Why Do You Need to Have Your Jewellery Appraised?

To start off, what exactly is a jewellery appraisal anyways? An appraisal is a professionally performed estimate of value valid at the time it is written and for a certain amount of time afterwards.

Diamonds, along with other precious gems and metals, can be thought of as timeless pieces. Appraisals, however, are not.

There’s a time limit for appraisals of all jewellery containing precious gems and metals. Although many appraisers make it clear that their reports have time limitations–usually no more than two or three years–many consumers forget or don’t think it’s important to have their jewellery re-valued.

Receiving a value appraisal for your jewellery is useful for two key reasons:

  • Peace of mind in knowing your jewellery’s value is near to what you paid for it
  • Insuring your jewellery for its full replacement value

To appraise or not to appraise? That’s the question! Our jewellers have compiled the answers to three of the most commonly asked questions when it comes to having appraisals done:

Why do I need a current appraisal for my jewellery?

One of the most important reasons to get a current appraisal for your jewellery is insurance purposes. Over the years, the value of your jewellery and gemstones can fluctuate significantly. If your last appraisal is more than two years old, it may be out-of-date.

If something happens to your jewellery such as loss, theft or damage, it may be insured for less than its replacement value. We recommend you have your jewellery appraised every two years to avoid the possibility of significant financial loss.

I already have an appraisal from when I purchased my jewellery. Do I need another one?

Many jewellers will offer free appraisals with your purchase, but it’s always wise to get a second opinion. An independent appraiser will provide you with an accurate, in-depth appraisal.

Taking the time to obtain a separate appraisal will help you avoid paying excessive premiums or insuring your jewellery for less than its actual value.

I have homeowner’s insurance. Does this cover my jewellery too?

Homeowner’s insurance will only cover your jewellery if it is appraised separately. To make sure your jewellery is insured in the event of an emergency, always make sure to have an up-to-date appraisal of your jewellery.

Always check with your home insurance company yourself to understand the policies for their company as well as your specific policy.

Jewellery Appraisal vs. Certificate of Jewels

It’s important to note that there is a difference between an appraisal and the certificate of jewels you obtain with your purchase.

A diamond grading report, like one from the GIA or AGS, provides details about Carat weight, cut, colour and clarity. It does not, however, provide a dollar estimate or value of the piece like an appraisal does.

Having that official appraisal makes you eligible for the full financial investment should your jewellery ever be lost, stolen or damaged.

It may seem like there is a lot to know about getting your jewellery appraised, but don’t be intimidated! Stop by J.H. Young today and we can help with all your Brantford jewellery appraisal needs.