Jewelry Appraisals‒When Is It Worth It?

Have you been wondering about getting your jewelry appraised? Well, you're in the right place.

Getting a jewelry appraisal is basically necessary if you purchase a new piece of fine jewelry. Plus, it's required if you want to insure your new jewelry. And even if you've owned it for decades, the value of jewelry fluctuates, meaning you might want to determine its value today.

We'll help you understand the ins and outs of jewelry appraisals, determine if you need one, and talk about the benefits. Let's get started!

Related: How to Tell If Your Jewelry Is Real

What to Know About Jewelry Appraisals

Let's talk about what a jewelry appraisal is; it's more than a receipt for your new jewelry. Getting a jewelry appraisal means getting a detailed document about your piece to determine its actual value. For example, if you get a diamond ring appraised, an appraisal will include a detailed description of the ring, gemstone, and more.

There are different reasons people get a jewelry appraisal, and one of the biggest ones is for insurance purposes. Because in most cases, you can't get jewelry insurance without first obtaining an appraisal. They are also crucial when you want to file a claim.

Other reasons for getting a jewelry appraisal are for tax purposes and to make reselling easier in the future.

How Much Does It Cost?

Some jewelry stores will offer a free appraisal when purchasing your new piece. Otherwise, you should expect to pay a small fee, particularly if you didn't buy the jewelry from where you take it to get appraised.

Appraisal fees vary, and you'll typically pay by piece or by the hour. In terms of cost, you get what you pay for; an appraisal where the price seems too low probably isn't the best. In general, you can expect costs between $75 and $150 for most jewelry appraisals.

How Long Does It Take?

Two things will affect how long it takes to have your jewelry appraised: the amount and size of the jewelry and who you take it to. You can get a single piece of jewelry appraised much quicker than you could an entire set. Depending on how many items you have, you can expect the jewelry appraisal to take anywhere from a day to a week or more.

And different jewelers will have different schedules. Some may offer same-day appraisals, and others might work by appointment only or have a backlog of people waiting.

How Often Do You Need One?

Many people assume jewelry appraisals are a one-time occurrence, but jewelry values fluctuate. Therefore, to keep your jewelry valued accurately, you might consider having it appraised every 3 to 5 years.

And if you're getting an appraisal for insurance reasons, your insurance company might require it to be updated periodically.

Do You Need a Jewelry Appraisal?

 A woman wearing seven different rings

If you own any fine jewelry, it's a good idea to get a jewelry appraisal. An appraisal documents the characteristics, key details, and value of your jewelry. Whether you bought it yourself, inherited it, received it as a gift, or are planning on buying a new piece of jewelry for someone else, an appraisal can help you know its genuine value.

Related: Recognizing 925 Sterling Silver

Buying fine jewelry without getting an appraisal is like buying a used car without checking the title. Jewelry can be a large purchase, and having proper documentation is crucial.

Benefits of a Jewelry Appraisal

Getting a jewelry appraisal comes with several benefits, including:

Check For Damage

Whenever you buy a ring, necklace, bracelet, or other jewelry, you'll want to have a jeweler appraise it to ensure that it's in prime condition. However, suppose you don't get your piece appraised and appropriately evaluated. Then, you can risk it getting lost or damaged due to loose prongs or other defects that are not immediately obvious to someone who's not a professional jeweler.

High Reward & Low Cost

If you spend thousands on a new piece of jewelry, getting an appraisal is a no-brainer. Most jewelers charge around $75 to $150 for an appraisal, which is a tiny fraction of the cost of fine jewelry. You can absolutely justify spending a little extra on an appraisal when you compare it to your new jewelry's value.

Confirm the Value

By documenting the appropriate value of your fine jewelry, engagement ring, or other pieces, you can avoid disputes down the road about the jewelry's value if you ever have to make an insurance claim on it. And if it's a new purchase, getting your jewelry appraised is the perfect way to validate your ownership.

Get Documentation

Suppose your jewelry ever gets lost or damaged. In that case, you'll have to provide your jeweler with a detailed description of the piece to repair it to its former glory or create a replacement that's identical to the original. Imagine if you had to replace a lost item without having documentation about it. However, if you get a good appraisal, any jeweler will have access to the details they need to repair or replace the piece. For example, engagement ring appraisals are a great way to ensure that your special ring will look as good as when you got it for the rest of your life, no matter what happens.

 A diamond engagement ring

Jewelry Insurance

If you own or plan to buy any fine jewelry, insurance is a necessity. And most jewelry insurance companies will require you to get an appraisal before they insure your jewelry. Here's a pro tip: if your insurance company offers to insure your new jewelry without an appraisal, you should probably look for a new company. When you get an appraised value and the specific details of your jewelry, you'll be able to get an accurate quote for insurance. Otherwise, there's a risk of under-insuring it, meaning you would have to pay out of pocket if it needs repairs or replacement. Or you could end up overpaying every year for your jewelry insurance if you get an appraisal at an inflated value.

Looking for the right jewelry to fit your unique style? View the LaCkore Couture collection and find the best rings, necklaces, earrings, bracelets, and more to freshen up your look!

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