If you are the owner of expensive, valuable jewelry that you intend to sell, it is important to know the basics of having your items evaluated and knowing the ins and outs of jewelry appraisal costs.
There are different aspects to look for in an appraiser, and there are actually many different kinds of appraisals you can request. Knowing what you are looking for will make the whole process a lot easier when you go to sell your jewelry.
What is a Jewelry Appraisal and Why Do I Need It?
Simply put, this is a process where a certified professional studies your jewelry thoroughly and provides you with a dollar value for each item.
There are actually many different types of appraisals that you can have done depending on the reason you are getting one. Appraisals are available for tax purposes, insurance purposes, and of course reselling purposes. With one of these, both the precious metals in the jewelry and the gems are considered.
What Does the Actual Process Entail?
A proper, thorough jewelry appraisal will include several different steps to ensure that it is complete. The first step is the detailed laboratory work to inspect the different materials of your jewelry, next they will conduct market research to find out about similar pieces, and finally, they will write up the appraisal for you.
Why Do I Need One?
If you are wondering why it is an important topic to know about or why you may need one, there are actually several different reasons.
For one thing – and this is probably the most important one, insurance purposes. It is vital to have your jewelry examined and to know the monetary value in case something happens and the items are stolen, lost, or damaged.
Having your jewelry appraised regularly will also ensure that the price is accurate since the value of your jewelry is most likely going to fluctuate regularly. It’s recommended to have them looked at professionally every two years.
Other instances where you may need one are having the numbers for tax purposes, donations, loans, and divorce settlements.
On top of those reasons, if you are planning to resell your jewelry, the buyer may want to make sure that what they are purchasing is worth the price you gave it. Having it appraised ensures that you are selling an item fairly and truly getting what it is worth out of selling it.
Hiring a Jewelry Appraiser
To hire a jewelry appraisal, making sure that you have a qualified, competent individual is key. There are actually several different websites that you can use to make sure you are using someone with the proper certifications for the job: the American Gem Society, the Gemological Institute of America, or the National Association of Jewelry Appraisers.
How Much Will a Jewelry Appraisal Cost Me?
Now that you have decided to get one, you are probably wondering how much your jewelry appraisal cost will end up being. Depending on the jewelry you are having evaluated, expertise level, as well as the person you choose for the job, the price is going to vary.
A very important note is that this process should never be based on a percentage of what your jewelry is worth. If the person you hire tells you it will be 10%, 15%, etc. of what your jewelry costs, then they are not a professional who should be trusted with the job.
This is actually extremely unethical since the appraiser then has the option to tell you that the monetary is much higher in order to make more off of the job. You should be given either an hourly rate for the appraisal or a flat fee for the whole process.
The hourly rates will typically range anywhere from around fifty to one hundred and fifty dollars. This will really depend on how complicated the pieces of jewelry are. If you have an item that is made of one metal and doesn’t include any gemstones or other materials, that is going to be a lot easier to appraise than something made of several different types of metal or stones.
The expertise of the individual will, of course, cause the price to change as well. If the expert you choose has more years of experience or expertise in different areas, you can expect to pay more than for an appraiser who is just starting out.
To Wrap it Up
In conclusion, making sure that your jewelry is well protected for insurance and the many other reasons we discussed is vital. Having that official, a printed appraisal will ensure that you have as much peace of mind as possible, as well as the exact amounts your jewelry is worth.
We hope this guide to jewelry appraisal cost was helpful. Keep those numbers in mind as you search for the perfect appraiser!