08 Mar When It’s Your Diamond’s Time To Shine: Answering All Of Your Appraisal Questions
Whether it be a demure pair of studs you seldom wear or an oversized ring that you can’t help but admire, one thing most diamond owners have in common is a simple question: How much is it worth?
Of course, if you find yourself pondering the price point of your precious gems, an appraisal is a straightforward means of obtaining your answer. But that being said, the idea of getting a diamond appraisal may still raise more questions for you, such as…
Why Should I Get A Diamond Appraisal?
While there are numerous reasons a person may seek out a diamond appraisal, Jewelers of America reports that three of the primary reasons one would undergo the process would be for insurance purposes, to obtain a fair market value appraisal, or for the sake of immediate liquidation.
In other words, you might seek out an appraisal if…
- You’re looking to insure your diamond collection or merchandise. An appraisal would provide you with both the precise market value and the paperwork you need to complete your application and receive ample coverage.
- You’re looking to buy or sell a diamond with the most accurate price possible. A diamond appraisal would help to ensure the fairness of the overall exchange between both parties. This is because fair market value appraisals offer you the most current market value for the diamond based on its current state, and are often required for both estate appraisals and charitable donations, among other processes.
- You’re in need of collateral for a loan or are looking to liquidate the estate of a late loved one. An immediate liquidation value appraisal would provide you with the dollar value of your gem should you have a reason to convert your diamond assets to cash.
What Should I Expect From A Diamond Appraisal?
As an appraisal is a knowledge and research-based procedure that essentially sums up the value of one’s diamond(s), you can expect your appraiser to thoroughly inspect the gem in question. In particular, they will likely take into consideration the four Cs — color, cut, clarity, and carat weight.
Otherwise, according to the Gemological Institute of America (GIA), an appraisal report should not only include a detailed description of the diamond itself, but also an explanation of “limiting conditions and assumptions.”
You can also expect a diamond appraisal report would also provide you with:
- The appraiser’s name and qualifications
- The date of the appraisal
- The purpose of the appraisal
- Disclosure statements
- And more
How Do I Find A Trusted Diamond Appraiser?
When searching for a trusted appraisal with whom to trust your diamond(s), be sure to look for a professional who is associated with esteemed organizations like GIA and/or the National Association of Jewelry Appraisers
Also, be sure the business or individual providing you with their services offers you confidentiality, as the outcome of the appraisal should be for your eyes alone.
Finally, don’t forget to look around locally, such as with Hemming Jewelers! Not only is our appraiser a Jacksonville native who is a longstanding member of the National Association of Jewelry Appraisers, but he has also received his diploma from GIA and has an extensive history in jewelry appraisal, manufacturing, and quality control.
In short, Hemming Jewelers is Jacksonville’s #1 independent jeweler, which is why we are also committed to providing you with comprehensive and confidential appraisals. To learn more, contact us today by calling (904) 354-5959!