January 25, 2017
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:
Up to 0.99 carats $100
1 carat up to 1.99 carats $115
2 carats up to 2.99 carats $130
3 carats up to 3.99 carats $175
4 carats up to 5.99 carats $225
6 carats and up $275 and up
Watches $75 and up
Each additional item starts at $45.
These prices include a plotted diagram of the internal characteristics of a diamond 0.75 carats and larger and one to three digital photographs of each item.
If the customer provides a Diamond Grading Report from either GIA or AGS laboratories they will receive a $25 discount on the cost of the appraisal. Reports from other labs are not allowed this discount as we cannot verify the accuracy of other gem labs.
Updating a dated Bromberg’s appraisal with a change in value starts at $40. The price may be more if multiple items need updating. If we do not have copy of the dated appraisal on file, update prices start at $50. Appraisal prices may vary depending on the amount of time it takes to measure and/or research each item. Larger gemstones and items with numerous components (for example, slide and charm bracelets) will be a higher charge due to the amount of time required to measure and evaluate each piece.
An appointment can be made to meet with our Appraiser at either our Summit or Mountain Brook location for an additional $100 charge for up to 6 items to be appraised. There will be an additional charge of $50 for every 5 additional items to be appraised. This is because the number of items being evaluated determines the amount of time our Appraiser must schedule for an in store appointment. For an in person appraisal, all work will be done while customer waits and documents will be mailed within a week.
If a rush is needed on any appraisal [a week or less] an additional $25 fee is added to the total.
No loose diamonds or gemstones will be appraised unless an appointment is scheduled.
We refuse the right to appraise items newly purchased from another retailer.
Who performs appraisals?
All of Bromberg’s jewelry professionsals are credentialed through the American Gem Society (AGS), including the professional who will complete your appraisal. Our staff includes an AGS Certified Gemologist Appraiser, the most highly regarded title in the jewelry industry, who is also a Graduate Gemologist through the Gemological Institute of America (GIA).
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 to seven years. Speak to your insurance agent about what your specific policy requires.
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.