Pros and Cons of Getting A Jewelry Appraisal For Your Valuable Jewelry

Should you get a jewelry appraisal for your precious piece of jewelry that you've just added to your collection? Come on, being a significant investment; it's prudent to get insurance for it just like your automobile. Think of aversion risk like losing a $7000 engagement ring that has no cover? What about the sentimental value of your jewelry? That can be quite devastating. Right?

Therefore, it's essential to get your jewelry appraised, which you can online do. It can be a more comfortable and faster process, which you only need to provide an estimated price of your piece of jewelry. Can people do this? Well, it does have it's pros and cons that we will look at below:

Getting your jewelry appraised for insurance

If you already have homeowner's insurance, you can add your jewelry there. Otherwise, get a specific (scheduled) insurance for your piece. First, compare the plans offered and see if they meet your needs. Get the details like what they cover and what their policies entail?

Pros

• As theft and burglary are inevitable, especially if you live in an unsafe neighborhood, it gives you peace of mind when you get your heirlooms insured.

• When you want to resale your precious gem in the future, you won't get a rip off if you have it appraised. You will get a fair market value.

• You won't fret about losing the sentimental value of your piece since they can get replaced.

Cons

• Staying without your wedding ring when taken for an appraisal can feel awful. Although ideally, it should take a few hours, there are cases where you want to include engraving or restoration, which can go for days or weeks.

Some independent appraisers charge per item regardless of the value of your piece.

• There are higher jewelry appraisal cases as they anticipate higher value since you are not getting your jewelry appraised annually.

Although some people find it convenient to get a rough estimate online for their jewelry appraisal, it is inaccurate, and insurance companies do not recognize this online appraisal.

When should you get your jewelry appraised?

It is best to get a jewelry appraisal for your valuable piece immediately when you purchase it. Since the jewelry fluctuates in value, if you wait for long to appraise it, the less accurate it will get. That can also be less value of what you should be insuring your jewelry.

Most insurance companies recommend appraisals after two to three years.

What jewelers look for during a jewelry appraisal

1. Quality

One aspect of valuation includes quality checking, and the rule of the 4cs is what applies here; clarity, color, cut, and carat. The appraisers first check your gem's replacement value by checking if you have the proper certification to prove authenticity. Other aspects include measurements, size, and weight of the stone of your jewelry.

2. The design of your jewelry

Checking the craftsmanship of your piece of jewelry will contribute to its value. Is your gem still in good condition without scratches or cracks? Rocks have a fraction of your jewel's cost. Always ensure to take care of your precious gemstones. Overall, the intricacy of your piece design plays a significant value in your jewelry.

3. Rare gems

Some rare gemstones such as tanzanite and red beryl can be hard to replace. And that means these pieces of jewelry will be more expensive. They can fetch some good dollars per carat.

In Conclusion, as you wonder if to insure your precious gems or not, consider the sentimental value of your heirlooms or other valuables of your jewelry collection. And also, don't forget the guidance the jewelry appraisal document offers when reselling.

Naman Modi is a Professional Blogger, Seo Expert & Guest blogger at NamanModi.com, He is an Award Winning Freelancer & Web Entrepreneur helping new entrepreneur’s launches their first successful online business.