Jewelry appraisals are one of the many things we do at Preusser Jewelers. Today’s blog explains two types of value for jewelry appraisals, so you can understand what you get from an appraisal.
Did you just purchase jewelry for yourself? Do you want that jewelry insured in case something happens to it or it becomes lost?
We perform an insurance value appraisal when you want to have the jewelry insured, so if it is lost, stolen or damaged, your homeowner’s or renter’s policy will allow it to be replaced.
We assign this value based on what that item would cost today, plus a small percentage to allow for fluctuations in the market. We strongly suggest that an insurance appraisal for homeowner’s or renter’s coverage be updated every five years.
You’ll want to keep this appraisal in a safe place to refer to later in case something does happen to your jewelry.
The intrinsic value is based solely on the current market value of the raw materials that comprise the jewelry.
You’ll need this value if you intend to sell just for the raw materials instead of liquidating your collection to a jewelry store or selling it yourself.
The intrinsic value of jewelry is based on the weight of the precious metals found in the piece as well as the condition and types of gems (if any). Age, design, history, or fair market value are not taken into account here.
Jewelry Appraisals at Preusser’s
Our jewelry professionals conduct jewelry appraisals at our store in downtown Grand Rapids. When complete, we’ll give you full documentation of what each piece is worth on the current market, to the best of our abilities. Contact us online or call 616-458-1425 for more details on our jewelry appraisal services.