What You Should Know About Jewelry Appraisals
An appraisal is an opinion – backed and supported by training, equipment and experience – of the authenticity, quality, design and value of a piece of property. Since it is an opinion, honest variations may occur between competent appraisers.
Most people commonly believe that the declared price is the most important aspect of an appraisal. This is not true. Actually, the part of an appraisal that protects you the most is a detailed description of the jewelry. What should be in the description of your jewelry item?
- Identification of all major gemstones with a quality description including cut, carat weight, clarity (internal inclusions) and color.
- Types of metal used and any karatage or trademark stamps.
- The estimated replacement value
There are generally two types of appraisals – estate evaluation and the more common insurance replacement appraisal. Estate evaluation is based on what the items could be sold for at the time of the evaluation but does not constitute an offer to purchase the items. The insurance replacement value should give you the cost of replacing the jewelry item as closely as possible to the original. To ensure you will receive an equivalent replacement, all details of the item are very important, not just the price. Your insurance replacement appraisal should “fingerprint” your jewelry.
How often should your jewelry be appraised?
Most insurance companies will not accept an appraisal that is older than three years. If there are any unusual economic changes such as high inflation or deflation, an appraisal value should be checked. In addition, when a new jewelry purchase is made, be sure your item is covered for replacement.
At William McConnell & Son, we understand that your jewelry is valuable to you for its personal and its intrinsic worth. When it is entrusted to us for appraisal, it remains on our premises and is personally evaluated by our Graduate Gemologist. Our appraisals meet the guidelines set by Jewelers of America, Inc. The appraisals are printed on high quality appraisal forms and signed. A copy is included with the original and is also signed and sealed.
Charges are based on an hourly rate. Since charging on the value per piece basis could affect an appraiser’s judgment, we prefer to work strictly on an hourly fee. Our expertise allows us to complete all appraisals in a minimal time period.
Who gives diamonds their grades?
Every diamond sold at McConnell & Son is graded by one of our GIA trained staff. This includes diamonds that have been certified by one of the reputable grading laboratories—GIA or AGS. We take that same diamond and re-grade it in our own lab in order to verify the accuracy of the certificate. We have then taken on the responsibility of grading the diamonds ourselves in order to protect you, our client and friend.
Appraisal Pricing at McConnell & Son, The King’s Jewelers
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New Appraisals - $110/hr. with a $95 minimum |
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Updates on a 1999 or older WMS appraisal- $75.00/hr. |
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Updates on a post 2000 WMS appraisal – No Charge |
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Updates on a non-WMS appraisal - $110/hr. with a $95 minimum |
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Updates on a Jewelers Mutual Appraisal – No Charge |
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Digital Pictures, Gemprints, and Gem Identification are available. See store for details. |
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