When was the last time you had your jewelry appraised?
- The price of gold has increased significantly in the past few years. Every year, the value of your jewelry can fluctuate by hundreds of dollars. For this reason, it is in your best interest to reappraise your jewelry.
Why even bother… who cares if I know how much it is worth?
- It’s important to appraise expensive jewelry and schedule it on your homeowner’s policy. Why? Because home policies limit the amount an insured can recover in case of a covered jewelry loss to around $1,000.00.* If you schedule the item to its appraised value, you can recover the same amount of money in case of a loss; the jewelry you schedule is also covered for more perils when it is scheduled on the policy.
OK… so let’s say I wanted to get an appraisal thing… where do I go from here?
- We recommend returning to the jeweler from whom you made your purchase to get a trustworthy appraisal; sometimes, they can even be free if you return to the same jeweler. Otherwise, ask your close friends and relatives for a good jeweler so you can get a good quality appraisal (one that is not too vague or inflated).Insurance company statistics say that 20% of jewelry appraisals are inflated by 2-2.5 times their value. If you can find a jeweler that is GG (graduate gemologist) or a CGA (certified gemologist appraiser), it is all the better. Be wary of terms like “certified gemologist,” “diamondologist,” or “diamond certificate” as all of these are retail terms.
*This figure does not necessarily apply to all homeowners insurance policies and may be subject to a deductible.