How To Get Your Ring Appraised


How To Get Your Ring Appraised – An item description that describes the item of jewelry clearly and in sufficient detail so that someone reading the description can identify the item. Simply saying, for example, “One diamond ring” is not enough. In fact, many insurance companies today will not accept a valuation without an adequate description.

While not required, it makes it much easier to identify and replace an item when it no longer exists.

How To Get Your Ring Appraised

How To Get Your Ring Appraised

The value judgment should reflect the market. It cannot be overstated or underestimated as it harms the customer and can significantly affect premiums and settlements. The appraised value must be an amount that can sufficiently cover the jewelry in case of loss. Having a high value may make you feel good, but it will generally only increase your premiums without providing additional damage coverage. It is not the dollar amount that protects your insured interests, but the thoroughness of the description that the adjuster will rely on in the event of a claim.

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This is a consideration that should be discussed with both your insurance agent and your appraiser. It is important to know whether taxes are included in the appraised value.

According to the United States Federal Trade Commission, almost all treatments, i.e. any process used to improve the appearance of a gemstone, other than cutting and polishing, must be disclosed to the consumer. Failure to do so could be a code violation by the seller. The evaluation should also include this important information. The jewelry industry is generally silent about disclosing treatments, but it is not always misleading. For example, because almost every ruby ​​and sapphire has undergone a heat treatment to enhance color, and this practice has been around for over 100 years, jewelers tend to simply accept the treatment as fact and not disclose this information. However, the information must be provided to the consumer. This information is also useful to have when evaluating, as it is a value factor. Treatment information may be provided directly in the report or as part of the appendices used by some reviewers.

Some appraisers add various other forms of information to the valuation. Restrictive clauses may be included that discuss things such as limiting the full classification of diamonds or other gemstones when set in jewelry. For example, the weight of gemstones is only an estimated or specified weight by the seller. Other documentation may include attachments such as treatment information and the assessor’s qualifications (biography). By Shelley Brown Shelley BrownSenior Fashion & Beauty Editor Shelley writes and edits articles for The Knot Worldwide, specializing in fashion, beauty, jewelry and accessories. Shelley writes and edits articles for The Knot magazine and styles fashion and cover shoots for the magazine. Prior to The Knot Worldwide, Shelley worked as a freelance digital editor for Conde Nast’s Lucky Magazine and freelance for FLAUNT, Los Angeles Magazine,, and

Real talk: Your engagement rings are an investment. (According to The Knot 2021 Jewelry and Engagement Study, the average engagement ring currently costs $6,000.) And for all serious expenses, you’ll want to insure your ring to protect yourself — and your wallet — from worst-case scenarios, such as damage, loss, or theft. . The first step to secure that precious shine? Obtaining a ring appraisal is an official document that confirms the market value of your ring or rings. Below you’ll find everything you need to know about how and where to get rings valued, as well as expert advice on why they’re so important and how much they should cost.

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Simply put, a ring appraisal is a document that confirms the facts about the ring or rings you have purchased. “It’s done by a certified appraiser who checks your piece,” said Melissa Becker, vice president of jewelry insurance agency Lavalier. A ring appraisal includes information about the ring’s features and details, including an estimated cash value, says Dustin Lemick, founder and CEO of BriteCo, a jewelry insurance firm. – The documentation usually contains the type of ring, its cost. gemstone, metal and other composition along with other important information about the item. “There are different types of appraisals for your different needs, most commonly insurance replacement, fair market value, and real estate appraisals.” A certified jeweler, estate or financial planner, or your insurance company can help you determine what type of appraisal you need. Before starting the evaluation process, it is a good idea to determine what type of evaluation is needed.

It is also worth noting that a ring quality is different from the diamond appraisal report you received from your jeweler. A diamond grade report tells you everything you need to know about your diamond (such as how it is graded in the 4Cs). A ring appraisal determines the value of your entire ring, so both the diamond (and any other stones) and the metal are taken into account.

Think of a ring appraisal as a more formal receipt in case something happens to your ring. You might think your homeowner’s or renter’s insurance will cover your ring adequately if it’s lost, stolen, or damaged, but that’s often not the case. “Jewelry insurance is specifically designed to cover your ring, and it’s often much cheaper than replacing or repairing your ring if there’s a problem,” says Lemick. That said, there are several reasons to get a ring appraisal as the first step to insuring your ring.

How To Get Your Ring Appraised

First, a ring estimate tells you the true value of your ring, which may be different from the price you paid for it. “The appraisal gives an estimate of the value of your ring, which can only be determined by a professional appraisal. Many consumers assume that the value they paid for the ring will be adequate. However, the market for diamonds, gemstones and metals is fickle and can change the value of your ring over time,” says Lemick. “An appraisal helps determine the true value of your ring so you can be sure.”

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Another plus? A ring appraisal can also reassure you that your ring is in excellent condition or alert you to existing damage and wear, which can be especially helpful if you’ve purchased a vintage or pre-owned item. Last but not least, you will most likely need an appraisal to insure your item. “In the event of a loss, the insurance company will rely on that document to repair or replace it with the correct type and quality,” says Becker.

According to Lemick, ring appraisal is a fairly simple process. “A certified appraiser or jeweler will carefully inspect and value your ring, paying attention to its features and other details,” he says. “The appraised value will be determined based on the current market value – essentially what it would cost to buy a new ring similar to that at the time of the appraisal.” Once the inspection is complete, you will receive documentation of the appraisal that you can use if needed, especially when looking for jewelry insurance.

In most cases, a jeweler will provide a valuation shortly after purchasing the ring. “If the ring is not included in the sale, have the ring professionally appraised as soon as possible to obtain jewelry insurance that will give you the amount of coverage you need,” says Lemick. It’s also important to note that your ring may need more than one appraisal over time. “It is also recommended and often required that rings or jewelry be revalued every few years because of rising material costs (diamonds, metals, etc.), inflation, and general changes in market value,” said Avi Levy, president of IGI North America. “Especially for insurance, it is important to keep valuation reports up-to-date.”

Ring Appraisal: What You Need To Know

If your jeweler cannot provide a valuation, there are organizations that provide access to individuals who specialize in valuations. Some of these resources are listed below:

To make sure you’re working with a qualified appraiser, Lemick recommends reading reviews online or asking others for a referral or referral. According to Becker, you should ask the following questions to make sure you’re working with a qualified appraiser:

You can expect a fee for your assessment. The fees, which should be clearly visible, are based on the valuer’s experience, the time it takes to complete the valuation and the complexity of the work. “Ask your jeweler if they offer an appraisal for your purchase,” says Becker. In most cases, the estimate will cost between $75 and $150. “Some jewelers charge an hourly rate, but it’s not recommended because you don’t know

How To Get Your Ring Appraised

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