GemSecure Jewelry Appraisals
Frequently Asked Questions
How Do I Pick The Right Jewelry Appraiser?
There are many certifications jewelry appraisers can obtain, some of which require years of extensive education and training from reputable accredited schools, and others with few requirements from lesser known schools that are not accredited.
The appraiser you select, should first be a Graduate Gemologist, (GG) from the Gemological Institute of America, (GIA). The Gemological Institute of America, GIA is the most prestigious school in the world for the study of Gemology. However, what most people are unaware of is that just having the "Graduate Gemologist" credential from GIA does NOT qualify one to appraise jewelry. There are plenty Gemologists from GIA who represent themselves as appraisers and have no other credentials that qualify them to appraise jewelry. Many of these appraisers engage in buying and selling and work at jewelry stores or downtown in the jewelry district. It can be a conflict when an appraiser with lesser credentials, engages in buying and selling and also appraises jewelry. More often than not these appraisers over value items and make costly mistakes. The appraiser you choose should also have additional credentials from a reputable appraisal school and have studied appraisal science and passed the various exams in appraisal science, ethics, as well as passing The Uniform Standards of Appraisal Practice, USPAP exam. It is important that the appraiser be accredited or certified by a reputable appraisal organization not just GIA to assure the public that they are truly qualified to appraise jewelry.
The American Society of Appraisers, ASA is one of the largest and most respected appraisal accrediting organizations in the world. There purpose is to establish requirements for a professional appraisal practice and to promote and maintain a high level of public trust. An appraiser who holds the ASA title from the American Society of Appraisers is the most advanced and knowledgeable appraiser in his field. Appraisers who hold the ASA designation are required to do continuing education just like lawyers and doctors, to stay update with the latest in Gemology and must apply for re-accreditation every five years.
The Title of Master Gemologist Appraiser is only held by a handful of appraisers in the United States. This credential can only be obtained by qualifying for certain requirements and passing annual exams promulgated by the American Society of Appraisers, ASA.
Beware of appraisers that only hold a Graduate Gemologist credential and or are supposedly certified by lesser or unknown appraisal organizations.
Beware of appraisers that work at jewelry stores and or engage in buying and selling.
Always ask what education, testing and training the appraiser has undergone to achieve his or her titles.
Always ask the appraiser to verify all titles, certifications and credentials the appraiser says he or she has and make sure their certifications as well as USPAP are current and up to date before choosing there services.
Why is it Important to Pick a Qualified Appraiser who Does NOT buy or sell?
There can be a conflict of interest when an appraiser who appraises jewelry also engages in buying and selling or brokering. Many of these appraisers work at jewelry stores, which because the store is involved in buying and selling jewelry, can be a conflict when wanting an accurate - unbiased appraisal. Appraisals given to the consumer from the same place that the jewelry item was purchased are often biased, misrepresented in quality and extremely overvalued. Beware of appraisers that offer both appraising and buying or brokering services.
Over Valued Appraisals Serve No One!
Inaccurate, biased, overvalued appraisals particularly when being used for insurance scheduling serve no one. The general public is un-informed on how insurance companies compensate for claims of loss, theft or damage of jewelry. Most if not all insurance companies have the option to compensate for a claim at the lowest potential cost to them. Think about it, why would an insurance company compensate you for a jewelry item appraised at $20k when you actually only paid $10k for it? Insurance companies are not stupid and are certainly not in the business of losing money. Insurance companies have the right to override over valued appraisal reports and simply compensate at a lower value or replace the jewelry item at the lowest cost to them. Over valued appraisals do nothing more than drive up your monthly premium to keep the item insured. This is a yet another very important reason to choose a truly qualified, unbiased appraiser who does not engage in buying, selling or brokering.
What are the Most Respected Appraisal Credentials and Certifications ?
An Accredited Senior Member, ASA of the American Society of Appraisers and their advanced designation in Gems and Jewelry, the highly respected Master Gemologist Appraiser, MGA.
Designated Member of the International Society of Appraisers. Their higest level of accreditation is the Certified Appraiser of Personal Property (CAAP).
A Graduate Gemologist (GG) of the Gemological Institute of America (GIA), or a graduate of the Gemological Institute of Great Britian.
A Gemological degree assures that the individual appraising your jewelry and gems can identify and grade gem materials.
Why Should I Have My Jewelry Appraised?
1. You need an appraisal if you want to obtain insurance coverage on items worth more than $500.
2. You should have an appraisal if you plan to sell your jewelry or use it as collateral.
3. You need an appraisal to settle an estate or for fair distribution of gifts.
4. You need an appraisal to claim a casualty loss for your insurance company or the IRS.
5. You should have an appraisal for division of property in a divorce.
6. You need an appraisal for tax deduction of a charitable contribution.
7. You should have an appraisal for any dispute between you and a retailer.
How Often do I Need My Jewelry Appraised?
The Insurance Institute of America recommends that jewelry be re-appraised every three to five years.
If you have an outdated appraisal - Updating your appraisal can be done relatively quickly and inexpensively.