You found the perfect engagement ring. You’ve bought your significant other the jewelry of their dreams. Or, you’ve just inherited a priceless piece from a loved one.
The next step isn’t as glamorous as giving or receiving such a precious gift, but it’s absolutely crucial for your peace of mind for years to come: the appraisal.
Why Appraisals Are Important
When you purchase a car or a home, you make sure your investment receives the protection it deserves. Your jewelry needs the same level of protection.
Appraisals can help protect your monetary investment. Properly insuring something irreplaceable seems paradoxical, but it’s worth every penny if something does happen to it.
Losing or damaging your engagement ring is heartbreaking in and of itself, but insurance helps take some of that sting away because you’re covered for monetary loss.
Jewelry Appraisal for Insurance
An appraisal is the first step in purchasing insurance for your jewelry or heirloom. Jewelry appraisers note the weight, material, markings, quality of the gem, and more. They will use this information to help determine its value – that’s the amount your insurance will cover.
Don’t think you need insurance?
If your jewelry is lost, stolen, damaged, or disappears, how will you replace it?
Jewelry insurance helps to replace the item in question if something does happen to it. Some options for insurance include adding it to homeowners or renters insurance through a rider. You can also purchase jewelry insurance separately through some providers.
Each option has its pros and cons, so you must take time to compare plans to ensure the policy you get is the one that meets your needs.
How Often You Should Get Jewelry Appraised
It would be nice only to need an appraisal when you first buy a piece, right? But jewelry fluctuates in value. If your appraisal is older, you may or may not have enough insurance to cover repair or replacement. The older the appraisal, the less accurate it is.
We recommend getting an updated appraisal every few years so that you’re covered completely and thoroughly by your insurance.
What Does a Jewelry Appraisal Include?
A jewelry appraisal provides detailed documentation about a piece and establishes a stated value based on the type of appraisal being performed. For an insurance replacement appraisal, the goal is to document the jewelry in enough detail to help identify and replace the piece if it is lost, stolen, or damaged.
During the appraisal process, important characteristics of the jewelry may be documented, including the materials, gemstones, markings, measurements, and other identifying details. Diamond and gemstone information can also be recorded based on the characteristics that can be evaluated while the stones remain in their settings. Supporting photographs and diagrams may be included as part of the documentation.
Jewelry Appraisals for Engagement Rings and Heirloom Jewelry
Some jewelry carries significance far beyond its monetary value. Engagement rings, inherited jewelry, family heirlooms, and other meaningful pieces can be especially important to document and protect.
An appraisal can provide a written record of the piece, including details that may be useful for insurance purposes. For inherited jewelry, an appraisal may also help you better understand the materials and gemstones used in a piece, particularly when you do not have the original purchase information or documentation.
If you recently purchased an important piece of jewelry, inherited an item from a family member, or have an older appraisal that may no longer reflect current replacement considerations, professional appraisal documentation can help you keep your records current. Bromberg’s offers insurance appraisal services through Shannon James, a Graduate Gemologist and Certified Gemologist Appraiser with more than 20 years of experience.
Preparing for Your Jewelry Appraisal
A little preparation can make the appraisal process more informative and efficient. If you have previous appraisals, sales documents, diamond or gemstone laboratory reports, or other documentation related to the piece, bring them with you. These records can provide useful information such as original weights, gemstone details, and purchase information that may not be possible to determine directly while a stone remains mounted.
It is also helpful to let the appraiser know why you are having the jewelry appraised. An insurance replacement appraisal and other forms of valuation serve different purposes, so understanding the intended use of the appraisal helps ensure that the appropriate type of documentation is prepared.
Jewelry values and replacement considerations can change over time, which is why keeping appraisal documentation current is important. Bromberg’s recommends periodic appraisal updates, and updates are available for previous Bromberg’s appraisals that meet the applicable requirements. Contact Bromberg’s service department to discuss your jewelry and determine the appropriate next step.
Frequently Asked Questions About Jewelry Appraisals
1. What is a jewelry appraisal used for?
A jewelry appraisal provides written documentation describing a piece of jewelry and establishing a value for a specific appraisal purpose. Insurance replacement appraisals are commonly used to help document jewelry for insurance coverage and potential replacement following loss, theft, or damage.
2. What should I bring to a jewelry appraisal?
If available, bring previous appraisals, purchase records, diamond or gemstone laboratory reports, and other documentation related to the jewelry. These records can provide information that may help with the appraisal, including original weights and gemstone details.
3. How often should jewelry be appraised?
Jewelry values and replacement considerations can change over time. Bromberg’s recommends having appraisal documentation updated periodically. If you have an older appraisal, contact Bromberg’s service department to determine whether an update may be appropriate.
4. Is a jewelry appraisal the same as a diamond grading report?
No. A diamond grading report documents characteristics and quality factors of a diamond, while an appraisal establishes a value for a specific purpose. A grading report does not itself establish the monetary value of the diamond.
5. Does Bromberg’s provide insurance jewelry appraisals?
Yes. Bromberg’s offers insurance appraisal services through Shannon James, a Graduate Gemologist and Certified Gemologist Appraiser. Appraisal services are available through Bromberg’s locations in Mountain Brook and The Summit. Contact the store for current pricing, and appraisal requirements.
Getting Your Jewelry Appraised with Bromberg’s
Since most insurance companies require an appraisal by a graduate gemologist, Bromberg’s proudly and exclusively offers the services of an experienced insurance appraiser, Shannon James. Shannon is a Graduate Gemologist and Certified Gemologist Appraiser. With over 20 years of experience, we assure our customers the best and most knowledgeable insurance appraising service in the Birmingham area.
Appraisals begin at $150 or $65 for appraisal updates, and you can drop your pieces off at our Summit or Mountain Brook Repair Departments.
For more information, call one of our stores at (205) 969-1776 (The Summit) or (205) 871-3276 (Mountain Brook) or email Shannon at [email protected].
