What to Know Before Getting a Jewelry Appraisal

What to Know Before Getting a Jewelry Appraisal

Fine jewelry is more than a purchase, it is an investment.  At Tower Square Jewelers, we recommend getting your jewelry appraised and insured to protect your purchase.  Even if you have owned a piece of jewelry for decades, changes in the market mean that you should get an appraisal every 3-5 years.  This provides you a great way to stay up to date on your jewelry value and keep your insurance accurate!


Before you get a piece of jewelry appraisal, make sure you understand what one is, where to get one, and other valuable details.  

What is a Jewelry Appraisal?

An appraisal is more than just a receipt for your piece, it is a detailed document of what the jewelry is to determine its monetary value.  For example, a diamond ring appraisal will include a description of the ring, gemstone information, and much more.  


There are a few reasons that people are willing to get appraisals for their pieces.  One of the biggest being for insurance purposes.  In most instances, you can not get your jewelry insured without an appraisal.  Appraisals are also important for filing an insurance claim.  A lot of insurance companies will not accept a lost or damaged claim without an up-to-date appraisal. 


 Other reasons people feel inclined to get an appraisal done on their piece is for resell purposes, and for taxes.  


How Much Does a Jewelry Appraisal Cost?

Some jewelry stores will include an appraisal for free at point of purchase.  Otherwise, expect to pay a fee, especially if you did not purchase your piece from the same store that is doing your appraisal.  Appraisal fees can vary, but typically you will either pay by the hour or per piece.  So, be sure to specify and ask the store if how they charge for appraisals if they offer them at that location.  

How Long Do They Take?

Two factors affect how long it takes.  The first factor is simply who is conducting the appraisal.   The person conducting an appraisal may be looking and checking different aspects compared to another appraiser.  The other factor is how many pieces are you asking to be appraised at once.  Obviously, the more pieces the longer it will take.  Most stores will get a single piece back to you by a week if they are not offering same day appraisals.  

How often Do You Need to Get an Appraisal?

Do not assume that an appraisal is a one and done occurrence.  The truth of the matter is that jewelry value fluctuates.  To be sure you have the most accurate value, it is important to get it appraised about every three to five years.  No matter if you are looking to resell, add it into your taxes or insure your piece be sure to get it appraised!  Additionally, if your appraisal is for insurance purposes, the insurance company may have requirements of how often it needs to be updated.  

Get Your Appraisal Done by Tower Square Jewelers!

When it comes to appraisals we understand the importance of them.  Whether it is for insurance purposes, or for a resale we will accurately determine the value of your beautiful piece.  Schedule an appraisal with us by giving us a call at 508.699.7855 or by filling out a contact form on our website! 

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