Everything You Need to Know About Jewelry Appraisals
What is an Appraisal?
An appraisal is an informed professional opinion as to the authenticity, design, and value of a jewelry item. The opinion is backed by professional training, experience, and equipment.
Retail Replacement Value
This type of appraisal you will need to insure your jewelry against damages or loss. The retail replacement value will give you the approximate price of replacing the jewelry or recreating as closely as possible to its original design. Therefore, the appraisal takes into consideration today’s retail prices, cost of labor, material, creative design, and the precious stone and metal markets.
Fair Market Value
Estates require an appraisal of the fair market value of an item, based on what a willing buyer and a willing seller would agree to without a liquidation sale. An estate evaluation often consists of a number of pieces of jewelry, a variety of types; some in fair condition while others may be badly worn. An estate appraisal is based on the premise that the collection is to be sold, donated, gifted, or divided amongst heirs. Since it does not consider selling costs or current prices for labor or creative design, this type of appraisal is usually lower than appraisals for replacement value.
Liquidation Appraisal Value
Liquidation value of jewelry to be liquidated immediately or scrapped. This type of appraisal is usually the lowest value given to an item
A homeowner’s insurance and renter’s policies commonly include coverage for personal property and the value of the jewelry is included in those limits. For higher insurance limits a separate jewelry insurance rider policy may be required. To obtain complete coverage to the full value of the item(s), an appraisal for each piece will be required and the coverage can be scheduled on your policy with a specific description of the item and an amount of insurance on each item. If you wish to have proper value coverage a detailed professional appraisal is paramount.
In Case of Loss
When the loss of an appraised jewelry item occurs the importance of a properly prepared and detailed appraisal becomes very apparent. The preparer of the appraisal should be consulted for verification of the quality and value of the proposed replacement.
We recommend that your appraisal be updated every 5 years. Check annually with your insurer and jeweler about the necessity of keeping your appraisal up to date.
An appraisal is not an offer to buy unless specifically stated. James Gattas Jewelers does not provide “spot” appraisals for value or verification.
Jewelry Appraisal Processes
When you first come in for an appraisal consultation our staff will look over your jewelry with you and determine if an appraisal is needed, how long the appraisal will take, and provide an estimate to the cost of the appraisal. An appraisal form is filled out and the jewelry checked and detailed (please provide us with any previous appraisals or reports on the items you may have to expedite this process).
After the consultation the jewelry will be photographed, entered into our system, and brought to our jeweler to be cleaned, measured, and weighed. Your items are kept in our vault safely during the entire process and are never sent out of the building unless specifically approved to do so.
Once the items are inventoried and analyzed they are given to James Gattas to be appraised for value and verification of qualities and authenticities.
After the items are appraised and the reports are documented the customer will be notified that the items and appraisal are ready for pickup.
When the customer comes in to pick up the items and appraisal our staff will go over everything and answer any questions you might have. Digital appraisals are available to be forwarded to your insurance provider.
James Gattas’s Qaulifications
Jewelry Repair Course, Fargotstein & Sons
Diamond Setting Course, GIA
Gem Identification Course, GIA
Diamond Grading Diploma, GIA
Advanced Diamond Grading, GIA
Certified Senior Management Professional, Jewelers of America
Certified Pearl Grading, GIA
Master Jeweler, IJO
Certified Diamontologist, Diamond Council of America
Guild Gemologist, Diamond Council of America
Accredited Jewelry Professional (A.J.P.), GIA
Certified Senior Member (CSM), NAJA
Certified Senior Sales Professional, Jewelers of America
Advanced Diamond Grading, GIA Gemology
Certified Diamond Grader, IJO
Certified Senior Sales Professional (CSS), Jewelers of America
James Gattas Jewelers, President and Owner
40 Years Experience in the Fine Jewelry Profession
NAJA (National Association of Jewelry Appraisers)
GIA (Gemological Institute of America) Alumni Association