How is Jewelry Appraised?
How is Jewelry Appraised?
Jewelry is one of the most prized possessions for many people. When someone dies, often their jewelry is included as an essential part of their estate. To know how to value this piece, it must be appraised by a professional who has received certification from the Gemological Institute of America (GIA).
In these cases, jewelry may not be available for appraisal and can only be valued at what it was worth when bought new. It makes it easier to determine its actual value by being insured and appraised firsthand.
How is Jewelry Appraised?
1. Identify the Items
The jewelry that is to be appraised is first typed and categorized. This categorization will allow for easier and faster identification of the piece. For example, if an item is listed as a "necklace," it can be identified as any necklace, such as a rope or choker. If a piece has hallmarks, it will be placed and recorded. Hallmarks are usually found on items made in Europe before the twentieth century.
2. Create an Estimate
An estimate is created by taking the pieces' original purchase price and adding the value of any sentimental value it has. Estimating the sentimental value of the jewelry is a challenging task, and you should consult a professional appraiser to have an accurate result. An estate lawyer may also be asked for input about how much money to put into carbon-14 testing, which can provide a bit more value to that piece of jewelry. To sell gold in Denver, the estimated value is based on what work would have been worth when one initially purchased it at the time of the appraisal.
3. Get an Insurance Quote
Insurance appraisals can be used for the assessment if there are no heirs and the estate is not contested. Contact an insurance company for information about how to send in their valued jewelry, how much it will cost, and when they will come by to view it before deciding whether to insure it.
If the claimant is contesting the will and it is unknown who will receive the estate, an insurance appraisal will not be considered. Insurance appraisals are used to determine the value of a piece of jewelry that has no sentimental value or any provenance.
Jewelry is often left to the heirs of a person after they die because it has been passed down through generations and has become a part of the family. As long as it has sentimental value to the heir, most likely, they will want to have it appraised before selling. If there is no heir, the jewelry can be sold outright and insured before being auctioned off or sold to a dealer. For someone to sell their jewelry in Denver, they must get an appraisal to set a fair price. It preserves the piece's quality while still adding value to a reputable dealer that can sell it.
