How does the appraisal process work?
- First, with the exception of earrings, each jewelry piece requires a separate appraisal. For example, an engagement ring and a wedding band count as two pieces.
- Secondly, each jewelry appraisal appointment requires a thirty minute time slot.
- Third, all appraisals must be scheduled and paid-for in advance.
- Next, first appraisal cost $80; each additional piece cost $60 during the same appointment setting.
- Finally, booked appraisals are non-refundable unless cancelled within 48 hours of appointment day.
Why would I need an appraisal?
Insurance policies protect your high dollar jewelry investment from theft, damage, and loss. As a result, before issuing a policy, most insurance providers require that jewelry pieces receive a certified appraisal. Over time, fine jewelry values can change drastically. Because of this, most insurance providers require jewelry pieces to receive appraisal updates every 1 – 3 years.
Estate and tax purposes
The IRS requires estate appraisals for any jewelry inherited through a will and for Federal tax purposes. Estate jewelry must be valued according to Fair Market Value instead of replacement cost.