Jewelry appraisals

Everything you need to know. 

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What is a jewelry appraisal? 

A jewelry appraisal is an expert determination of how much your jewelry is worth. An appraisal-certified jeweler or professional appraiser will examine your jewelry using tools such as loupes, microscopes, and ultraviolet light to assess:

Your appraiser will ultimately send you a written appraisal which will include a detailed description and photographs of your piece and their expert estimation of its current retail replacement value—how much it would cost to recreate it. This is the document you’ll share with us (please ask your appraiser to use official business letterhead, so if we have questions we can reach out).

 

 

Why you should get a jewelry appraisal 

Accurate Coverage
You’ll get more accurate coverage

With an appraisal, we can better align your coverage and premium. Without one, you might overpay or risk being underinsured.

Appraisal - Cost
It determines replacement cost

If your jewelry is lost, stolen, or damaged, your insurer uses the appraisal to replace it with a similar piece. Remember, retail replacement value is higher than resale value.

Proves Ownership
It proves ownership

If stolen jewelry is recovered, an appraisal helps verify that it belongs to you.

Jm Brand extra images
It can keep your jewelry healthy

Appraisals can spot things like loose prongs before they cost you a lost gemstone. An appraisal is also an in-depth look at the sturdiness of your jewelry.

Value over time
It tracks value over time

Keeping your appraisals up-to-date means you will always know what your jewelry is truly worth, should you decided to sell it. 

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Do I need an appraisal to apply for insurance? 

With Jewelers Mutual Group, most customers are able to initiate coverage without submitting an appraisal, but there are some exceptions. You do, however, need an appraisal (or other adequate documentation) when you file a claim. So it makes sense to get your item appraised ASAP.

Here’s where you get an appraisal

You can have your jewelry appraised at your local jeweler, but appraisers are specially trained—so make sure your jewelers is certified. The best way to find a qualified appraiser is through an appraisal association like the American Gem Society, the National Association of Jewelry Appraisers or Gemological Institute of America. These associations require their members to meet specific qualifications and adhere to a code of ethics. So you can feel comfortable knowing your jewelry is in experienced hands. 

Bring your documentation

In order to give you the most accurate appraisal possible, an appraiser will ask you to bring in your jewelry, in addition to any documentation you have for the piece, such as sales receipts, previous appraisals, or laboratory certificates. 

Jewelry appraisal cost

A professional appraiser will charge for services either by the hour or via a flat fee (per piece or for a group of jewels).  Appraisal fees should never be based on a percentage of the jewelry's value—this is unethical. On average, hourly rates range from $50 to $150, depending on the complexity of the piece.

 

Keep in mind: there’s laboratory work involved in inspecting jewelry, as well as market research that will compare and contrast your jewelry to similar pieces, in addition to the actual writing of the appraisal. As with many other skilled services, with appraisals, you often get what you pay for. 

How often should jewelry be appraised? 

As with all commodities and luxury items, the value of precious metals and gemstones change over time. So, an outdated appraisal could leave you under-insured. Which is why we recommend getting a new appraisal every two years.

Insurance Value Adjustment (IVA)

If you don’t update your appraisal every two years, Insurance Value Adjustment (IVA) helps keep your coverage aligned with changes in the jewelry market. If you haven’t updated your appraisal in the last two years, we may apply IVA to automatically adjust your coverage and premium based on current trends in metal and natural gemstone values.

Some states limit how much it can increase, so for the most accurate coverage, we recommend getting a fresh appraisal from your jeweler. You can also choose to opt out of IVA by submitting a new appraisal.

How to update our policy with a new appraisal

To update your policy with a new appraisal, simply upload the document to your account. Go to the "Account Summary" tab, click "View Details," then choose "Upload Appraisal." That’s it.