Getting jewelry appraisal can be an intimidating process. Will it be a good experience or a stressful one? How do you know you’re getting the best offer?
Finding the right appraiser is the first step towards getting a fair and accurate appraisal. But should you look for someone local or do it all online?
This guide will give you the information you need to understand the appraisal process and find an appraiser who will give you the best offer and the best client experience.
What Is a Jewelry Appraisal?
A jewelry appraisal is a process of having a certified professional examine a piece of jewelry and state its monetary value.
An appraisal can mean different things, depending on how you’re going to use it. You may want to know the replacement value of a piece of jewelry. It tells you how much insurance you need if the item gets lost or stolen.
You can also find out the retail value of your jewelry. How much would it cost to buy an identical item at a jeweler?
Finally, an appraisal can tell you what someone is willing to pay for your jewelry as a cash offer. This type of appraisal lets you sell your item immediately.
Any appraisal should be as objective as possible to accurately determine the value of your jewelry.
Determining the Value of Your Jewelry
People sometimes expect a higher cash offer than they receive. Their expectations are usually based on other types of appraisals they have had. Different kinds of appraisals will give you different values for your jewelry. The purpose of the appraisal influences these variations.
Replacement Value and Retail Value
An appraisal for replacement value will be the highest. For example, an appraisal might give your diamond ring a replacement value of $5,000.
The retail value of the same ring maybe $3,000 if you bought an identical item at a jeweler.
Such a large difference between the value you get from a replacement value appraisal and a retail value appraisal is common. Your insurance company can charge a higher premium for your insurance policy. The jeweler can say you’re getting an excellent deal.
Cash Value
The same ring may bring $1,000 as a cash offer. In a cash offer for gold jewelry, the appraiser usually considers three things:
- Spot price of gold
- Karats
- Weight
The color, clarity, cut, and carat weight of the diamond in diamond jewelry also helps determine the cash value. For most cash offer appraisals, however, a certified grading report from the Gemological Institute of America (GIA) or the International Gemological Institute (IGI) isn’t necessary.
An antique jewelry appraisal for the cash value will likely be the same for a ring, whether it’s antique or modern. The factors that determine the value of the cash offer are independent of the ring’s age.
A cash value appraisal may seem unfairly low at first. Keep in mind that the buyer may end up melting the gold and selling the diamonds separately for a few hundred dollars.
The buyer might also sell the ring as used jewelry. Demand for used jewelry is generally low unless it seems to be a good deal for the buyer.
A jeweler could sell you the ring new for $3,000. You wouldn’t pay that price for a used ring, though. You might consider buying the used ring for $2,000 because it’s a good deal.
When you have jewelry appraised, it’s important to keep in mind the purpose of the appraisal. You’ll have a better idea of what to expect for the value of your items.
The Value of Local Jewelry Appraisals
The jewelry appraisals process should be easy, convenient, and transparent. When you’re looking for where to get jewelry appraised, you want a business with a good reputation that will give you the most money and the best experience.
We invite you to visit Crown Gold Exchange for your next appraisal. Join our growing number of satisfied customers who found that we were the right local jewelry appraiser for their needs.