|
|
|
| Appraisal Services Information:
There are many reasons for having your jewellery appraised and the value of your personal property is different in each of a variety of situations. Appraisals are used for Insurance Replacement, setting estates, price shopping, bankruptcy, collateral or liquidation, identification, charitable contributions, hypothetical valuation (post loss) and to determine value of damages.
|
|
|
Confidentiality & Privacy
The appraisal is a confidential matter between appraiser and client, unless otherwise specified to third parties. You may request a written report or a verbal consultation.
The process begins as a consultation to determine the 'purpose' and 'function' of the assignment, which in turn determines the approach to value. This usually answers the questions to the nature of the value placed upon the item(s) to be appraised.
These issues directly affect the realm of 'value' needed to pursue the facts regarding the items to be discussed.
|
|
|
Services available from Gems Custom Jewellery
Verbal Appraisals to start with
Just need to know with out the written appraisal well we do verbal appraisals consultations while you watch and wait!
In some cases, it is simply just questions like...
· Is it real?
· "I'd like to buy it, but I want to know if I'm getting the right price!"
· "He said 'it's worth $10,000! I can't get $5,000!"
· Am I asking the right price?
· Is it worth what I paid for it?
· Should I have it insured?
· Should I sell this in my yard sale?
· I just purchased this off the TV shopping channel what can you tell me about it?
· My mother left me this jewellery box full of goods which ones should I get appraised?
If anything you should at least get a verbal appraisal on any of your jewellery items you wish to sell or dispose of before you do so. We had one client purchased a necklace once for 50cents at a yard sale and it was valued for $10,000.00. I would hate to have been the seller. A verbal appraisal will allow you to make the decision to whether or not to have a formal written appraisal done.
Our verbal appraisal fee is $20.00 per item. And a credit is given if you decide to have a formal written appraisal completed.
|
|
| Insurance Appraisals – Call Gems at 905-666-4612 to book your appointment today
For obtaining insurance riders, it is our responsibility to provide accurate replacement valuations reflecting appropriate coverage for the current market. The accuracy and detail included in this report makes it possible to help identify or have exact duplicates recreated of precious jewelry items should they ever be lost or stolen. This is the most common type of appraisal seen in the public domain today.
Divorce Settlements Reports
This is a fair market value report for an equal division of common property. We have the experience to provide the valuation needed to expedite the process.
Probate (Estates)
These require proper appraisals whether you are an executor, a law firm, a guardian, or accounting firm in order to represent the client’s best interest. We recognize that these personal items have invaluable sentimental or emotional attachment and consider all aspects of the comfort level of the owner.
Other Reports
Damage, Donation, Liquidation, Casualty, Comparison Shopping, Hypothetical, or Consignment Consultation, Wholesale replacement costs, Post Loss Appraisals.
These reports can be customized to meet your individual needs.
On-Site Service
If appraisal services are needed at your site, our jewelry appraiser retains a portable laboratory to conduct ‘on-site’ appraisal work at an additional cost. Prices are determined by location and travel times. We work in your office, bank, and any place you keep your valuable goods.
|
|
| The Appraisal Process
1) First an inventory is taken of the items you selected to be appraised.
2) Depending on time constraints, you may elect to remain with your items, leave them, or have a few examined while you wait, leaving the rest for further research. An appointment is required to do all appraisals while you wait. During this procedure, your fine jewelry will be examined thoroughly for condition, size, weight, shape, color and clarity characteristics with all details noted sufficiently to perform the task. This involves plotting diagrams of diamonds and gemstones over .50pts (for an extra fee) and serial numbers with trademark or copyrights, hallmarks, etc., to show authenticity.
4) A full laboratory of instruments is employed to make these determinations. Should there be an unusual case where an item must be further examined by rarely available, state-of-the-art instrumentation, we communicate with the client explaining the nature and scope of the item in question.
5) After the initial examination, we research the items, gather the pertinent information required to conclude the appraisal, and assign a value.
6) The data is entered into a formal report with photographs of each item.
7) A special note to those who may have some pertinent documentation already in hand: If you have a certification from independent laboratories in your possession, or previous appraisal reports, these may speed the process in your interest, economically speaking. This saves time, provided the previous appraisal was performed by a qualified appraiser with the appropriate experience and lab requirements.
|
|
|
Things you need to know about jewellery appraising.
· Working in the jewelry business a number of years, does not qualify one to do jewellery appraisals.
· Most people working in jewellery stores have no gemological training.
· Over the course of time diamond grading standards, forms of Gem identification and new gemstones have entered the market.
· There are many different kinds of jewellery appraisals, which range from Replacement (usually used for insurance), Fair Market (usually used to determine what an item is worth if it were sold in it's current condition and this may vary with time and place).
· Some appraisers may not give an unbiased value because they may be interested in either buying the item from you or selling you a different item.
· Most replacement appraisals are used at a later date from which they are written and unless the appraisal gives a thorough description of the item, and a picture of the item it may be very difficult to replace it with a similar piece.
· Most insurance policies are "replacement" policies and not "stated value". The job of the insurance company is to "replace" in the event of a loss. If you elect to cash out, the insurer is obligated to give you what it would cost to replace the item and in some cases offer you a discounted cash value. Since insurance companies are volume customers they usually get a reduced price on items being replaced. Which means you will get far less than the appraised amount. So why pay a premium on a higher value?
|
|
|
How much does an appraisal cost?
|
|
As professional appraisers, we go through this scenario time and time again. When we quote our fees we all to often hear that “ I just talked to another “jeweler” and the appraisal was going to be $20 or free of charge.” I will caution you that these $20 “appraisals” are worth just that: $20. A competent professional appraiser will charge appropriate rates for the time and work involved to do the job properly. When you retain a professional appraiser, you are retaining a professional and must pay for that. When you hire a professional, you are insuring that your personal property assets are properly protected. Think about it: if you have a valuable item, one worthy of protection, then a proper appraisal will be worth much more than the appraiser will charge. The small premium you pay now is far less than what you will lose in aggravation, time, insurance premiums, and loss of dollars if you ever have an insurance claim and your appraisal was done by an unqualified appraiser. This also reduces the risk of having your claim denied due to misrepresentation of material fact due to a quack appraisal. On average, consumers pay an additional 40% per item, per year more than they should due to unqualified appraisers and appraisals. At Gems appraisals start at $45.00 per item. Prices may vary depending on the amount of work required to form an accurate opinion.
|
|
What should a proper appraisal contain?
|
|
Cover Document: This explains in detail what type of value is being sought, the appraisal objective (Purpose) and how the appraisal is to be used (Function). It will identify the client and intended users of the report and where the property was inspected, as well as the dates of inspection and the dates of value. It will explain the approach to value used and the markets explored. The standards to which the appraiser complies will be explained, along with any limiting conditions and other pertinent information not found elsewhere within the appraisal document.
Grading Systems: An explanation of the grading systems used for diamonds, colored gemstones and pearls.
Body: This is the item specific area of the appraisal. It is critical that it is written properly.
Reverse: The back of the appraisal should contain lab work, photographs, and any other support material not found in the appraisal body or cover documents.
|
|
How much does Gems Custom Jewellery charge for an appraisal?
|
|
Verbal appraisals start at $15.00 per item and written appraisals start at $45.00 per item. Prices do vary depending on the type and amount of work required to produce an accurate and detailed report.
Call Ralph at 905-666-4612 and ask him how he can help meet your appraisal needs.
|
|
What do I do when I lose my jewellery?
|
|
1. Contact your insurance agent.
2. Gather and have ready your full appraisal and any supporting documentation, photos etc.
3. Find out what you need to do to help expedite the claim.
4. Contact a qualified gemologist appraiser and make sure that they have all documentation needed to assist you with your claim.
If you have no appraisal for the lost item you can contact Gems and we can produce a post lost appraisal based on the information the you can supply to us with regard to the item lost. If you have any old photos of the item lost, and/or reciepts of purchase, this information can be used to help determine the value of your loss.
|
|
How will the insurance company handle my claim?
|
|
1. A claim adjuster from the insurance company, rather than your agent, will probably handle your claim.
2. The objective of the claim adjuster is to indemnify you. This means to make you whole again in other words to put you back where you were before your loss no better and no worse.
3. Most claim adjusters will go through a replacement center for their ACV figures. A replacement center is a jewelry store that works on heavily discounted prices for insurance companies. The prices that they sell to insurance companies are much less than you as a consumer can buy for due to the fact that the insurance industry is the world’s largest consumer of jewelry.
4. It is up to you to qualify the replacement center. As the insured party, it is prudent that you make sure the person handling the replacement meets the same qualifications as the professional appraiser. How can a person handling the replacement truly indemnify you if they do not have the same qualifications to qualify the replacement item?
5. If it is not possible to use a replacement center with the same qualifications as the appraiser (most of the time it will not be possible). It is imperative that you arrange with your insurance company to have a qualified appraiser verify that you are getting truly indemnified. If the item is not a true indemnification, then you should ask to be reimbursed for your costs in having the appraisal done, and find a truly indemnified replacement.
6. If possible, the best appraiser to qualify the insurance replacement is the appraiser who wrote the original appraisal.
|
|
|
|
