ES
DE
UK
NL
CA
En Español
Online Jewelry Appraisals
Do you have a drawer full of old earrings, bracelets and necklaces? Have you inherited an estate that includes several pieces of old-fashioned jewelry? Do you wonder what these items are worth?
If trading some of your gold or silver jewelry for cash seems like a good step for surviving the recession, there are several ways to do it. Knowing about different types of jewelry appraisals is your first step. Jewelry containing gold, silver, or platinum can be appraised for several types of value:
• appraisal value
• resale value
• retail value
• melt value
Each type of value has its own appraisers, and jewelry appraisals vary widely. Retail replacement value will be the highest appraisal while melt value is usually the lowest.
Do some research and educate yourself on the types of appraisals. Many websites offer extensive education about the appraisal process, so you can choose the right kind of appraiser to see, depending on your goal. You wouldn’t expect a quick-cash melt value appraiser like Cash4Gold to give you the retail replacement value; but the melt value appraiser would get you cash more quickly than any of the others.
Professional jewelry appraisers have completed formal training and have passed tests from the American Society of Appraisers or the International Society of Appraisers, and they follow the Uniform Standard of Professional Appraisal Practice (USPAP).
From a professional, a jewelry appraisal typically costs around $100. It goes higher when more valuable or complicated items are involved. Some companies advertise a free jewelry appraisal, but these aren’t likely to be from professionals, and the result will have little meaning.
Whatever type of appraisal you seek, you should get a written report.
Appraisal Value
This is the amount for which a jeweler or pawn shop may rate the worth of your functioning watch, bracelet, or other piece of jewelry. If you’re trading your piece for another item in the shop, the appraisal may be higher than a resale appraisal; the shop can afford to give you a greater discount against the marked-up retail price of the piece you’re buying.
Retail Replacement Value
This is the type of jewelry appraisal an insurance company requires. It’s the amount you’d have to pay to replace a lost or stolen piece at retail value – to go out and buy it again today. Homeowners or renters insurance rarely covers the full value of fine jewelry so you’ll need attachments to your policy for these items, based on an accurate appraisal by a certified professional.
A retail appraisal also might be needed to settle an estate or divorce. Sometimes people obtain a retail value before deciding to buy a piece of jewelry.
This appraisal takes into account all the precious metals and stones in the piece, the workmanship, the rarity, and the going price for a similar piece on the current market. A replacement cost appraisal should verify the authenticity, design, quality, and monetary value of the item. It’s important that your appraisal contains a detailed description and the estimated replacement value, to enhance any claim you have to file in case of loss, theft, or damage.
Your insurance company probably will require that the retail appraisal be done at regular intervals – say, two years – to keep up with changing market values. A follow-up appraisal from the original jewelry appraiser will likely cost less than the first one.
Resale Value
You may want to sell your jewelry soon as a piece of jewelry, to get the value of its precious metal content, its gems, and its design. It would be appropriate to get an antique jewelry appraisal or a resale appraisal for a watch or one-of-a-kind piece.
You can get this resale appraisal from jewelers or estate specialists like www.theestatebuyer.com, which appraises based on condition and spot price (the current market value of the precious metal.) The value may be half or less than the price originally paid, unless the piece is highly unusual. This is in part because of the high markup in retail prices. Selling your piece to a retailer will result in a lower price than selling it directly to a customer.
Melt Value
A melt value appraisal rates only the value of the precious metals in the piece of jewelry. Melt value (or intrinsic value) refers to the amount of gold, platinum or silver that can be extracted/recycled from a piece of jewelry. Melt value is determined by the weight, quality, and daily price of the precious metal in question.
Melt value might be a good choice for an unattractive or broken piece of jewelry, one without gemstones, or one with a plain design. Workmanship, beauty, and market value for the actual jewelry piece aren’t important in this type of appraisal.
Do-It-Yourself
Another approach is a do-it-yourself jewelry appraisal online. Several websites offer jewelry appraisal forms asking questions to help evaluate your jewelry. This works best for less costly jewelry, and would require that you determine the number of carats of precious metal in the piece.
Companies like Cash4Gold are available to answer questions about their appraisal process. You’d send your chain, locket, bracelet or other jewelry item in an insured package to the company’s headquarters to be tested and appraised. In a few days, a check is sent and you have 12 days to accept or reject the transaction.
For more information about melt value and other types of appraisals, visit www.cash4gold.com. Cash4Gold is committed to customer service and education.
Facebook
Twitter