Whether you inherited jewelry from your grandparents or want to know how much your decades-old diamond ring is worth today, getting professional jewelry appraisals can give you peace of mind. However, finding a qualified, reputable appraiser can be challenging, especially if you have antique or vintage jewelry from high-end brands (counterfeiters are getting better every day!).
This guide will walk you through everything you need to know about jewelry appraisals in Phoenix, Arizona – from how the process works, what you need to provide, and where to get reliable evaluations and fair prices from gemology experts. With these insider tips, you’ll feel confident getting accurate valuations for your precious gems and metals.
What You Should Know About Jewelry Appraisals
Different appraisal types have unique purposes, such as tax assessments, insurance valuations, or valuations for resale. All appraisal types aim to validate the fair market value of an item in an objective and accurate manner.
For insurance appraisals, the Retail Replacement Value determines the value of an item if purchased new. The amount received in the event of damage, burglary, or loss depends on the type of insurance policy. Insurers will base reimbursement on:
- Agreed Value policies guarantee receipt of your covered property’s full retail replacement value in the event of a loss. While generally more expensive than other policies, agreed-value policies provide transparency by declaring the precise payout amount. Insurers will adjust the policy amount every couple of years to reflect current retail values. The property also requires periodic reappraisals to ensure adjustment accuracy and relevance.
- Actual Cash Value insurance calculates claim payouts based on the depreciated value of damaged or destroyed property. Insurers determine depreciation based on wear and tear and obsolescence that reduce an item’s worth over time. While Actual Cash-value policies have lower premiums than agreed-value policies, claims are not always settled for the full amount listed. Insurers can pay a lower amount when claims are settled in cash, as they base payouts on the item’s depreciated value and their own risk assessment at the time of the loss.
Jewelry has different replacement values depending on whether it is modern or antique. Modern jewelry may gain a New Replacement Value (NRV), accounting for the full cost of replacing a new item. Antique jewelry may receive a Second Hand Replacement Value (SHRV), considering the used market. Note that an appraisal for insurance does not necessarily reflect the fair market value of an item. Fair market value is the price an object would sell for between a buyer and seller. To elaborate, if you decide to sell your jewelry in the future, this appraisal, along with a grading report, would help specialists determine the resale market value.
How to Get Your Jewelry Appraised in Phoenix, AZ
Here are the basic steps to getting your jewelry appraised in Phoenix, AZ:
- Schedule an appointment for an appraisal. Many jewelers and appraisers require appointments for assessments. Others, like Biltmore Loan and Jewelry, welcome walk-in clients and accept online appraisal requests.
- Provide details about your jewelry. The appraiser will need information, such as when and where you purchased the item, the original purchase price, and any paperwork you have. Providing as many details as possible will ensure an accurate appraisal.
- Get a written appraisal report. The final document should describe your jewelry in detail, including gemstones, metals, and current market value. You can use this document from certified appraisers for insurance, tax assessments, resale, or estate planning.
- Pay the appraisal fee. Fees depend on the complexity of your jewelry and the appraiser’s credentials. Expect to pay between $50 to $500 per item. The cost might be higher if you need the appraisal for legal or insurance purposes. Other businesses, like Biltmore Loan and Jewelry, have GIA-certified gemologists who offer complimentary jewelry valuations when you choose to sell or use your jewelry as collateral for a loan.
With the right appraiser, valuing your jewelry can give you peace of mind and ensure your prized possessions are properly insured and protected, or sold at a fair price.
The Appraisal Process
When valuing jewelry, appraisers consider factors such as metal content, karat weight, measurements, gemstone composition, and maker. Documentation like authentication certificates and receipts aids the process by supporting a more accurate valuation, especially if the piece is from Cartier, Van Cleef & Arpels, Harry Winston, and other best-selling fine jewelry brands.
Where to Find Reputable Jewelry Appraisers in Scottsdale, AZ
Aside from visiting the GIA’s library of Appraiser Associations for reliable resources, if you are looking for a reputable jewelry appraiser in Scottsdale, Arizona, let Biltmore Loan and Jewelry be your go-to destination. With 30+ years of combined professional experience in the diamond and jewelry industry, as well as 20+ years in the antique business, our GIA-certified specialists can value your gold, silver, platinum, gemstones, watches, and more with guaranteed accuracy.
In addition, if you need a market value appraisal for resale, we can buy your jewelry, too. With our extensive knowledge of the high-end jewelry market, we can offer the most competitive prices for your jewelry. Stop by our Scottsdale office today. We are open from 9:00 AM to 5:00 PM Monday through Friday, and 10:00 AM to 3:00 PM on Saturdays. Simply come prepared with details and an open mind. Leave the rest to our experienced appraiser, and before you know it, you’ll have a deeper appreciation for your jewelry and a solid idea of its monetary value.
Takeaway
You’ve got it from here – arm yourself with the right information on jewelry appraisals to learn what your pieces are worth. Whether you’re curious about grandma’s antique brooch or need to insure that diamond tennis bracelet, appraisals open the door.