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	WHAT YOU SHOULD KNOW ABOUT JEWELLERY APPRAISALS
	What is an appraisal?
	Why is an appraisal required?
	How often is an appraisal required?
	How to choose an appraiser
	What will it cost?
	How long will it take?
	Appraisal procedures
	Questions you may be asked before the appraisal include
	For your files...
	Types of appraisals/valuations Modern jewellery, antique jewellery, estate division, bill of sale, private sale, auction reserve, valuation after loss, agreed value, cash realisation value.
	Appraisers are highly qualified people responsible for appraising an item or items of jewellery in order to replace a value on those items. This may be a replacement value for insurance purposes, an estate value appraisal sought by a solicitor or a guide for others who have an interest in the property, for example, a bank or another buyer. Reputable appraisers will provide you with an expert, objective, unbiased appraisal of your most treasured possessions.
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	What is an appraisal? An appraisal is a written statement giving an independent and expert opinion as to the worth or value of your property. This could include jewellery, loose stones, watches, antique jewellery and small items containing precious metals generally worth more than $1000. An appraisal done by a reputable appraiser will include both an estimate of the current value and an accurate description of it. Items of less than $1000 should be listed for inventory and proof of ownership. Jewellery purchased overseas should be appraised on your return home. In case of loss, your insurance company may ask for proof of ownership and the onus is then on you.
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	Why is an appraisal required? Insurance companies require a written appraisal/valuation from a registered appraiser on all valuable jewellery, watches, antiques and fine art. An appraisal ensures adequate compensation or your jewellery replaced in the event of a loss occurring.
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	How often is an appraisal required? Jewelery should be appraised often to take account of changing market values. If current market value is not a major concern, an up-to-date appraisal of your jewellery and other valuable items should be obtained every two to three years. It is suggested that you should supply any helpful information such as a gemstone report, previous appraisals or sales certificates at this time. Jewellery items worth more than $1000 that have not been appraised for three years may not be covered by your insurance company. Keep an inventory of all jewellery and where possible keep receipts and details of when and where the item was purchased.
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	How to choose an appraiser An appraisal is a professional opinion as to the quality, authenticity, design and value of your jewellery. It is also a legal document, so make sure that your appraiser is professionally qualified. A registered appraiser has a comprehensive knowledge of the jewellery industry and conforms to the standards of honesty, integrity and expertise required. His or her qualifications may include G.G. Graduate Gemologist (G.I.A.), N.G.J.A (USA), F.G.A. (England), F.G.A.A. (Australia), Diamond Grading Certificate (G.I.A.), Gemologist (GIA)
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	What will it cost? This will be determined on a time factor – how long a competent appraiser would take to complete an item within a certain price range. Often many higher priced items may be discussed with another consultant specialist, gemologist or appraiser to arrive at a more detailed and comprehensive opinion.
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	How long will it take? Always discuss the timeframe required with your appraiser. Turnaround can vary from a same day service, which can incur an extra fee, to a standard service of three to five days.
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	Apprisals procedures Your jeweler will examine each piece and comment on any work or repairs required. Repairs must be done so the item is in a safe, insurable condition before the appraisal. If you go directly to an appraiser he will arrange for the item to be repaired before he values it. The more information you can give about the item, the more accurate the appraisal will be.
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	Questions you may be asked before the appraisal include: Where and when was the item purchased? Has the item been appraised before? Can you supply the original? Do you know or have proof of the size or weight of the stones? How much was the original asking price? How much was actually paid?
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	For your files... Depending on the item appraised, you could receive all or most of the following information from your appraiser. An explanation of the purpose of the appraisal. Colour photograph. A description of the items, including type of manufacture/ construction and type of metals used, for example, platinum, 18ct gold, etc. Statement as to the condition of the items Your appraiser will check and clean settings during the appraisal. If your piece of jewellery is showing signs of wear and tear, for example, you will receive a statement as such. Explanation of diamond and colour grading system used. Quality analysis of pearls, gems and diamonds including cut, variety, colour and clarity. X-ray for pearl identification and diamond and coloured stone treatment. Chart reports of important diamonds. Definitions of technical terms and grading procedures. Disclosure of any limiting factors involved with procedures, for example, enhancements. Disclosure that fees are not based on or reflected by values. Disclosure of current or future interest in the appraised property. Disclosure of exchange rates and other economic factors.
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	Types of appraisals/valuations For insurance – replacement new or indemnity value Modern jewellery These are the most frequent types of appraisals needed for insurance cover against loss or damage. The type and quality of gems and mounts will be assessed and considered as the value for insurance purposes. The appraisal will ensure you are in the same financial position as you were before the loss. This means, for example, that a cast item will be valued as a cast item and an unusual mass-produced item will be valued as such and not with the view of producing an exact duplicate.  NB. -This is not an offer to buy the jewellery or a suggested "re-saleable price". Antique Jewellery  A reputable appraiser keeps in close contact with specialists in the field of antique jewellery and he has a sound knowledge of current market values. An exact replacement may not be a reasonable proposition and in many cases impossible, for example, many mass-produced older items are made from pressings or stampings and the dies are no longer available. Estate Division Your appraiser will seek to obtain information regarding the method of distribution of the estate items from the solicitor or executor. He will want to know if the items are to be divided intact between the beneficiaries, or sold with the proceeds being divided.   For the former, each piece is appraised at the level of a realisable figure if it was to be sold secondhand by a willing seller to a willing buyer. If the items are to be sold and the proceeds divided, an appraisal will provide a figure for an auction reserve, as this will be the usual method of disposal. Bill of Sale Provided by the retailer or supplier at the time of sale and relates only to the sale of the item. This should include sufficient details of the item and be valued at the actual price the item was sold for and is valid for one year. Private Sale In this case your appraiser is an independent third party who will establish a figure which represents a fair and reasonable second-hand value. Auction reserve This valuation depends on the condition and attractiveness of the item. Your appraiser will need to know whether the item must be sold at first auction, or if there is time for several attempts. Valuation after loss An appraisal is given based on the retail value new or second-hand retail value of a comparable piece of jewelery. The appraiser will use the description and details you have provided to calculate a value. A more accurate valuation can be done if you can supply a "pre-loss" appraisal. Agreed value This type of valuation is used where the full insurance valuation is unacceptably high and a lower figure is agreed upon between theowner and the insurance company to provide satisfactory compensation in the event of loss. Cash realisation value Under forced sale conditions an appraisal can be arranged. Please discuss this with your appraiser.
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