Jewelry Appraisal: Find The Real Worth Of Your Jewelry Today!
- by taukirahmmed
When interested in selling jewelry, most people make sure to include appraisal in the process. But you might be thinking “ What is a jewelry appraisal?”. Well, to put it simply, a jewelry appraisal is the procedure where a certified professional examines and states a monetary value depending on the quality and authenticity of the piece of jewelry such as an engagement ring or diamond.
Moreover, we will discuss more about jewelry appraisal through the article so that you are aware of the process and get important tips so that you can sell your piece at the highest value depending on the market.
What Does A Certified Jewelry Appraisal Mean?
A certified jewelry appraiser is a jewelry appraiser who earned its certification from one of three organizations which are given below-
- American Society of Appraisers.
- American Gem Society.
- International Society of Appraisers.
The jewelry appraisal services have earned their certification by passing classes and exams about the skill of jewelry appraisal.
Before you search for a jewelry appraisal service, it is important to inspect whether they are certified and learn where they have obtained their certification. The appraiser must provide documented proof of their certification to confirm their legitimacy.
The jewelry appraisal services that have taken extra training required for certified jewelry appraisers are a much better and safer option to choose when looking for a jewelry appraisal service.
What Is The Difference Between Appraised Value And Retail Value?
The motive of your appraisal can be of two types. You can either do it for the purpose of tax or insurance or retail value. Various Jewelry Appraisal Services can get it appraised for you. If your purpose is to have the value for insurance or estate purposes then store it away where it’s safe.
But if the purpose is for selling a jewelry piece then it is important to note that the appraised value of your jewelry items doesn’t usually translate into the sales price.
The price you will get upon selling jewelry is often much lower than what the piece appraised for and it can be sometimes as much as 75% lower.
One of the sad facts is, jewelry is one of those markets where first sellers make the most money. This is kind of similar to the automobile market. Therefore, even though your jewelry piece has been appraised for $5000 by a jewelry appraisal service, it doesn’t ensure you will get anywhere near the amount when selling.
However, if you have unique and rare stones or another characteristic in your jewelry piece, then chances are higher of getting a higher retail price than common stones or pieces.
This bit of information might let your hopes down but it is better to find out about it here to avoid the feeling of disappointment when you go to sell your jewelry and get offered a price much lower than its appraised value.
Since jewelry sells for so much lower than what it was appraised for, some decide to keep it instead. They get the feeling that the sentimental value of it is more valuable than the worth by selling it.
Places Where I Can Get My Jewelry Appraised
There are a few services where you can get your jewelry appraised. The most common jewelry praise service place is local jewelry near you. This jewelry appraisal service has the certification and is qualified enough to appraise your jewelry.
Before you get your jewelry appraised, You need to know your purpose for doing it. If you’re thinking of selling it then you need to make sure that they carry out a resale appraisal, and not the other kind of appraisal such as for insurance or tax. This is mainly because, when you are inspecting for insurance appraisals, the value will be much higher, but upon reselling your price won’t be close, rather substantially less than appraised value.
The very first step for learning the value of your jewelry is by getting it graded by a reputable gemological lab such as GIA, IGI, GSI, or AGS. A potential buyer or a jeweler can evaluate by looking at the details of the report.
How Can I Appraise Jewelry By Myself?
Before you go to any jewelry appraisal services such as local jewelry near you or an online jewelry buyer, what you can do is get your jewelry appraised by yourself at home to better understand the value of your item. Here is what you can do by yourself-
- Learn to confirm whether the diamond in your jewelry piece is real or fake.
- The same goes for gold also. Learn whether your gold is real or synthetic
- Research and educate yourself about the jewelry market as much as you can. There are four ways to understand estate and antique jewelry-
- Replacement cost: How much will it cost to purchase at the same time if your pieces are stolen, lost, or destroyed.
- Inspect retail value: How much a store typically offers upon selling.
- Insect wholesale value: How much that can be offered from a wholesaler or auction.
- Intrinsic value: knowing the current market price of diamond, gold, platinum, or gemstones.
How Much Does Jewelry Appraisal Service Charge?
The charge taken for a jewelry appraisal can depend on various factors. The price will depend mainly on the piece of jewelry you would like to be appraised.
The cost of the appraisal will increase if the jewelry price is more complex. When you ask a jeweler for an appraisal price, they will give one of two answers.
They will either offer you a flat fee or an hourly fee with an estimated number of hours. Hourly hours can be offered from $50 to $150.
Always remember to ask for their estimated number of hours it will take to appraise the piece if they charge by the hour. In this way, you will grasp a much better idea of the total cost of the appraisal.
But it is also important to note that the cost can also vary based on experience and certifications.PREVIOUSCustom Engagement Rings: Design The Way You Want To Surprise Your Lovely Partner