Insurance companies require an official appraisal in addition to the invoices and certificates to get your item insured.
We provide our clients with free in-house appraisals with their purchase. For stones supplied by the client, we require copies of the stones' certificates and a copy of the original invoice. In the event of a loss, the policyholder is entitled to a replacement in like, kind and quality. To be compensated adequately, the appraisal report contains a detailed description.
The evaluation must reflect the current retail market value. An exaggerated evaluation will result in higher insurance premiums. Undervalued coverage will not compensate for the cost of replacement. The most common reason for an appraisal is to establish the insurance replacement value. An insurance company will not cut you a check based solely on the appraised value of a lost, stolen, or damaged item. A replacement policy works.
An appraisal does not guarantee or certify a gemstone value. A diamond ring appraisal does not guarantee the monetary value, given a changing market and other factors. However, the appraisal will help to understand the general value of your jewelry piece.
It is unethical for any jeweler to provide a referral to an independent appraiser. An accredited independent appraiser is a guardian of the client's interests, working on their behalf to establish an independent and objective opinion of the item's value.
Unlike "in-house" appraisal, an independent appraisal examines the quality of craftsmanship, materials, gemstones, it compares the accompanying certification with the existing piece and verifies that all information matches precisely.
An independent appraisal is a document that identifies the item and containing a detailed description of the item accompanied by close-up images of the item from every angle. The appraisal states the US dollar value and is signed by the examining appraiser.
An objective appraiser will never buy, sell or trade jewelry or gemstones. An appraiser can neither have any financial interest in any jewelry-related business, nor be involved in sales, promotions, or offers of any jewelry. An accredited professional will explain the process and all related charges, as well as advise on which type of appraisal suits your needs.
Contact ASA or any other organization or association to verify the appraiser's membership prior to hiring. There are many reasons to hire a professional appraiser:
Some associations of appraisers will award the title of an appraiser as long as they pay the membership dues. Others require intensive training and repeated testing every few years in order to stay current with changing standards and treatments. We endorse the ASA as a legitimate independent organization with strict membership criteria.
You can visit the ASA website to select a qualified appraiser in your area. We are not affiliated with or paid by the American Society of Appraisers (ASA). We are not responsible for any services provided by these professionals.
An ASA appraiser will: