Jewelry Appraisal and Valuation
Appraisals are a vital document for fine jewelry and engagement ring owners to obtain. Appraisals are not the only form of evaluating diamond rings and jewelry, but they are a necessary paper to have in your arsenal of jewelry documents. Appraisals describe the value of your jewelry based on all of its parts, including the diamond, other gemstones, and your metal setting.
At the Diamond Reserve, we provide every custom jewelry and engagement ring client with an appraisal. In the jewelry and diamond industry, the golden rule is for appraisals to be an estimate of how much your item would get at retail value, also known as replacement value. Remember, retail value is what a jeweler could sell your diamond ring or custom jewelry for in store. The retail or replacement value is different from what a jeweler would purchase your item from you for. The appraisal lists the current replacement cost; or in other words, the cost it would take for you to go into a store and buy the exact piece in your possession.
Appraisers judge a number of factors when estimating a diamond ring or jewelry’s replacement value. Appraisers look at the diamond quality, setting, manufacture, rarity. Diamonds are largely valued on their clarity, color, carat, cut, and fluorescence. The appraisal takes into account all of these characteristics and determines the diamond replacement cost based on the sum of these qualities. A majority of engagement rings and custom jewelry are made from precious metals such as gold and platinum. The gold market price, according to the weight of incorporated metals, is added to the replacement value. If there is any intricate design work, additional benchmen labor costs are added to the value.
Care and Insurance
The first thing you should do when you receive your appraisal is get your jewelry insured. The Diamond Reserve does not insure rings. We can advise you on some of the best options available. You can contact your homeowners insurance and add the ring onto your existing plan, or you can insure the ring through a jeweler specific insurance company. Jewelers Mutual insures all The Diamond Reserve’s personal inventory, and we recommend their plans. The process to sign up is easy and with your appraisal you are prepared! With your ring insured, you are set to take a breather and know you’re covered if any mishaps should happen.
Another key to ring longevity is preventive care. Knowing the actions and precautions you can take to prevent ring damage or loss is essential. A pillar of preventive ring care is ensuring your ring is not involved with heavy lifting or exercise. Additionally, remove your ring before strenuous outdoor activities, home projects, or gardening. A little known preventive tip, sleeping with your ring is also no go. You never know how you will move when sleeping or what sheets your prongs could catch on. When in doubt, if you think your ring could be knocked, nicked, or take a hit, protect it. Remove it.
Repairs and Maintenance
Sometimes, mistakes and accidents occur. Diamonds can loosen in settings over time after intense wear and tear. If you notice your diamond is loose, schedule a repair appointment right away! Sometimes, the prongs or shank of a ring can become bent. If you notice your ring is a little less circular or a prong is out of place, this is a sign. Be incredibly careful with your ring or remove it until you can bring it in for repair.
If a side stone or center diamond goes missing, this is where your ring insurance comes in handy. Make an insurance claim, schedule a repair appointment, and we will find the best diamond match possible. After, the process of resetting your ring into original glamor will be started!
Another important maintenance factor, it is essential to have your jewelry re-appraised over time. The cost of diamonds and precious metals increases across the years. A general rule of thumb, jewelry should be re-appraised every five years or after major market changes. Old appraisals do not accurately represent the replacement value of jewelry and are often off by great percentages.
To ensure your appraisal has the current replacement value, request a new appraisal from The Diamond Reserve. This way, when seeking replacements or repairs, you will be provided with the correct funds to cover your costs. Keep your appraisals up-to-date and your coverage will equate!