9 Traps To Avoid With Jewelry Appraisals

Things to avoid when having your jewelry appraised

A store that sold you your jewelry should not appraise your jewelry.

Many retailers offer their customers free appraisals with their purchase. In some cases the

person doing the appraisal is a salesperson and is only transferring the stock information to

a basic appraisal form. A salesperson will have tendencies of inflating the value to justify the

customers purchase and make them feel good about the sale.

Although Heritage Appraisers, Inc. operates their service inside several retail locations they are not

the retail sellers. Any information and values are obtained from independent resources.

Appraisers that have not completed an accredited Graduate Gemologist Course.

Unlike other appraisers, jewelry appraisers are not federally or nationally regulated, so anyone

who wishes to hang a shingle and open for business can. These are usually people who believe

because they have been doing business for some period of time, they possess the knowledge to

offer credible appraisals.

Heritage Appraisers, Inc. are all members of The National Association of Jewelry Appraisers. To be

a member each appraiser must provide proof of their Graduate Gemologist degree from an

accredited gemology program and three appraisals to be reviewed before becoming a member.

Avoid appraiser that charge by the size of your diamond

Some appraisers will tell you the size of the diamond being appraised justifies a higher fee. A

client with a 2.00 carat diamond is likely to pay more than a customer with a smaller diamond.

There is no extra work required to perform the appraisal on the larger diamond. Heritage

Appraisers charges one fee regardless of the size of your diamond. There is no more effort

required to evaluate a 1.00 ct diamond than a 3.00 ct. diamond. Appraisers that charge by size

are basing their fees on how much they think you paid for the item and not the actual work

required.

Avoid appraisers that inflate the value of your jewelry

Ask your appraiser how he reaches the values he attaches to your appraisal.

Heritage Appraisers, Inc. uses the most current industry information along with several years of

experience in sales, manufacturing and repair to determine the value. Values for gemstones

and diamonds are obtained from monthly and quarterly price lists. Antique jewelry requires

additional research, where the most recent auction or hammer price would be used to help

determine the value.

If your appraiser is not using these tools he cannot provide you with an accurate appraisal.

Avoid appraisers that have recently completed their Graduate Gemologist degree

Often new graduates are just that novices and have no practical experience. You should

interview your appraiser and find out what practical experience they have in the jewelry

industry. Ideally, your appraiser should also have sales experience. This gives him firsthand

knowledge of recent pricing structures. Working in a jewelry store also gives them a current

knowledge of manufacturing techniques and an ability to identify and suggest any necessary

repairs.

Jewelry appraisers who also buy and sell jewelry

Appraisers that buy and sell cannot provide you with an unbiased value. Their interest is to buy

the item from you so they are more inclined to convince you the item is worth far less than what

it is.

Heritage Appraisers, Inc. does not buy or sell jewelry. Heritage appraisers has no financial interest

in your jewelry when they perform an appraisal, so you can be assured that the appraisal is

completely unbiased.

Avoid not having regular updates on your jewelry

Most clients fail to have their jewelry updated on a regular basis. Clients should have their

jewelry updated every three to five years. If you have a relationship with your appraiser you

should be able to find out when your next update is due.

Heritage Appraisers, Inc. send postcard and e-mail reminders to their clients to remind them when it

is time to have their jewelry appraised. An outdated appraisal is of little value as a resource in

case of loss.

Avoid appraisers that do not have “errors and omissions insurance”

Interview your appraisers ask him about his credentials and ask him if he has “errors and

omissions” insurance. This insurance protects you in the event the appraiser makes an error or

leaves an important piece of information from your appraisal.

All associates with Heritage Appraisers, Inc. carry errors & omissions insurance through Jewelers

Mutual Insurance Co.

Avoid Jewelry appraisers that need to keep your jewelry for one to two weeks

Your appraisers should be able to complete most of your appraisal while you wait. If he needs

to keep your jewelry you may want to seek out an appraiser that can complete your appraisal

while you wait. Keeping your jewelry increases opportunities for peril.

Heritage Appraisers, Inc. offers “same day”,” while you wait” jewelry appraisals. Clients can attend

one of our over seventy locations across the country and have their jewelry appraised while

they wait. If an item requires additional research the appraiser will take pictures, notes, and

perform any necessary test and send the appraisal directly to the customer without keeping the jewelry for more than a day.