FREQUENTLY ASKED QUESTIONS
WHY DO I NEED AN APPRAISAL?
The most common reason for an appraisal is for insurance scheduling. Insurance companies require a Retail Replacement Valuation Appraisal. For coverage, most insurance companies will want a Retail Replacement Valuation Appraisal of your items. This appraisal should be performed by an accredited gemologist/appraiser.
The second most common appraisal is Fair Market Valuation. Fair Market Valuations are provided in the case of an estate settlement and in instances of buying and selling on the secondary markets.
The third type is a Liquidation Valuation. This is usually done in times of distress. A person may need to liquidate items to obtain cash quickly.
DO I NEED TO HAVE MY APPRAISALS UPDATED AND HOW OFTEN?
Updating your appraisals is important to do as market values change and with that so does the value of your piece. Insurance companies vary on how often you need to update your appraisal so checking with them is always a great idea. On average, having your appraisal updated every 2-4 years is our recommendation.
WHAT IS THE DIFFERENCE BETWEEN A LABORATORY REPORT AND AN APPRAISAL?
A laboratory report is used entirely for identification and grading of a particular gemstone or diamond. This type of report is for grading and identifying purposes only. An appraisal evaluates the gemstone or diamond and determines the value in the appropriate market. The two are often used together as the appraisal uses the report to translate the quality into a value.
HOW MUCH DOES AN APPRAISAL COST?
Depending on the type of the piece and intricacy of the item the price is varied. The age and the gemstones associated with the piece need to be researched to provide the most accurate appraisal.