Why Should I Have My Jewelry Appraised?
JEWELRY SHOULD BE APPRAISED FOR 2 DIFFERENT REASONS
INSURANCE APPRAISAL:An insurance appraisal deals with jewelry pieces that would be financially painful to lose. Your homeowner’s or renter’s insurance policy comes with a coverage limit for jewelry, furs and art. This is usually between $500 and $2500. Claims over the general amount are not covered, you must be able to prove the loss and you may be subject to a deductible. However, you may elect to insure individual pieces under what is known as scheduled property. Under scheduled property there is no deductible, you are covered for any loss up to the amount of the appraisal, including mysterious disappearance (you just can’t find it) or as one of our customers experienced, her son flushed her gold Rolex down the toilet. The values listed in this type of appraisal are based on what it would cost to replace an item in comparable condition at some point in the future. Typically, the value listed is higher than the actual current value allowing for inflation over time.
MARKET VALUE APPRAISAL:This type of appraisal gives an estimate of what each piece would likely sell for in their current condition. As opposed to insurance appraisals, the market appraisals carry much lower values. The premise is that listed pieces will be sold for the benefit of the estate. In estates with potential tax consequences, market value appraisals are critical. In both cases the appraisal is written in detail. It will have an item description with the type, number and approximate sizes of gemstones; setting style, type of metal and its weight and the pieces are typically photographed.
When should I update an existing appraisal?
Do You Have a Medlars Jewelry Luxury Store Credit Card?
One of my staff asked me if we advertised our interest free financing program. My answer: Great question, we should! We’ve been a partner with Synchrony Financial for years. Synchrony is the old G.E. Financial and a terrific company. Depending on how much you spend you can enjoy interest deferred payments for up to 2 years. Interest deferred means if you pay of the balance by the end of the term you will pay zero (0) interest. There are no hidden fees-no surprises. On a major purchase it makes perfect sense.
Holy Mother of PearlBritney Quiroga, Digital Marketing Manager
This mother of pearl ring is so unique and I love it. The double band that accentuates the geometric shape of the stone elongates the finger in the best possible way. The diamond halo is another touch that really pushes this piece into a beautiful statement. I love that this ring can be worn everyday and really be jazzed up for a special occasion.
Vivid Emerald EarringsLorenzo Goodman, GIA AJP, DCA Diamontologist
This pair of emerald earrings always catch my eye because of the yellow gold that surrounds them. I love the colors and the oval emeralds are so vivid. They have a fun look to them but at the same time, are classic. I would really recommend you stopping in and try these on because they truly transform on the ear!