There are several reasons why you may or may not want your jewelry to be appraised.
The most common reason to get a jewelry appraisal is for insurance coverage. Determining the current market value of your jewelry is the only way you can be sure your insurance is adequately covered against theft, loss, or damage. However, there are many other reasons for appraisals.
Another reason for jewelry appraisal is Estate Planning. When creating an estate plan or trust, you may need to get your jewelry appraised to determine their value for inheritance or tax purposes.
If you want to sell your jewelry, an appraisal will provide a fair market value and help you establish a fair price. It will also make the buyer more confident in the product they are purchasing.
Those going through a divorce or legal dispute may want or need to consider jewlery appraisal. Understanding the value of your property will ensure a fair distribution of assets.
If you plan to donate your jewelry, having an appraisal allows you to know the tax deductible amount for tax purposes.
Lastly, if you want to gain personal knowledge of your jewelry, an appraisal not only helps you understand the value of your pieces but also the materials and history of the item.
Appraisals are recommended to be reevaluated since market prices of gold, diamond, and gemstones have increased. An experienced Graduate Gemologist from the G.I.A. Institute of America can verify that your diamonds and other jewelry are appropriately valued for replacement in today's market.
When should you not get your jewelry appraised? It's important to note that not all jewelry requires an appraisal. If your jewelry holds sentimental value and you don't intend to sell, insure, or use it for legal purposes, then an appraisal might not be necessary.At Legacy Jewelry Appraisers and Buyers, our Gemologists are GIA certified. We provide SAME DAY SERVICE for appraisals. Appointments can be made by calling or texting our Laguna Hills office: 949-230-1069.