What is a jewelry appraisal?
A jewelry appraisal is a written document in which an acredited professional examines a piece of jewelry and arrives at an estimate of its worth according to the type of appraisal requested. A proper appraisal should contain a quality analysis, a detailed description, and a valuation of each jewelry item.
What are the two main types of appraisals?
An Insurance Replacement appraisal determines a value based on replacing a piece of jewelry with a comparable new item. A Fair Market appraisal provides a value that an informed seller can expect to obtain from an informed buyer in which time is not a factor. This value is used for an estate appraisal.
What should I expect from a Bromberg’s appraisal?
Each piece of jewelry to be evaluated will have a complete description of both settings and gemstones. This includes digital photos, proportion analysis of diamonds over one third of a carat, and a diagram that plots the internal clarity characteristics of diamonds over three quarters of a carat. The goal at Bromberg’s is to accurately describe your jewelry items so they may be easily replaceable and identifiable in instances of loss or theft
The difference between a grading report & an appraisal
A Diamond Grading Report is a document from a well respected independent laboratory with the 4 Cs of your diamond. This document only gives the quality of the diamond that the value is based on by an appraiser or retailer. They do not and should never designate a value. The things that should be on all current [this does not apply to older graded diamonds] diamond grading reports from the most respected laboratories are the following: Shape, Carat, Proportion Measurements, Clarity [most should have a mapping and plotting of your diamond], and Color. The Proportion Measurements corresponds with the cut grade of the diamond. This is also true for any high quality colored stone. Not all diamonds or colored stones have independent grading reports, as this adds to the cost of the diamond through a retailer. An appraisal from Bromberg’s gives you replacement value of your diamond or colored stone as it is set in your mounting. If the diamond does not have a Diamond Grading report, the proportion measurements, color, clarity, estimated carat, and plotting are provided.
What should I bring with my jewelry items?
Previous sales documents or appraisals from the original seller or a gem laboratory will help establish correct color and exact weights. Since your gemstones are never removed from their settings to be exactly weighed, without this documentation weights must be calculated based solely on their measurements. The more information we have, the more accurate the appraisal.
How much will my appraisal cost?
Starting prices on single items with gemstones and diamonds to be appraised are as follows:
- $150 for one or the first piece of jewelry. This price can vary depending on the amount of time to measure and reseach the piece. This price includes a plotted diagram of internal characteristics of a diamond 1.00 carats and larger and 1-3 digital photographs of each item.
- Larger gemstones and jewelry with numerous pieces (such as slide bracelets or charms) will be a higher charge due to the amount of time spent measuring.
- Each additional item is priced beginning at $85.
- Appraisal updates begin at $65. Updates refer to Bromberg’s appraisals done in the past 10 years.
- A $50 rush fee will be added to the total if the document is needed in a week or less time.
Who performs appraisals?
All of Bromberg’s jewelry professionsals are credentialed through the American Gem Society (AGS). We’re proud to exclusively offer the appraisal services of Shannon James, who is a Graduate Gemologist and Certified Gemologist Appraiser with over 20 years of experience. Shannon delivers the highest level of expertise for insurance appraisal needs in the Birmingham area.
Don’t Forget…
Speak with your insurance agent to be certain your home owner’s or renter’s insurance policy provides coverage for jewelry and other high value items. Many insurance companies require you to purchase an extension or “rider” for coverage of high value items.
How often should i have appraisals updated? It is wise to have your appraisals updated every five years. Speak to your insurance agent about what your specific policy requires.
More questions?
If you have any questions about appraisals, we encourage you to call either of our convenient locations to speak with an American Gem Society accredited professional.
Mountain Brook (205) 871-3276
The Summit (205) 969-1776
Click here to email Shannon James directly.