Jewelry appraisals are essential to learn the true value of your diamonds, gemstones and jewelry and also a necessity for insuring your valuables. An incorrect jewelry appraisal can be damaging as it may cause you to pay too much on your jewelry insurance or worst you may sell your jewelry for too little. It is very important to understand the qualifications of the jewelry appraiser. An appraiser should be a skilled professional with a strong background in jewelry but also thorough training in appraisals. This professional should also have current knowledge of the market place for the item in question. Although the Gemological Institute of America provides training in gemology, it does not offer training in appraisal methodology, market research, ethics, the Uniform Standards of Professional Appraisal Practice (USPAP) compliance, or report writing. USPAP is a set of standards used to prevent potential appraisal abuse. Jewelry appraisals should be updated every several years as an appraisal is based on current market conditions. In the jewelry field, diamonds, gemstones, and precious metals are constantly fluctuating in value, however over a long period of time the values of these items increase. A good example is gold sold for $400 per ounce in 2004 and quickly rose in value to $1,800 per ounce mid 2011. Gold currently increases in value at about an average of 12.8% annually. Diamonds and gemstones are similar as they increase in value over time. Jewelry that is considered antique and or signed by a designer also has specific market value that must be taken into consideration when performing jewelry appraisals. EstateBuyers.com are longstanding members of the National Association of Jewelry Appraisals as well as many other prestigious organizations like the Jewelers Vigilance Committee, Jewelers Board of Trade, and the World Federation of Diamond Bourses.
An Expert Jewelry Appraiser needs both equipment and training to know the difference between a $25 sapphire from a $500,000 sapphire. Just how important is the experience and education of your Jewelry Appraiser? Let’s take a look at these four scenarios, a client walks in with a 10 carat Sapphire Ring: