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Losing a precious possession is never fun but it's so much worse if that possession also happens to be costly and deeply sentimental - like your jewellery for example! We’ve heard our fair share of horror stories over the years, from thefts to fires and floods, to tropical proposals where loose rings were claimed by the ocean, the worst can happen in an instant.
Regular jewellery appraisals are necessary to ensure that your insurance records are up-to-date. The piece of mind in knowing your jewellery is protected in just about any scenario is priceless. We’ll share more on insurance in an upcoming blog post, but first, we need to tell you about jewellery appraisals. Many people neglect to get appraisals done prior to getting insurance, which can result in incorrectly valued jewellery. If you don’t know what your jewellery is worth, how do you know if you have enough insurance to cover the actual costs to replace or repair a piece if necessary?
These losses can be heartbreaking to navigate and are even worse when you don’t have the proper insurance in place to protect your jewellery. We will talk more about insurance in Part 3 of our Protecting Your Jewellery series but before you can get your jewellery insured you need to get it appraised, so let’s start there!
It may seem like there is a lot to know about getting your jewellery appraised, but don’t be intimidated! We have put together the 4 W’s of Jewellery Appraisal: What, Who, When & Where.
Great question! Simply put, an appraisal is an official document from a certified gemologist/appraiser stating the particulars of your jewellery item and its current replacement value. The appraisal should include a description of the item, including gemstone quality, weight, metal type, etc. It should also include a photograph(s) indicating the currency used to value the item and verification of authenticity in the form of the name and signature of the certified appraiser.
The best way to ensure you get a high quality and accurate appraisal is to use a reputable gemologist certified by a reputable institution. We recommend The Gemological Institute of America (GIA) as they have the most highly-regarded and standards in the world, and their gemologists use the most precise scientific equipment.
Jewellery should be appraised as soon as possible after purchasing and every 2-5 years after that. While some jewellers may provide an appraisal upon purchase, it is important to check that the appraisal is both certified by a reputable gemologist (see Who?) and up-to-date. The cost of gold, gemstones, and jewellery fluctuates and is generally on the rise. When your item is appraised, its replacement value will be based on current market value and this value is what your insurance company will use. If the market value has gone up and your appraisal does not reflect that increase, you could be underinsured and it could result in a significant financial loss should you need to file a claim.
Have questions about what jewellery needs appraising or need a current appraisal? We are happy to help! Visit our Kelowna Jewellery Appraisal page to find out more or request an appointment for our next appraisal clinic. Also, be sure to check out our article on Creating a Jewellery Inventory Catalogue to learn the best way to organise your jewellery.
Want more? Check out the rest of our Protecting Your Jewellery series!
Protecting your jewellery: Creating a personal inventory catalogue
Protecting your jewellery: Buying jewellery insurance and filing a claim
Protecting your jewellery: Care and maintenance advice