- Fine Diamonds, Colored Gemstones, and Estate Services Since 1975 -
As part of our Estate Services offerings, our Appraisal Service is one of our most utilized.
By definition, an appraisal is a document that accurately describes and item and assigns value to that item.
Because there are no laws that currently exist that require an appraiser to pass a qualifying exam or be certified to appraise gems and jewelry, virtually anyone can be an appraiser of gems and jewelry.
That being said, an Appraisal is a legal document and as such, carries legal standing. In the event of a dispute over the documents statements, the appraiser is liable for any and all statements in that appraisal. If originally unqualified to render the evaluation, the value of that appraisal is questioned.
The Federal Trade Commission has developed guidelines to protect consumers with regard to gems and jewelry descriptions and terminology. Gem and jewelry appraisers are required to abide by those recommendations and guidelines to control for misrepresentation and deception.
These recommendations include:
An appraiser of gems and jewelry should be a trained Gemologist with experience in identifying and evaluating all types and qualities of gemstone. An appraiser should also have fair market knowledge to accurately value the item being appraised.
Types of Appraisals
There are a number of types of appraisals. The determining factor in developing an appraised value of an item is the purpose for which the appraisal is developed.
Insurance Replacement Appraisal - perhaps the most common type, this appraisal provides the owner and his insurance company with a value that reflects the current market selling price for the item. This form of appraisal is to obtain insurance for loss of the item.
Antique Appraisal - For older items or those inherited, this type of appraisal provides the owner with a fair market value based on a willing buyer and a willing seller. Value varies based on rarity, style, era and, in some cases, the known craftsman or artist.
Estate Appraisal - used in determining actual cash value of an item, usually for tax purposes and/or resale from the estate of an individual. The value is based on the secondary market, resale to the industry or auction.
Donation Appraisal - This specialized form of appraisal is used when an item is being donated, for tax benefit, to an institution such as a museum. For items valued at $5000 or more, the Internal Revenue Service requires a fair market value appraisal to justify any claims made for tax purposes for a donation to a qualified institution. It is highly advisable to contact the Internal Revenue Service for more detail and requirements regarding gifts and donations for tax benefit. We offer qualified appraisal services to our customers, providing the type of appraisal appropriate to the need. more information...
Please contact us for assistance in appraising your valuable Diamond and Gemstone jewelry and collectibles.