Should I get appraisals of my jewelry or diamonds before I bring it to you for a quote?
I get asked questions all the time about the process of diamond buying, so I decided to put together the ABC’s of diamond buying for 2017. Each week I will offer you a tip, making my way through the alphabet. This first week we are going to talk about the letter A, which is for Appraisals.
A is for Appraisals
Appraisals serve many purposes, but the main one is for insurance purposes. Most jewelry comes with an appraisal when you purchase it, but if you can’t find it or have lost it, there could be time you might need to go to a professional to have your jewelry appraised.
You should appraise your diamond or jewelry to know the replacement value in case of loss. It’s important to note that appraisals do not mean the resale value of the diamond or watch that you are trying to sell.
Tip: Most appraisers will charge you for their services. If you are planning on keeping your jewelry, get an appraisal. If you are planning on selling your jewelry, then you don’t necessarily need an appraisal (unless you’re just curious about the value).
The Diamond Buyer Appraisers
When someone brings me a diamond, piece of jewelry, gold, or a watch – there is a process that I go through before setting a price on the piece.
It is an in depth process that involves:
- Testing the metal
- Measuring each stone
- Looking at the stones through the loupe
- Weighing the piece
- Calculating the price based on present day trading prices for diamonds
- Gemstones or gold
- The age of the piece
- The name brand
- The overall condition of the piece.
Tip: This is an appraisal of your piece and this service is free of charge. I not only will give you the value of your piece for insurance purposes, but the value of your piece resale or what I will pay for it.
Do you give appraisals?
Nope, sorry; I don’t offer that service, but I do have some favorite appraisers that I do recommend, and I don’t even get a kickback from sending you their way! If you do buy something from me though, you will get a full appraisal for insurance purposes for replacement value of the piece that you purchase.
Tip: If you buy a piece of jewelry from someone, whether it is brand spanking new or pre-owned, you should get an appraisal with that piece for the replacement value. If you don’t get one be sure to ask. This appraisal should be free. If your jeweler is asking you to pay for it, you might want to consider making your purchases elsewhere!
Be sure to check back next week for letter B in our ABC series.
