So you bought or inherited a diamond ring years ago. You now wonder what that ring is worth today. Has it appreciated its value? Will my appraisal hold up if I decide to sell?
In this scenario, it is a fine time to get a jewelry appraisal.
A jewelry appraisal is the process of getting your piece of jewelry evaluated by a professional, where professionals will examine and assign a number value to your jewelry. Appraisals can be extremely useful in protecting the investment of your jewelry, allowing you to know the replacement costs of your jewelry. In addition, an appraisal can also tell you how much your jewelry is worth in the fair market price, allowing you to get a great deal if you decide to sell.
So, whether it is just a simple curiosity about how much your wedding ring is worth in the fair market value, here are a few important reasons to get your jewelry appraised:
Lost or Stolen Jewelry (Replacement Value):
Jewelry has a terrible habit of being quite easy to lose. So, one very important reason to get your jewelry appraised every two to three years, is so that if you do happen to lose your jewelry, or your jewelry is stolen, you will have an accurate appraisal so that you can be fully reimbursed by your insurance company.
We all have had that scary moment when we lose our phone or wallet. That feeling of panic as you frantically search for your lost item. Now imagine that feeling times 100 when going through the feelings of losing a beloved piece of jewelry that not only holds a high monetary value but a sentimental one as well. Make sure that you are financially covered for your jewelry, possessing an accurate appraisal so the insurance reimbursement can take some of the emotional and financial burdens off of a piece of lost jewelry.
Private Sale, Estate Settlement, Tax Liability (Fair Market Value):
A fair market appraisal is different than an insurance appraisal, as it values the jewelry in terms of its fair market value, how much the jewelry is worth based on the current market value of the piece, and the condition and state that the jewelry is in.
If you’re planning on selling a piece of jewelry, getting an accurate appraisal of the fair market value will go a long way in getting an accurate deal and setting a fair price point. Maybe the piece even appreciated in value over the years, letting you come out on top! If you did not get an appraisal, you might have devalued the price of the jewelry, missing out on the financial uptick and a chance to have made some money.
If you are going through any type of settlement, whether that be divorce settlement or an estate settlement, it is important to have any jewelry appraised so that your finances and assets are properly documented and accounted for.
These are just a few important reasons to get your jewelry appraised. At Warwick jewelers, we offer our VIP members receive 50% off a jewelry appraisal, allowing our customers to make informed, intelligent decisions about their beloved jewelry. Take full advantage of our wonderful VIP program, text “WARWICKVIP” to 610-981-2198!