The value assigned to jewelry can vary depending on the function of the appraisal or report, so it is essential to establish your needs and purpose up front with your appraisal. I will give you an estimate of the charges before proceeding. These charges can be based on the time involved or depend on the number of pieces to be appraised. It is unethical to charge a percentage of the value. In most cases, an appraisal can be done while you wait.
Statistics show that around 40% of households that own an engagement ring do not have insurance to protect it. Of those, one-third consider their engagement ring as one of the most expensive items they own among other investments such as their home or vehicle.
Apart from the 40% with no insurance for their ring, there are still more who are not sufficiently covered because they’ve simply included it in their home insurance!
Most home insurance policies will only cover you for $1000 or $2000, regardless of the value of your jewelry. If you paid $5000 or $10,000 for a ring and lose or damage it, you could end up in a situation where you’re only covered for $1000.
Traditionally, as the dollar goes down, gold and diamonds go up. The economic events of the last few years have likely changed the value of your gems.
If you're donating jewelry to charity and itemize on your return, an updated appraisal can maximize your deduction.
In the event of divorce or inheritance, an updated valuation of your jewelry is an important tool in the dividing of assets or estimating of estate taxes.
Most homeowners insurance policies do not adequately cover jewelry in the event of damage or loss. A separate rider may be necessary, for which an up-to-date appraisal is required.