jewelry. While not advocating for any particular seller, she can educate you on how to shop ensuring you get exactly what you want thereby mitigating buyer’s remorse.