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Some Basic Information About Jewelry Appraisals
An appraisal is simply document containing a description of an item. It includes an assessment of the item’s quality and places a value upon it. Descriptions typically cover the empirical facts about the jewelry item such as its weight, markings and materials. Jewelry appraisals generally describe features like gemstone quality, the item’s rarity and its quality of manufacture.
Appraising Jewelry for Insurance Purposes
Most appraisals that jewelers perform today are for the purposes of insurance replacement. The function of insurance is to give back an item’s value. Consequently, appraisals reflect a realistic expense of replacing an item in a store that usually carries that kind of item.
Most reputable jewelry retailers with standard training in appraisals are qualified in writing insurance replacement appraisals. Typically, they are done for the new merchandise they carry in their retail stores. Additionally, they’ll be qualified to do appraisals on jewelry they don’t sell if it’s comparable to items in their store. Appraisals done on other varieties of jewelry or for other reasons call for more advanced training.
Search for on-location gemologists and appraisal providers that can identify your gems and jewelry. Their appraisals can set values for purposes such as insurance, estate tax assessments, value comparisons and lots more.
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Types of Jewelry Appraisals
-Appraisals for immediate liquidation. This typically reflects low values in accordance with the circumstances that create the need. For example, divorce proceedings and some variations of estate liquidations may call for this kind of appraisal. It depends on the jurisdiction in which the scenario occurs. Other, less common kinds of appraisals include loan collateral and probate.
-Appraisals for fair market value. This type reflects a selling price between willing buyers and sellers. It applies when neither party is under pressure due to time constraints. Or, the need to buy or sell in the item’s most typical market. Fair market value is a representation of the item’s value in its present condition. Fair market value is often a requirement for estate appraisals or charitable donations.
Fair market values might run lower than a retail replacement value. This is because those values frequently reflect the cost of replacing a used item with a new comparable item.
Appraisals from a Legal Standpoint
The Federal Trade Commission considers it illegal to intentionally over-value an item. The value that a jewelry item receives should not be beyond what is a fair retail sale price. There are presently no laws or industry regulations that determine educational guidelines or set certifications to be a jewelry appraiser. However, there are industry guidelines when it comes to doing appraisals.
Clients’ appraisals should go through periodic updates to ensure they have sufficient insurance coverage. Unusual situations like sudden increases in supply and price for specific jewelry should also be taken into consideration during appraisal. Beside the cost of replacing or repairing an item, the value an insurance appraisal states should include the appraiser’s fee. Also, the appraiser must remember to add on taxes. They can be on a separate listing or part of appraisal.
Some insurers have an arrangement with jewelers for their insurance replacement clients. When a consumer sustains a loss, their insurer requires that they see a certain jeweler for replacement. The jeweler then receives an amount from the insurer that’s less than retail. It may be less than the appraisal value, but the customer receives a piece that’s comparable to the lost item.
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Tips for Selecting and Building a Jewelry Collection
Approach building a fine collection of jewelry in a similar way you may develop your wardrobe of clothing. First, start with the finest quality fundamentals you are able to afford. Second, start adding more pieces. Begin with pieces of jewelry that feature classical shapes and appear appropriate with a various outfits. Add pieces that provide flexibility while remaining fashionable.
Some traditional jewelry for woman should include pearl or diamond stud earrings along with a pearl necklace. The necklace should wrap in a variety of sizes. For men, some basic accessories should include a set of gold, black or silver cufflinks and a quality watch. However, your jewelry collection should be unique while expressing your personal take on fashion.
When considering a piece of quality jewelry, be certain to inspect it thoroughly for quality manufacture. Verify the fasteners function easily while remaining secure. The backs of earring posts and pins should be strong and attach securely, with no visible soldering marks. If you’re looking a chain, for instance, lay it flat and verify the links don’t bend.
Pricing typically relies on factors such as weight, metal purity, design, gem materials and craftsmanship. Note that each piece of quality jewelry is specific and can last for a lifetime if they receive proper care.
Shopping for Ring Settings and Styles
Visit a jeweler for professional sizing of your fingers – not only your “ring” finger. A jeweler will size your knuckle too because a ring should fit comfortably over it.
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There are multiple techniques for settings in practice with contemporary designers. Frequently, people research settings while shopping for an engagement ring. However, many may also conduct research for fashion, statement or cocktail. If you are not clear about a term that’s used for describing a ring setting, ask the staff at AAA Jewelers for assistance. Here are a few of the most common styles of ring settings:
-Flush setting. Also known as a burnish setting. The stones are usually flush with the surface of the ring’s mounting. The practice of flush setting enables your jeweler to place gemstones without using a tool to secure them in place. Jewelry with stones in a flush setting is typically stylish and contemporary, featuring gems in random positioning.
-Bezel setting. Where a precious metal border surrounds a diamond. Similar to how a frame surrounds a picture.
-Bead and bright setting. Creates a dazzling appearance that it is often hard to distinguish where a gem ends and the metal starts. The process places stones level with the metal’s surface by raising up metal beads to hold the stones in position. Often a technique for smaller diamonds and gems. Bead and bright settings can be in the form of strips or across larger metal areas.
-Tiffany-style setting. Bearing the name of Tiffany & Co., which brought this setting to prominence in the early part of the 1900s. Tiffany-style ring is a 4 or 6 prong setting that utilizes lengthy, slim prongs to secure the stone
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-Channel setting. Effective for mounting smaller, stones of similar size. This setting method relies on two metal strips for holding the stones. Popular for circular, square-cut and baguette stones. Gems set in a channel setting provide a continual row of sparkle without a metal separation in between. The final appearance is appealing and contemporary. Additionally, the nature of a channel setting does not feature metal prongs that can snag on clothing.
-Solitaire ring. A ring that is mounted with one gemstone. This is among the most popular options for a engagement ring settings.