Why Appraise Your Jewelry, Diamonds, Gemstones & Watches?
One of the first questions an appraiser may ask you is, "Why do you need this appraisal"? This may seem like a nosey question to people who are unfamiliar with appraisal practice, but it is in fact an indication that you may be speaking with a trained professional appraiser.
Each jewelry appraisal must identify the specific intended use
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. Some appraisals have definitions of value dictated by law. With others the appraiser chooses the appropriate type of value and appraisal method for the situation. However, assessing the value of your jewelry is only one of the appraiser's jobs.
The appraiser has three functions, and all of them are important to you.
Identifier. Your jewelry must be identified as to the materials, workmanship, condition and any other elements affecting its value. It is then evaluated, i.e., ranked in quality in relation to all other similar property.
Valuer. A value must be assigned to the jewelry that is appropriate to the intended use of the appraisal.
Witness to the property. The appraiser can attest in a court of law that the jewelry existed at a certain point in time, that it was in a certain condition, and that it was valued according to accepted valuation practice. (This is why it is necessary for your appraiser to examine your jewelry when you have the appraisal updated.)
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