An appraisal is a written statement that defines the value of property on a specific date.
It describes the item(s) in detail, including the mounting, diamonds, and gemstones (all major gemstones will be identified, and major diamonds plotted). It should also contain photographs of each item.
Did you know an item of jewelry can have several different values ? The difference lies in the function of the appraisal, the purpose of the valuation and the market upon which the value is based. There are many reasons for having your jewelry appraised, and the value of your personal property is different in each of a variety of situations. Each appraisal must be written for one specific intended use, it serves as a permanent record. Some appraisals have definitions of value dictated by law. With others the appraiser will help you choose the appropriate type of value and appraisal method for the situation.
Insurance Appraisals- Replacement Cost. This is the most common appraisal. This type of appraisal describes the item in detail and provides an estimate of what it would cost to replace the jewelry with an item of like kind, quality, etc. Value is based on replacement in the current and appropriate retail market. It gives you the information that you need to schedule your jewelry for coverage in case of loss or damage.
In addition to insurance appraisals Jax Gem Lab offers other types of appraisals and services such as:
Did you know appraisals are not good forever? The market constantly fluctuates, therefore; you must update your appraisal every 3 to 5 years. When the need arises, you may contact us for an updated appraisal at a reduced fee on items we have previously appraised.
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