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Jewelry appraisals can be quite confusing and intimidating if you know little about the process. But when it comes to knowing the actual value of your jewelry, getting it insured, or trying to sell, a jewelry appraisal is a crucial part of the process. So here is everything you need to know about the types of appraisals and how to utilize them.

Types of Jewelry Appraisals

Replacement Value Appraisal

This is the most common kind of jewelry appraisal and is done mainly for insurance purposes. The jewelry value determined at the end of the appraisal is called the Retail Replacement Value. This value determines how much it would cost to replace the jewelry if something happened to it. 

This appraisal’s value is higher than what you would receive from a Fair Market Value appraisal. This is due to different factors considered when appraising, such as the potential cost of labor and the cost of new metals and new stones, all used to replace or re-make the piece appraised. Due to market fluctuations, this appraisal should be updated every 3 to 5 years to assure that you are adequately covered should you experience a loss.

Fair Market Value Appraisal

This type of appraisal determines the value of what you could expect when selling your jewelry or making a charitable donation. This appraisal takes into account the condition of your jewelry. The value is determined based on the current market conditions and similar pieces available on the secondary market rather than new.

Liquidation Value Appraisal

A liquidation value appraisal is the least common kind of valuation done today. Primarily used in more urgent circumstances, this appraisal will always be far lower than the Fair Market Value appraisal. An example of when this is used is in the case of jewelry for an estate sale following a sudden death, or in the case of a divorce.

Common Misconceptions

The most common misconception people have when looking into jewelry appraisals is thinking that it is the same as getting their jewelry certified. Still, certification and an appraisal are pretty different in purpose. Certifications are often used to determine the quality or authentication of a diamond by an accredited organization, such as the American Gemological Society (AGS) or the Gemological Institute of America (GIA). 

Certifications determine the quality and authenticity of a stone based on four factors: carat, color, clarity, and cut. Certification is helpful in knowing precisely what you’re buying but does not serve the same purpose as an appraisal. With a certificate, you can be assured you’re getting exactly what you’re paying for. Still, without an appraisal, you cannot get insured, get a fair price for selling your jewelry, or be able to liquidate your jewelry quickly.

Adeler Jewelers Appraisals

If you are looking for an appraisal, give us a call or visit us in person and book an appointment. We can service all of your appraisal needs with our experienced appraiser Deborah.

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