A woman can leave the house without applying make-up, but she sure doesn’t leave without accessorizing herself. Jewelry being the most important part of accessories, they sure are women’s best friend. Women like to accessorize themselves with jewelry that represents their personality and style. They are likely to spend more than they want when it comes to buying their favorite piece of jewelry.
It is not hard to notice that the prices of the gold, silver, and diamond which dominate the jewelry industry, goes through ups and down in the market. So it is recommended that after buying expensive jewelry, one should have jewelry appraisal to know the right value of their jewelry for insurance or future sales. People think buying gold or diamond jewelry is a good investment because they tend to get good value for them while selling them.
Though it is advised that, investment in diamonds is much more profitable than investing in gold because they offer good returns and they have been steady price appreciation in recent years. Talking about jewelry appraisal and sales, it is always important to know the right value of your jewelry when you want to sell it so that you do not become a victim of fraudsters who gain your trust and offer you less price than you are supposed to get.
What is a jewelry appraisal?
A jewelry appraisal is a procedure done by the high-end jeweler or certified professional jewelry appraiser who examines your jewelry and states the right value which is documented. It is also known as jewelry valuation. The document given by the jewelry appraiser has a detailed description of the jewelry like in the case of the diamond jewelry, its size, quality, color, clarity, weight, and condition of the diamond.
It is important to be careful while choosing a trusted jewelry appraiser because if used for insurance purpose, the insurance companies can benefit from the jewelry appraisal and charge high premiums because it is possible that the appraisal will be excessively high but you may not get the right value while trying to sell it. The case can be reversed also i.e. if the jewelry is underinsured and it doesn’t cover the expense at the time of repair or if the jewelry is lost. The prices of jewelry differ from time to time because of their market price fluctuating. So when you have your jewelry appraised, you get the right amount fixed for it. For easy and fair jewelry appraisal, you can always visit townsquarejeweler.com.
Types of jewelry appraisal
A significant reason for appraisal is to obtain or renew insurance. But there are many other types of jewelry appraisals like retail substitution value appraisal, liquidation appraisal, estate appraisal, Divorce settlement appraisal, Sale appraisal, Charity appraisal, and Tax deduction appraisal. The name itself explains the reason for the appraisal. The value written in the appraisal document determines the amount of insurance needed for the jewelry. The insurance companies have started to include the jewelry appraisal in their jewelry policy.
Reasons for jewelry appraisal
The purpose of jewelry appraisal is to know the right value of your jewelry. Some may ask if they are intended to be with them i.e. if they have no reason to sell it. But even if you plan to keep the jewelry with you, they do need insurance so that they are safe. There are different insurance companies with different insurance policies for it. Some give the right amount when the jewelry is damaged or lost, while some pay for their replacement while some give lesser value for it. The fair market value of the jewelry is estimated because of jewelry appraisal if you are thinking of selling your jewelry for a fair amount.