Should You Appraise Your JewelleryMarch 31, 2014
There are a lot of reasons why you need to have your jewellery appraised on a regular basis. For some people, they choose to have their jewellery assessed for liquidation purposes, while others wish to determine the worth of your jewellery because they want to use it as estate tax valuation or homeowner’s insurance. You may also be required to get the current market value of your jewellery if you are getting a divorce or if you need to use your jewellery as collateral in a sizable loan application.
Without a doubt, most people have their jewellery appraised for insurance purposes. You may not be aware of it but over the years, the value of jewellery and even gemstones can fluctuate massively. If for the past so many years you have not had your jewels and charms weigh up, it may already be tagged as out-dated and as a consequence, they may be insured for way less than their actual replacement value. It means that without regular jewellery appraisal, you run the risk of acquiring considerable financial loss most especially if the jewellery is stolen, lost or damaged.
To provide you with ultimate security and protection, it is best that you have your jewellery appraised at least every other year. There are reliable jewellery companies who can provide you with accurate appraisal valuation based on the prevailing market values. This can help you get sufficient insurance coverage. You also need to establish the value and genuineness of your jewellery for tax and estate purposes, loans, and divorce settlements.
Some jewellery stores offer free appraisals when you make some purchases with them. Despite this, it is always best to get a second opinion on the true value of your jewellery. An independent appraiser would be ideal in this regard because they will take the time out to give you an accurate and detailed appraisal and you can use this to avoid paying too much insurance premiums or paying less than the real insurance value of your jewellery. The reports made by an independent appraiser are totally impartial and more balanced and their only objective is to give you accurate documentation and genuine replacement values.
Because of the rise and fall being experienced by the different world economies, it would be a smart idea to have all your jewelleries appraised every on a regular basis. Accurate appraisals should be based on current market values and there are companies who consistently monitor the prices.
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