Why should I get my jewelry appraised?

It is a good idea when buying an expensive piece of jewelry to get an independent appraisal. Many reputable jewelers will either let you bring an appraiser into the store, or let you borrow the jewels to take them to an appraiser. Some require that you purchase the item and then allow you a period in which you can have it appraised and return it for a full refund if it doesn’t meet your expectations. Reputable Internet dealers will even send you or the appraiser the jewelry so that you can have it appraised before you purchase it. Make sure you use an appraiser who is properly qualified.

For the jewelry you already own, get an appraisal if you want to insure or sell it, divide property or make a charitable donation. If you have an old or unique piece, you may want to get an appraisal to learn about the history of that type of jewelry and its value.

People get their jewelry appraised most often for insurance purposes. It is important to make sure you are insuring your piece for the correct value. Unfortunately, sometimes jewelers will sell a piece at one price and then assess the value at a much higher rate. It may make it look like you have gotten a deal, but now you will be paying much more to insure it than it is actually worth. In the end, the property is worth what it is worth and having an inflated appraisal doesn’t change the value of the object.

If you have homeowner’s insurance, it may include some coverage for “unscheduled” property including jewelry. That would cover you if your jewelry is stolen or destroyed in a fire. However, the coverage allowance is often only $1,000 or $2,000.

If you have a valuable piece of jewelry, you may want to add an insurance schedule to your policy. Most people have scheduled jewelry insured with replacement policies, which means that the insurance company can replace the jewelry instead of paying cash. In that case, it is especially important that your jewelry has been appraised, which includes a thorough description of the piece.