GJ201-OOO - Foundation I: Core Principles of Appraising Gems and Jewelry

Registration

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Course Description

This course will provide appraisers with an in-depth understanding of the essential principles and theories of valuation and the necessary base of knowledge required to competently appraise gems and jewelry.  The ideas, concepts, and methodologies presented in GJ201 form the core fundamentals that will carry through all of the other GJ Principles of Value courses.  The material in GJ201 is built upon the concepts, vocabulary and expectations of the Uniform Standards of Professional Appraisal Practice (USPAP).  Basic economic theory will be covered including an understanding of how macroeconomics and local economic forces impact jewelry valuation.  Specific emphasis will be placed on core concepts such as ethics, competency, privacy, responsibilities of the appraiser, the three (3) approaches to valuation, types of markets and their various levels, definitions of value, the client / intended user / appraiser relationship, and the ASA-GJ Descriptive Elements for the various types of gems / jewelry appraisers are likely to encounter.

Instructional Methods

Materials will be presented utilizing lecture and visual aids with student understanding enhanced through group discussions of focused assignments that will be completed in-class and between sessions.  The class will be highly interactive and students are encouraged to ask questions at any time.  There are also pre-course reading requirements (see below).

Course Audience

This course in intended for those interested in pursuing a career in appraising gems and jewelry, currently practicing appraisers, and insurance industry professionals who regularly rely on gem and jewelry appraisals for coverage decisions.

Required Pre-Course Reading

Students are required to purchase and have available during class the following texts/documents:
• Personal Property Monographs #s: 1, 3, 5, 8, and 13
• USPAP text (current version, which is 2020-2021 for this year's courses)
• Gems & Jewelry Descriptive Elements (provided in the appendix of the student manual)

The following is the REQUIRED PRE-COURSE READING list (there may be a quiz the 1st day):
• USPAP: Preamble, Rules, Definitions
• PP Monographs #s: 1, 3, 8, 13
• GJ Descriptive Elements

Agenda

There is no available agenda for this course.

Learning Outcomes

Upon completion of this course, students will be able to:

1.       Understand the ethical and competency expectations of an appraiser

2.       Recognize what is / is not an appraisal and who is / is not an appraiser

3.       Develop the vocabulary of a professional appraiser

4.       Apply the concepts of valuation theory and macroeconomic theory to gems and jewelry appraisal

5.       Learn to utilize the ASA-GJ Descriptive Elements for specific property types

6.       Develop an understanding of the approaches to value, value definitions and their correct application

7.       Gain a deeper understanding of how USPAP directly relates to appraising gems and jewelry