Jewelry appraisal is a method that determines the value of personal ornaments such as rings, earrings, necklaces, bracelets and the like. Whether you’re planning to sell your jewelry or just want to use it as a guarantee for a loan, one of the steps you need to go through is appraisal.
Evaluating the worth of your jewelry is crucial, and it’s important that you know what goes on during this process. Here’s a simple guide to help you.
Before the Appraisal
The first thing you need to do is get in touch with the firm that will appraise your jewelry.
As early as this point, it’s important to provide as much information as possible about the piece that you want to be evaluated. Mention the type of jewelry, what metal it is made of, and when you acquired it. You can also send pictures to give the appraiser a better idea about your jewelry.
Aside from details about the piece, state the reason why you’re having the jewelry appraised—especially if you’re seeking the services of a third-party appraiser. Typically, assessment methods are dependent on the purpose for which the evaluation will be used.
If the jewelry is being evaluated for insurance purposes, the appraisal will most likely indicate the retail price. Meanwhile, if it’s being inspected because you want to sell it or use it as collateral, the appraisal will be based on the current jewelry market and sales performance of similar pieces.
During the Appraisal
During the appraisal, you should expect that the appraiser would conduct the process and interact with you in a very professional manner. Make sure that the methodology and grading system they will use are fully explained to you before the evaluation begins. Appraisers should be willing to answer any questions you may have, so don’t hesitate to ask or clarify any details that seem vague to you.
If you have any paperwork related to your jewelry, you can bring them with you on your visit. Documents such as appraisal receipts and certificates of authenticity may also help the evaluator come up with a more accurate appraisal.
There are several factors that appraisers look into when they evaluate jewelry and these are the metal composition of the piece, karatage, weight, grade, measurements, and whether the gems are natural or not. Aside from that, they also consider the overall condition of the jewelry and how similar pieces are currently performing in the market.
Appraisals may have a fee or not, depending on the firm you’re going to. Moreover, some appraisers can do on-site appraisals, but they may charge an extra fee.
Biltmore offers free and no-obligation appraisals for jewelries and any other item you might want to sell or use as collateral. All you need to do is give us a call or fill-up an online form to get a free appraisal.
After the Appraisal
After the appraisal, you should receive documentation containing the result of the evaluation. Based on that, you can decide whether to sell your jewelry, use it as a loan guarantee, or explore other options. It’s all up to you.
Keep in mind that you are not obliged to accept an offer right away after appraisal, especially if your jewelry was evaluated by a lender or buyer. If the offer doesn’t seem reasonable to you, you can always decline and ask for a second opinion from a different firm.
Jewelries are substantial assets, not just because of their monetary worth, but also because of their sentimental value. So keep this guide in mind when you take your jewelry for evaluation, and make sure that it gets appraised accurately.