Have you ever wondered if you need a jewelry appraisal? If so, then you’ve come to the right place. We’ll help you understand why jewelry appraisals are important and what to expect.
What You Will Learn
Should you get a jewelry appraisal?
Yes, you absolutely should get your jewelry appraised! Here’s why…
A jewelry appraisal documents the value and key details of a piece. It doesn’t matter how you got the piece – maybe you’re planning to buy an engagement ring and pop the question, making a jewelry purchase for yourself or someone else, or you’re inheriting a piece of jewelry, like a diamond bracelet. No matter the scenario, if you are giving or receiving a valuable piece of jewelry, you need to know its fair market value. Buying a piece of jewelry without an appraisal is like buying a pre-owned vehicle without a CARFAX certificate. You simply need proper documentation on your jewelry, which for many people is among their most significant purchases, after cars and homes.
Why is it important to get a jewelry appraisal?
There are several reasons why it makes sense to have your jewelry appraised, including…
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Check For Damages
You want to have a jeweler make sure your newly purchased ring, necklace, bracelet, etc. is in prime condition. Suppose your item does not have the proper evaluation or appraisal value. In that case, you may risk it becoming damaged or lost due to a loose prong or other defect not immediately apparent to someone without professional training.Â
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Low Cost, High Reward
It’s not expensive to get an appraisal! Most jewelers charge anywhere from $75-$125 for a jewelry appraisal. Therefore, The cost for jewelry appraisal is absolutely justified when you compare it to the value of your jewelry piece.
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Confirm Jewelry Value & Ownership
Documenting the true value of your diamond engagement ring and other pieces of fine jewelry can help you avoid disputes about the jewelry’s value down the road should you ever need to make an insurance claim. Getting jewelry appraised from a qualified appraiser is also another way to validate your ownership, especially with a new purchase.Â
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Back-up Plan For Lost Or Damaged Jewelry
If you ever lose or damage your piece of jewelry, then you will need to provide a detailed description of the piece so that your jeweler will be able to get or create a replacement that is as close to the original as possible. Imagine losing an item, not having proper documentation, and your jeweler telling you there’s not enough information to properly replace your jewelry. With a good diamond appraisal, the jeweler would have the details they need to replace the piece. For example, an engagement ring appraisal is a great way to make sure your special ring will always look as good as the day you got it if anything ever happened to it. That is why you should also have your jewelry insured for loss or damage.Â
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Jewelry Insurance
Most jewelry insurance companies require an appraisal to insure your jewelry. Suppose your insurance company doesn’t require jewelry appraisals for insurance. In that case, it might be time to look for a new insurance company. When you know the specific details of the piece of jewelry and its appraised value, you will get an accurate jewelry insurance quote. Otherwise, you could risk under-insuring the piece and having to pay out-of-pocket costs to replace it, or you could end up overpaying for insurance (year after year) if the insurance appraisal has an inflated value.
Suggested Read:
How to Insure Your Jewelry?
What you need to know about jewelry appraisalsÂ
Do I need an appraisal to get jewelry insurance?
In most cases, yes!
At BriteCo, we require a jewelry appraisal for several reasons. First and foremost, we verify (on your behalf) that all of the information is accurate and accounted for. Secondly, we want to make sure that you’re completely covered in the event of a loss. Third, jewelry appraisals are essential when it comes to providing you with an accurate insurance quote for a jewelry policy. When you insure your jewelry with BriteCo, we work directly with your preferred jeweler to completely streamline the jewelry appraisal and insurance process to save you money and time. This way, you get all the complete and accurate information you need in your appraisal with a jewelry insurance quote that’s exactly the right amount based on the appraised value.
We always recommend be very wary of working with any insurance company that will write you a policy without required a jewelry appraisal first to validate that the information is correct. It may seem easy on the front end but could well be a disaster when it comes time to a make a claim.
How much does a jewelry appraisal cost?
A jewelry appraisal can cost anywhere from $50 to $150, depending on the appraiser, with an average cost of $75 to $100. This pricing is consistent through most jewelry items so the cost to appraise a diamond ring is the same as the cost of a necklace appraisal.
In general, the average price of a jewelry appraisal is $75-$100. Some jewelry appraisers charge a flat rate per piece, while others will discount if you have numerous items of jewelry all needing to be appraised at once. This is especially helpful if you have a large estate that you’re valuing. In some situations, you may find a qualified jewelry appraiser that charges per hour but we would generally recommend staying away from this since it will be exponentially more difficult to figure out up front what the cost of your appraisal for jewelry will be.
Where can I get jewelry appraised & does it matter where I do?
Yes, who and where you get your jewelry appraised is very important.
A great option is finding a trusted local jeweler with skills and experience, as they are often considered the best place to get jewelry appraised. The good news is that there are many qualified jewelers in communities nationwide. Finding a trustworthy jewelry appraiser or an online jewelry appraisal tool ensures you get an accurate and reliable appraisal.
How much is a jewelry appraisal with BriteCo?
If you are interested in how to get jewelry appraised from the comfort of your own home, please check out BriteCo Online Appraisals to see if you qualify. The cost of jewelry appraisals virtually with BriteCo starts at $26 followed by a 50% discount for each additional item ($13), 3 item maximum.
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 Knowing the resale value of your jewelry can be particularly important if you ever decide to sell it. Accurate appraisals ensure you are informed about the retail replacement value and can provide the necessary documentation for insurance purposes.
Peace Of Mind With Jewelry Insurance From BriteCo™
So there you have it! There’s no doubt that we absolutely recommend getting your fine jewelry appraised. Whether it’s your grandma’s brooch, an engagement ring, or a new watch, it’s worth spending a little extra to gain lasting peace of mind.
To learn more about our super-convenient process, check out our blog to see why BriteCo was Voted Best Overall Jewelry Insurance or get started today with a FREE jewelry insurance quote!
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