Jewellery Appraisals

What Jewellery Appraisals Are

By far the majority of evaluations I have done for clients, involves insurance coverage. When you buy household insurance, you usually get some kind of coverage which can include jewellery (under "household goods"). However, it's not usually a lot, and is certainly insufficient to cover most of your important items.

When you get your diamond ring appraised by a Graduate Gemologist, you are asking an expert to provide you with some advice as to what insurance coverage would be appropriate for your item.

When you get a new diamond ring, you need to get it insured, so that it's replaced if you lose it, or it's stolen. That involves an expert giving you advice on a "number" that is sufficient for protection. That's not the same as a "value".

It's like purchasing a couch in a furniture store. The couch costs $500, and the normal retailer might sell it for $1,000. If a large volume store (or chain of stores) buys 100 of them, they may get a discount, and only pay $400. Does that mean that the approximate "normal" retail should be $800? If the usual cost dictates a usual retail of $1,000, then that's what the usual retail replacement value should be.

What Jewellery Appraisals Are Not

In a lot of areas of the country jewellery appraisals seem to have become little more than a "sales tool". I think that is unfortunate, since that's not what they are meant to be.

Since the jewellery business has become so much more competitive, we've seen important documents like appraisal certificates being used for selling an item, more than for insurance advice. It's important to keep them in perspective. Your jeweller should not be using appraisals for closing you on a sale.

An insurance appraisal is in opinion on a moderate "retail replacement value" for your item so that you can properly insure your piece - it's not a sales tool...

So How Do I Get An Appraisal?

Your jeweller should have a gemologist available for jewellery appraisals. They may be in-house, or (in the case of large chain-stores) they may send it to their head office - there are only so many gemologists to go around, after all!

Another way your jeweller may provide appraisals, is by having a local gemologist visit on a regular basis and do "clinics". That's been a popular way to do appraisals in a lot of malls.

Once you have your appointment you need to come prepared, so that your experience with the appraisal can be as smooth as possible.

You should bring:

• Your Item
• Your latest appraisal on that item
• Purchase Document(s) or your "guarantee"

Since you're coming in for a professional service that will allow you to insure your item, it's important to bring the appropriate information that you will need, and your gemologist will need.

Somehow, over the last few years, the mood of people attending a "walk-in clinic" type of event, has become increasingly adversarial, when it doesn't have to be.

In my opinion, the relationship between the client, and gemologist should be (and benefits greatly from being) a partnership.

When a stone is mounted, it obviously can't be weighed. So, we have to measure the diameter, and depth of the stone and try to estimate it's weight. Under the best circumstances, this has to be inaccurate.

When you originally buy the ring, the weight that the jeweller tells you is usually correct, as they will have weighed it prior to selling it to you. If you say that "this is supposed to be .24 Carat", then after we measure it, if our calculations lead to that "range", we can confirm it. If, however, we calculate, for example, .16 Carat, then there will be a problem.

You need to get your important items re-done every two years, usually, to ensure proper coverage.

Walking in for a "quick" appraisal, that takes 10 minutes may get you the results that you pay for, though, since in my opinion, it pays to take a reasonable length of time and get the evaluation done thoroughly.

Don't get robbed by customs!

Another important use for your evaluation is as proof that your item(s) were seen by an expert, prior to your leaving the country on vacation.

When you return, sometimes Customs can ask you for proof that you had the item before you left. If you can't prove it, they can (and do, from time to time) confiscate it and it's up to you to get proof, or it may go to the Customs Auction, and you may have to bid on your own ring!

Get your items evaluated, and updated on a regular basis - it really does pay!