The Basics: 5 Things You Need to Know about Item Appraisals

There are several reasons why people want to get an appraisal of their jewelry. First, people want it because they need insurance. Or, it may be that they wish to cash for some of their property assets. Lastly, people go to a jewelry appraiser to determine the value of an engagement or wedding ring after a divorce.

Whatever brings you to the appraiser, it’s advisable that you if you equip yourself with knowledge about the appraisal process, the different types of appraisals, and what-not. So, for a little help, here are some things that you need to consider before getting a jewelry appraisal.

Different Types of Appraisals

There are different types of appraisals that you need to know before you go to an appraiser. There’s the fair market value appraisal, replacement value appraisal, and liquidation appraisal.

If you’re going to sell your jewelry, an estimate of the value of your jewelry is called a fair market value appraisal. In this type of evaluation, the appraiser will consider the jewelry condition, and the estimate will be lower than the replacement value appraisal.

A replacement value appraisal, on the other hand, will provide you with the value of the replacement cost that you’ll pay to replace the jewelry if you lose or damage the item. This type of jewelry appraisal is solely for insurance purposes. The value that you’ll get in this type of assessment is typically higher.

Liquidation appraisal will provide you with the value of the jewelry if you want to sell it immediately. Typically, the people who need a jewelry liquidation appraisal are those people who just went through a divorce.

An Appraisal Shouldn’t Give You Headaches

If you’re a newbie to the process of a jewelry appraisal, it’s understandable that you’ll get overwhelmed and intimidated at first. That’s how first-timers would feel in whatever situation that they’re not familiar with.

Thus, before getting a jewelry appraisal, you need to know that there are ways to make the process easy and less stressful. In fact, due to the advancement in technology, some certified appraisers will now appraise your jewelry online. Most of the time, appraisers who are experienced and tricky can often pressure first time sellers.

These types of appraisers significantly lower the price of a valuable item, such as a hamilton khaki king watch. Don’t get intimidated by such offers. You can always step back and find other options. You can also look for reviews and qualifications of the appraiser on the Internet before you bring the jewelry to the shop.

The Background of the Appraiser

You must get the services of an appraiser who has the expertise and experience to provide you with a credible evaluation of your jewelry.

For instance, you should make sure that the appraiser has a gemology education and proper training when it comes to the trade. It’s also a must that the appraiser is a member of a recognized association of appraisers.

Avoid going for shady appraisers who offer you with attractive yet unrealistic rates. Most of the time, these people are connected with illegal activities such as smuggling or fencing. Fencing is a punishable crime for both the buyer and seller. Fencing happens when a stolen item is bought or sold, regardless if done through legal or illegal means. Avoid the hassle and don’t transact with these kinds of appraisers.

Your Budget

One of the most important things that you have to consider before getting a jewelry appraisal is the payment that an appraiser typically charged.

An experienced appraiser will charge a higher fee because of their background and knowledge when it comes to jewelry. The payment will also depend on the size of the jewelry, and they will likely charge an hourly rate for the job.

The Appraisal Report

The appraisal report is an essential document in a jewelry appraisal. Typically, this report will include information such as your name and your contact, the appraisal date, the purpose of the appraisal, the jewelry description, photograph of the item, and, of course, the value of the jewelry.

Takeaway

If you have something you think that’s highly valuable, it’s always advisable to go and see an appraiser. However, not all appraisers can be fair with their pricing. You must know how to say yes and no to an appraiser. After all, you do want to get the most out of your item.

You should also know some of the ins and outs of the business and avoid dealing with shady people. If you decide to take a risk, you might end up being charged for buying or selling stolen goods. Always place yourself at an advantage and avoid the hassle.