
Jewelry Appraisals
Information based on National Association of Jewelry Appraisers
Frequently Asked Questions
Why should I appraise or reappraise my jewelry?
Very few insurance companies have basic home policies that cover the cost of replacing an engagement ring or other precious jewelry. By submitting a separate appraisal report, you are guaranteeing the replacement of your jewelry without effecting your existing policy.
As well, many insurance companies recommend a yearly update of values, and some require it. Most insurance policies do not include automatic increases to account for inflation and increases in the costs of materials and labor. Thus, your premium may continue to go up, even if the market is going down. It is best to update your appraisal on a regular basis.
Is the appraised value based on market research or is it simply a restatement of the purchase price?
Is the value accurate and current?
A properly prepared appraisal will reflect an accurate value in the current market. Be wary when a jeweler gives you an appraisal for a much higher amount than what you paid unless they state a legitimate reason for the price difference in the appraisal. The price paid is not always the true value, such as purchasing an item which was legitimately “on‑sale”, in which case your appraisal could realistically be higher than the sale price. Remember, an appraisal, by definition, is based on researched values within a specific market.
Testimonials
“It was such a fun experience working with Jacob on my ring. He really took the time to explain to me and my fiancé about diamonds, which diamond shape would look good with the ring that I had in mind. When it came to picking out a watch and a wedding band for my fiancé, he was so helpful in providing us with different options based on what features my husband-to-be wanted in his jewelry. I would strongly recommend working with Jacob because of his attention to detail and ensuring you are getting the piece that you envisioned.”
Miriam & Benjamin D.
Livingston, New Jersey
“If you are looking for high quality, knowledgeable and patient customer service, I highly recommended Jacob! He was creative and considerate throughout the entire ring design process and I ended up with a ring that I will cherish forever.”
Yona O.
Baltimore, Maryland
Robert & Abigail G.