Who wouldn’t love the timeless appeal of jewelry made from gemstones and diamonds? It is our passion to purchase exquisite jewelry, ranging from engagement rings, necklaces, earrings, and bracelets. They aren’t simply accessories. They’re also investments. This is why it’s crucial to insure your collection. Insurance companies will require a certificate of appraisal for jewelry to determine the actual worth of your jewelry. The appraisal of jewelry is extremely crucial.
Why Is Jewelry Appraisal Required?
Jewelry appraisal services are provided by various companies such as Prestige Valuations to determine the true value of jewelry pieces. Skilled appraisers based on various factors find out the accurate market value of your jewelry. This information is needed by the insurance company to cover your coveted items.
Another reason why online jewelry valuation is required is estate planning. The certified document will be utilized to distribute unbiasedly what each heir deserves. The document will disclose the accurate current market worth of each piece.
Jewelry appraisal online can effortlessly let you find out the quality of diamonds and gemstones studded in your coveted item. It also lets you know the authenticity of the precious piece and that you are not underinsured.
Why is Jewelry Re-Appraisal Important?
Once you have got online jewelry valuation done, when is the need to get your precious items re-appraised, is the question you might ask. Another important question is – how frequently you must re-appraise your jewelry? Both the questions are similar and have the same answer. You should get your jewelry re-appraised every two to three years. Not getting your items re-appraised can result in under-insurance and potential losses as the value of jewelry changes with market fluctuations.
Let’s learn the reasons why re-appraisal is crucial:
To Save Yourself from being Underinsured
In case you do not get a re-appraisal done for many years, then there are high chances of getting underinsured when it comes to your insurance coverage. As mentioned above, the value of jewelry keeps changing as the market fluctuates. Most of the time the value of the gold diamond jewelry increases with time. Now just imagine a scenario- your precious piece is damaged or lost or someone steals it. If your appraisals are not updated for years, you will not get adequately covered.
Estate Planning for Unbiased Distribution Among Heirs
When you go with routine appraisals, your appraisal document is updated and the worth of your jewelry is accurately mentioned in the appraisal certificate. This is crucial for estate planning so that your heirs know the accurate worth of the items they inherit. Most importantly, an updated appraisal document will let the beneficiaries effortlessly manage your estate. Distribution among heirs or sale of the items can be made without any bias and issues.
Value Changes with Market Fluctuations
Gold and platinum prices fluctuate with economic circumstances, which also applies to diamonds and gemstones set into jewelry pieces. An item appraised some years back may have increased greatly in value; therefore, regular reappraisals must occur to maintain alignment between your appraisal document’s worth and market values.
When to get Jewelry Re-Appraised?
As mentioned above, try to get jewelry re-appraisals done by jewelry appraisal services every two to three years. But there can be a few situations when you must get the online jewelry valuation immediately.
Drastic Market Shifts
When the market conditions fluctuate drastically, it is better to get a jewelry re-appraisal done. This will let you tab in the higher value of your coveted items.
Insurance Company’s Guidelines
You need to check with your insurance company how frequently they want the re-appraisals done. You can also check the policy guidelines.
Jewelry Repairs
When you get some significant jewelry repairs done, it is recommended to get the piece re-appraised. If you alter the design of a heirloom piece or if a gemstone has been changed, these changes need to be mentioned in the revised appraisal document.
Managing the Estate
When you are planning estate management, you must get re-appraisals done so that the distribution is unbiased and heirs know the accurate value of the items inherited.
When you have beautiful jewelry pieces, you will adorn them during special occasions, parties, and events. But these precious pieces are not just mere accessories to flaunt, they are investments. You must safeguard them and jewelry appraisal is the best way to do that.
