Insurance Appraisals
Background Information
- Insurance appraisals are the most common type of appraisals. They are used to obtain insurance coverage on existing or newly acquired jewelry. We will provide detailed documentation used to establish the approximate retail replacement value of the item(s) to be insured. View Sample Insurance Appraisal
Policy Types
- There are many type of insurance companies and policies. They are not all the same. Some types of policies pay the amount on the appraisal some pay a lesser amount and others pay for replacement of the insured item.
- It is important to establish what type of policy you are purchasing, exactly what is covered and how the insurance company will settle the claim. Click on the link and print questions to ask insurance agents. These questions will help you make an informed insurance decision.
Appraisal Pricing and Procedures
- Insurance appraisals for diamond engagement rings are usually $100 to 150 and up depending on the size of the centerstone and the complexity of the mounting.
- We ask you to bring any laboratory reports, sales slips, previous appraisals.
- The stone will be graded prior to viewing the laboratory report. When the grading is complete, the laboratory report will be verified against the grades determined by the appraiser.
- We will provide a printed copy of the report. A pdf copy of your report will be sent to the email address provided. Many insurance companies will accept the appraisal in this format.
- We will keep a digital copy of your appraisal in our computers indefinitely. Your appraisals should be updated every 2-3 years.
Estate Appraisals
Background Information
- In the event you are name executor of an estate or conservator for an individual, an estate appraisal of their jewelry may be necessary. The attorney handling probate will advise you if this is so. If the attorney deems necessary, we will prepare an estate appraisal documenting the fair market value of the included items. View Sample Estate Appraisal
- Additionally, as an Accredited Senior Appraiser with the American Society of Appraisers, Paul will act the supervisory appraiser by contracting and coordinating the efforts of the other assigned personal property appraisers
- When the estate is settled, we can assist in equitable distribution to heirs or liquidation of estate assets.
Brokerage Services
Background Information
- We provide complete liquidation services for all types of jewelry, gemstones, watches, gold, platinum and sterling items through our extensive network of estate buyers, gem dealers and auction houses. We can help you get the best price for your items.
Procedure
- Call or email for an appointment. We will examine the items and assess your needs to help determine the best market for liquidation.
- At this point there is no need to complete a detailed appraisal. However, it is necessary to grade the stones, test the metal, photograph the items and calculate an approximate liquidation value. This information will be used to negotiate with the buyers and auction houses.
- If we determine the best market to be an auction house, we will explain the auction process and fee structure in detail. If you agree and would like to sell your items at auction we will initiate the process.
- If you do not choose to sell at auction, we will present the information on your items to our network of estate buyers.
- We will collect and rank the offers received and present you with the best preliminary offer.
- If you agree to the preliminary offer, we will ship the items to the buyer for a final offer.
- When we receive the final offer, we will contact you. If you agree with the final offer, we will contact the buyer, close the deal and request payment.
Fees
- Brokerage fees are based on a percentage of the sales price plus laboratory costs and reasonable expenses (i.e. shipping, major lab reports).
- Procedes are normally paid within two weeks of accepting the final offer.
Equitable Distributions
Background Information
- Often people in a family inherit jewelry. If you have had items passed down that need to be split up between several individuals, we can prepare a report documenting the fair market values of the items. This will facilitate a fair distribution.
- When the distribution is complete, we will convert the report into individual insurance appraisals or assist in liquidation (see "Brokerage" above).
Donation Appraisals
Background Information
- If you would like to make a large donation of jewelry to your favorite charity, you will need a donation appraisal. The Internal Revenue Service requires Form 8283 to be completed and attached to your Federal Income Tax Return, along with a donation appraisal report, if you make a non-cash charitable donation in excess of $5,000. We can prepare an accurate appraisal and determine the fair market value of the donated jewelry items. Additionally, we will help fill out the IRS form.
Other Services
Background Information
- Customs Reports: We can prepare a report detailing all the jewelry you are taking on a trip abroad. This report will show the US Customs you owned the jewelry prior to leaving the country and you will not be asked to pay import duty on re-entry.
- Damage Reports: Damage reports are used to document damage to a gemstone or the mounting. They are requested by insurance companies in response to a damage claim. We will prepare the requested report and work directly with your insurance agent if necessary.
- Gem Identification: We can help answer any questions you may have on any finished gemstone. If you found something or purchased a gemstone and you need assistance or further explanation, we can help.
- Third Party Escrow/Purchase Assistance: If you are buying something on the internet and would like to view it before purchasing, we can provide an independent third party escrow service for you and the seller. Additionally, we can verify the gemstone's grading and provide an appraisal.
- Prenuptial/Divorce Appraisals: These appraisals can be used to document the value and identify jewelry owned by either or both parties in a prenuptial agreement or marriage dissolution. We can provide an independent evaluation to help remove the emotion from the situation.
- Litigation Support: If your client disagrees with appraisal work performed by another appraiser, we can provide an independent evaluation and valuation of the jewelry in question. Additionally, we will act as a consultant for any jewelry related situation you may encounter. Services include: expert witness, arbitration, deposition and court appearances.
- Liquidation Reports: These are normally used during bankruptcy or liquidation of business assets. We can go to the location of the jewelry, whether it is in a bank vault, individual's home, place of business or your conference room to conduct the appraisal.
- Collateral Appraisals: Collateral appraisals are used when gems and/or jewelry is to be used in place of cash in a transaction. We can provide an accurate "Fair Market" appraisal of the pledged items.
- Casualty Loss Reports: Casualty loss reports are utilized to substantiate the loss of an item to claim a tax loss with the IRS. We will meet with your client to review any information that they may have regarding their property and prepare any desired reports.
- Hypothetical Appraisals: These are appraisals performed after an unscheduled item has been stolen or lost. We will interview the client and produce a report using their description of the item as a basis for valuation and replacement. We will work directly with the adjuster to resolve any issues that may arise.
- Expert Witness: Paul has many years of experience in all aspects of retail jewelry. He has been an appraiser for most of that time. In addition, he is a retired US Navy officer who has always demonstrated high integrity. Paul has the experience, discipline and integrity that makes an ideal expert witness.
