A jewelry appraisal can be a huge asset to you when you're trying to sell used jewelry that you no longer want. The information given by a qualified appraiser regarding the value of your jewelry can help you negotiate a good sale price with jewelry buyers. However, an inaccurate or unreliable appraisal will only bring you frustration, uncertainty, and disappointment.
If you're looking to get the best possible appraisal on the value of jewelry you're looking to sell, avoid the following four errors.
Choosing an appraiser without enough gemological knowledge
An appraiser needs to know more than merely what jewelry items are typically valued at. They need to also know how to identify real gems and diamonds as opposed to synthetic products. Make sure your appraiser has completed some gemologist training so that he or she can both identify and grade precious stones.
Not getting an appraisal documented
Getting a certified document like an appraisal report is probably the most important part of the appraisal. This document should include the date, purpose of the appraisal, and a photograph of the jewelry in question.
You can take any documentation given to you by the appraiser with you when you visit jewelry buyers to back up your assertions regarding the value of your jewelry.
Not understanding the different values given
A jewelry appraiser isn't just going to give you the value you can expect for the jewelry from a jewelry buyer at a shop like West Covina Pawn. You'll be given an appraisal value, a resale value, and a replacement value.
Jewelry buyers are obviously looking to resell the jewelry at a higher price. You'll want to be aware of how much a jewelry buyer and seller stands to profit on your jewelry if he or she finds a buyer for it in a retail setting.
If you're getting jewelry appraised for insurance purposes, you should interest yourself in the replacement value of the jewelry. This is how much you can expect to be reimbursed for the jewelry by an insurance company if it is destroyed or stolen.
Being unaware of errors and omissions insurance
A jewelry appraiser should have errors and omissions insurance. This type of insurance can compensate you if you suffer a financial loss because the appraiser makes a mistake.
If an appraiser gives you a value for jewelry that is much lower than the jewelry's actual value, you might go on to sell the jewelry for a much lower price than the jewelry is worth. In this case, the appraiser's errors and omissions insurance will compensate you for the loss if you find out about the inaccuracy after you've already sold the jewelry.
Before you have jewelry appraised, ask the appraiser if he or she has errors and omissions insurance to protect yourself from possible errors.