If you are ever lucky enough to own a really fine piece of jewelry the last thing you want to think about is how to replace it if it is stolen.
Good jewelry is an asset that is as good as money in the bank. Finding out it’s been taken could be a financial disaster if you have not had it appraised for insurance correctly.
When you have expensive jewelry or you go out wearing your diamonds, it always makes sense to have them insured to avoid dealing with shock and disappointment when things go wrong. However, before you can find an insurance plan, you have to take your jewelry for an appraisal. Finding local jewelry appraisal is important because it provides documented proof of the replacement value of your jewelry.
For jewelry with diamonds, the appraisal will provide a full description of the item, including the carat weight of the diamond and information about its cut and color as well as its setting. If there are other gemstones alongside diamonds, the appraisal will include them too.
Importance of a Jewelry Appraisal
When you purchase a jewelry item from a high-end jeweler, they will also provide documented authentication. This is for your insurance purposes. Insurance companies might ask you to renew this document every few years or so to reflect the changing price of diamonds and precious metals. If you have the item stolen, your insurance company refers to this document and takes it as a proof of ownership. They will compensate you for the value of the item mentioned in the document. This is the reason why the jewelry appraisal is of immense importance, and why some jewelers charge up to $100 for this service.
Importance of a Jewelry Appraisal for Selling an Item
In case you want to sell your jewelry, a jeweler will again ask you to produce the appraisal. They use this initial value as a starting point for deciding the item’s fair selling price. It also means that you don’t need to have the item with you at the time – just showing the appraisal will enable a jeweler to offer an estimate of what the sale value should be.
Importance of Going to a Good Jeweler
As you can see, it really makes sense to deal with the cost of getting jewelry appraised, but you should still pick a good jeweler. Opt for someone offering appraisal services by certified gemologists who know how to comply with insurance company guidelines.
Insurance always brings peace of mind. Even so, the last thing you need to find out if you do ever have to find a replacement, is that you were underinsured. It may be impossible to find a like for like replacement for what you had. The bespoke jewelry is often unique. But not getting a payout to the same value means you lose out not once, but twice. No matter how good the replacement; to you, it’s a cheap substitute for the precious thing you had and lost. It adds more disappointment and reasons to be angry, making it harder to recover emotionally from your loss.