Getting the Best Appraisal for your Gold Jewellery

OlufisayoAugust 26, 201501,616 views

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When it comes to having your gold jewellery, there are three main reasons you want to have this done.

You want to know the value of your jewellery
You need an appraisal for insurance purposes
You want to sell your gold jewellery

Whatever the reason you need your jewellery to be appraised, you will need to make sure that the service you use is a reputable and reliable one.

Two Different Types of Appraisal

There are two different types of appraisal that you can get done. The first appraisal is for insurance purposes, and the second one is the fair market value (FMV) of the precious metals and stones used in the item. The appraisal for insurance purposes will not only take into account the physical value of the item but also to some extent the aesthetic value. You will usually find that the appraisal is usually in the ballpark of what you paid for the piece. The FMV price will give you the value of the stones and metal at scrap value, which is often quite a lot less that what you would have paid for the jewellery.

Choose your Appraiser

Whatever reason you are looking to get your jewellery appraised, you will want to make sure that you choose the services of a good company. It is easy to sell your gold at pawn shops in Melbourne, but can be a little trickier to get the best value for jewellery. As with anything else, make sure that you shop around and compare the costs of the appraisal. Speak to each company, and also make sure that you check out their credentials. You will want to ensure that the appraiser has a GIA Graduate Gemologist Diploma and that the company is a member of the relevant trade associations such as the National Council of Jewellery Valuers. By doing this, you will be assured that you are using the services of a qualified professional, which should go some way also to give you some peace of mind.

Keep your Appraisal Up to Date

It is always a good idea to make sure that you regularly have your jewellery appraised for insurance purposes. The price of precious metals and stones does fluctuate quite a lot, so any appraisal that you receive can soon be out of date. Sometimes this can work in your favour, and others times it can work against you. It is worthwhile speaking to your insurance company and find out how often they would like you to submit an appraisal for your insured items. Usually once a year is sufficient to ensure that your insurance policy covers your jewellery fully. Once you know how much your jewellery is worth, you can either lock it away and hope it appreciates or sell it if you need some quick cash.

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