A jewelry appraisal is used for two purposes. The first is a detailed description of the gemstones and the precious metals in which they are set. The second is an estimated replacement value for insurance purposes.
Generally, the jewelry store where you purchased your fine jewelry items will provide you with a statement of sale for your insurance provider. However, many people fail to realize that unlike your car, which decreases in value, the value of most fine jewelry increases over time.
In many cases, the diamond engagement ring is your most important item of jewelry. It is important to have the ring re-evaluated every 2-3 years. This is to ensure the amount scheduled on your insurance policy is adequate coverage in the event of loss, damage or theft. The heartbreak over the loss or theft of your jewelry is often compounded when you are informed by your insurance company, that the dollar amount of your policy will only cover a fraction of the cost to replace it in today’s market.
Appraisals should be performed by a highly trained and experienced credentialed gemologist to ensure the true value is determined accurately. If your item is overvalued, you will pay more in insurance premiums unnecessarily. If your item is undervalued, you may not be able to replace it in the event of loss or damage. If your ring hasn’t been appraised in the last 3 years, you could be at risk.
Let Werkheiser Jewelers provide you with the peace of mind that your most treasured items are safe by calling and scheduling an appointment to meet with our gemologist, Tom Wiggins. Tom is a Graduate Gemologist with over 38 years of experience performing appraisals. He was educated, trained and credentialed by the prestigious Gemological Institute of America (GIA).