The term “appraisal” is one of the most misunderstood terms of the jewelry business. Customers typically think of jewelry appraisals to be like home appraisals. But home appraisals and jewelry appraisals could not be more different. First and foremost, jewelry appraisals are mostly used for insurance purposes while home appraisals are mostly used for financing purposes. Also, purchase prices are much more relatable for home appraisals than they are with jewelry appraisals. In actuality, the stated value on a jewelry appraisal is what it would cost to replace that item with a brand new item of similar quality if the item were to be lost or stolen. It is not equivalent to the amount that you can sell that item for after it’s been worn or used. It’s a big misconception that jewelry is an investment that can hold its original retail value. While jewelry does hold its value much better than most other items, jewelry is much like a car in the aspect that it loses more than half of its value the minute you take it home. There are some rare pieces of jewelry that are able to actually appreciate in value over time but this is few and far between.
We also want to differentiate between a jewelry appraisal and getting a quote to sell a pre-owned item of jewelry. Getting your jewelry appraised is mostly for insurance and estate planning purposes only. As stated before, the appraisal value is different from the value that you can sell the item for. Getting a quote to sell jewelry is usually free and does not require an actual appraisal document to do. So if you are just looking to sell your jewelry, than we do not recommend that you spend the money to get the item appraised. Click to learn more about selling your jewelry to Kiefers.
Now that we have that out of the way, let’s answer some frequently asked questions about jewelry appraisals.
FAQ’s of Jewelry Appraisals
1. Do I need an appraisal to sell a piece of jewelry?
The answer is no. Most jewelry stores do not require you to present an appraisal to sell a pre-owned piece of jewelry. Jewelers are going to do their own evaluation of the piece to determine the value anyway so unless your item already has an existing appraisal, we do not recommend spending the extra money to get an appraisal if your intent is to sell the item. If you do have an appraisal for the item already, then we recommend bringing it with you as it can save the jeweler some time in evaluating your piece for carat weight and things like that.
2. Do I need an appraisal to get a piece of jewelry insured?
This can vary depending on your insurance company but in most cases the answer is yes. Insurance companies need proof of value to insure a jewelry item and they will require an updated appraisal before offering you insurance coverage on your jewelry. If the item was recently purchased, ask your jeweler if they will produce an appraisal for you or ask your insurance company if they can accept a copy of the receipt as well.
Here's an example of what one of our jewelry appraisal documents will look like:
3. How often should I update my appraisal documents?
It’s best to update your appraisal documents every 3-5 years, or whenever there is a significant spike in the market value of gold or diamonds. Your insurance company most likely won’t remind you to do this because they actually don’t want to pay you out on the higher amount if there were a loss. The insurance company will only pay you out on the appraised amount so if the cost of gold and diamond increases and you aren’t able to replace the item for a similar value, then you may have to come up with the difference out of pocket. So it’s best to make yourself a reminder to get your appraisals updated frequently so that you have the proper coverage if there is a loss.
4. How do I know if I should get an item insured?
We advise to have any jewelry items that may value a minimum of $1,000 to be insured. If you don’t have a large collection of jewelry, it might be a good idea to add it to your homeowners insurance policy. Some home insurance companies allow you to add to your policy for a very low additional fee.
5. How do I get my jewelry insured?
We recommend a company that specializes in jewelry insurance like Jewelers Mutual. These policies are usually more comprehensive than what most homeowners policies provide. Jewelers Mutual also allows you to make claims for damage and repair charges as well.
6. Does Kiefer jewelers service appraisal claims? Yes we do! We work with most insurance companies to help you replace a lost or stolen piece of jewelry. We will do whatever is needed to get you a replacement item as similar to your original item as possible. We can even copy an item from a photo using our custom design services. Click to learn more about our custom design services.
7. How much does it cost to get my jewelry appraised?
Our appraisal services start at $125/item. If a wedding set is soldered together then it is considered 1 item, but if your wedding ring and engagement ring are separate then this is considered 2 items and are charged separately. If the item has a diamond of 1ct or more, the charge does increase $20 per carat. This is because our appraiser actually will plot the clarity characteristics of your diamond so you know exactly where the beauty marks of your diamond are. The larger the diamond, the longer this process will take. If your diamond is between 1-2 carats in size, then the charge is $145 and if your diamond is between 2-3 carats then the charge is $165 and so on. If we appraised your item before, we charge a discounted rate of $75/item for an appraisal update. If you have a gemstone that you want identified, this charge is $35.
8. Do I have to bring my piece back into the store to have my appraisal updated?
Yes we do still like to have you bring your item back in even if we appraised your item many years ago. The reason is that our appraiser needs to confirm that the piece has not been altered or damaged in any way since the last appraisal document was completed.
9. Can I use my appraisal paperwork for estate planning?
Yes absolutely! Having official appraisal documents actually helps make the estate planning process much easier. It makes drafting up paperwork much quicker and allows everyone involved to fully understand the value of the estate. This also makes it easier when handing down jewelry to your future generations.
10. Can I appraise my own jewelry? While the internet is a powerful tool and you may be able to find a rough estimate based on your own market research, it is best to let a trained professional appraise your jewelry. We recommend finding a certified GIA appraiser to appraise your jewelry. Some insurance companies will only acknowledge appraisal documents produced by a reputable source. We use a third-party independent appraiser that is not only certified by GIA but he is also a certified jewelry appraiser as well. He is contracted by our store and is not a full-time employee of Kiefers because we want an unbiased opinion. Click to see more about our appraiser.
Timothy D. Schuler, Graduate Gemologist In Residence (GIA), Certified Insurance Appraiser (JIAI)
Independent Jewelry, Diamond & Gemstone Appraisals
Charter Member of the GIA Alumni Association
11. How long does it take to get my jewelry appraised?
It takes our appraised about 15-30 minutes to evaluate the piece and take photos and measurements. Then he will take this information back to his office to do the market research and produce the physical copy of the appraisal document. It takes about 2 weeks for him to finalize the document and send it to our store or directly to you. He can also send a digital copy for your records as well.
12. Do I have to leave my jewelry to have it appraised?
No, you do not have to leave your jewelry to have it appraised. We schedule one day per month that our appraiser is in our store so that customers can sit with him and their piece while he does the evaluation. We do require appointments for this service and we book up fast so make sure to book your appointment early to make sure you get a spot.
13. What if I can’t make your appraisal day?
No worries! You can drop off your jewelry the day or two before our appraisal day and our appraiser will evaluate your piece in between appointments on the appraisal day. Your item will be locked up safely in our vault the rest of the time and you can pick it back up at your convenience.
Click to make an appointment for a jewelry appraisal. We hope this helped answer your questions about our appraisal services but if you still have some unanswered questions, please feel free to call or text us at 813-909-2393 (Lutz) or 352-567-2378 (Dade City) or e-mail us at sales@kieferjewelers.com.