The Importance Of Both Valuation And Revaluation Of Your Jewelry

Do you know how much your jewelry is worth? Many people think that they do simply because they received an appraisal at some point. Your jewelry likely came with a certificate or other document listing its grade and value.

What you may not understand is that an appraisal is only good at the specific time that it happens. Additionally, it’s only accurate if a certified professional does it. Many people find themselves stunned when they go to sell or do something with a piece of jewelry. They think their jewelry is worth one amount, only to find it’s worth nowhere near its initial value. Think back to your original appraisal:

Did someone truly qualified do it? Every person that performs appraisals is not uniquely qualified to do it. Some appraisals occur at the place where you purchase the item. That means the person doing the appraisal is making their valuation against their own stock, which they may be pricing with their own criteria. That appraisal may not equate to an accurate market value.

Was the appraisal for a specific reason? The value of your jewelry for one thing may differ if you plan to use it for something else. If your original valuation was for insurance coverage of the item, the appraiser may have used a different set of criteria than if the valuation was for a donation. Keep in mind that while there are fair market valuations, you may not always have your jewelry in the jewelry “market.”

How long since your first appraisal? Jewelry doesn’t simply remain in pristine condition over the course of its life. Wear and tear will cause damage, which may devalue your jewelry. In addition, jewelry values fluctuate due to the volatility of the market. There are many reasons to reevaluate your jewelry. Many of them are the same reasons to get an appraisal to begin with. This is especially true if you got an appraisal for,

  • Insurance purposes
  • Selling or liquidation
  • Distribution to heirs
  • Settling a debt
  • Valuation for donation
  • In divorce settlements
  • General valuation

For each of these reasons, the valuation you received at the outset may not match the current value. This can come as a surprise if you attempt to do any of those things without getting a re-appraisal first.

Did your appraisal come with a report? People that aren’t used to dealing with jewelry a lot may not know that an independent valuation comes along with a report. This report should detail all of the aspects that went into the appraisal.

This report will list technical information that you may not understand, such as the inclusion mapping or the gravity designations. It will contain a very detailed description of the item. It can have additional information as well depending on what you need it for. That’s why it’s important that your appraiser knows the reason for the appraisal.

Whether you received an initial valuation or not, you should find a qualified appraiser to do it again. Your jewelry is an investment, and it needs to be maintained. That includes cleaning it, maintaining it, and making sure that you have it professionally appraised every few years. To learn more, contact a company like The Jackels Collection Inc. with your questions and concerns.

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