You know the value of your house. You know the value of your car. You should know the value of your jewelry, too! Your engagement ring, wedding ring, and any other fine jewelry are assets like any other, and understanding the value of your pieces can help you protect them.
It is always a good idea to take out jewelry insurance on your expensive pieces, like bridal jewelry and diamond jewelry. And you can’t take out insurance if you don’t know the value of what you need to insure. That’s where jewelry appraisals come in. At Ancona Jewelers in Addison, Illinois, we offer the most accurate and professional appraisals in the Chicago area.
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What Is a Jewelry Appraisal?
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Why Do You Need a Jewelry Appraisal?
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How We Conduct Jewelry Appraisals
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When Should You Get a Jewelry Appraisal?
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Why Get an Appraisal at Ancona Jewelers?
I. What Is a Jewelry Appraisal?
A jewelry appraisal is a comprehensive examination and professional analysis of your jewelry to determine its monetary value. At a professional appraisal, certified jewelers, gemologists and diamontologists will assess each piece based on factors like craftsmanship, quality, materials used, and market demand.
At the end of a jewelry appraisal, you will receive official documentation stating the monetary value of your jewelry. Appraisal documents will also include written descriptions and measurements of your jewelry. You can submit these documents to your insurer to make sure your pieces are adequately covered!
Of course, we know that you can’t put a price tag on your jewelry and all the special sentiment it holds, but it’s still important to understand its dollar value on the market.
II. Why Do You Need a Jewelry Appraisal?
There are many benefits to getting a formal appraisal, including for:
- Insurance purposes
- Estate planning
- Divorce, or other situations in which you need an estimate of your assets
- Selling or reselling
- Recreation of lost or damaged pieces
While insurance is the number one reason we recommend jewelry appraisals, it will also come in handy anytime you need a clear picture of your finances. If you are estate planning or going through a divorce, knowing the accurate dollar value of your jewelry can make things easier on you and give you a little peace of mind during a stressful time. It can also help you and your family divide up any assets fairly.
If you want to sell or resell your jewelry, an appraisal can help you get a fair price. The average person does not know how much to charge or offer for a piece of jewelry. Jewelry experts are here to help with up-to-date knowledge of the precious metals and gemstone markets, plus an understanding of current demand for different jewelry pieces. Get an appraisal done so that you don’t lose out on the offers you deserve.
Finally, appraisal documents can be lifesavers in the unfortunate event that your jewelry is lost, stolen, or damaged. A custom jeweler can use the detailed descriptions, measurements, and (sometimes) images included in an appraisal to recreate the missing piece for you. Think of it as an extra layer of protection in addition to your jewelry insurance.
III. How We Conduct Jewelry Appraisals
While jewelry appraisal requires specialized knowledge, the process is rather straightforward. It follows these standard steps.
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Inspection
Our experts will assess the overall condition of the jewelry. Some of the things we will assess include the quality, craftsmanship, condition, and age of the piece.
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Measurement
Our experts will determine the size, weight, and dimensions of the piece, measuring at all angles for maximum accuracy.
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Analysis:
Our experts will use professional tools to analyze the materials used in the piece. This includes any precious metals, diamonds, colored gemstones, and other distinguishing features.
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Valuation:
Our experts will calculate the value of the piece based on our assessment, measurements, valuation, and current demand. We base our calculations on up-to-the-minute monitoring of precious metal, diamond, and gemstone prices.
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Documentation:
Our experts will create an official appraisal report with detailed information about the jewelry. You can then take home the appraisal document for your records.
To the best of our ability, we try to include our clients in the appraisal process by explaining the steps we take and the evaluations we make. We hope to create an atmosphere of trust and transparency, so that you can understand each step in the process and make sense of your piece’s final valuation.
Appraisals can typically be conducted within a week or less. You can also wait for our quarterly “Appraisal Day,” during which our gemologist offers on-site expedited appraisals. Appraisals cost $150 per piece, or $450 per labor hour for a collective value on estate jewelry.
IV. When Should You Get a Jewelry Appraisal?
Because market demand is always evolving, and because the prices of precious metals and gemstones are constantly changing, it’s very important to stay up to date on your appraisals. If you have an outdated appraisal, you risk being underinsured–that gold necklace may be worth twice what it was ten years ago!
Don’t risk losing that kind of money. We recommend getting an appraisal once every 3-5 years to make sure that your jewelry is properly protected. We also recommend getting an updated appraisal after any major repairs, restyles, or restorations, as these can all increase the value of your jewelry.
Jewelry appraisals also make a nice gift! Consider offering to pay for an appraisal as part of an anniversary gift, or after getting a special piece of jewelry for a friend.
V. Why Get An Appraisal At Ancona Jewelers In The Chicago, IL Area?
Ancona Jewelers is a family-owned local business with deep roots in the Chicagoland area. Jewelry is our family business and our family passion. For that reason, we’re invested in giving our clients the best possible experiences in every aspect of their jewelry purchasing journey, from the moment you walk through our doors to your long-term cleaning, repair, and appraisal needs.
Do you have some pieces that need an appraisal or updated appraisal? We hope you’ll consider working with us! While we may be able to take you as a walk-in client, we recommend giving us a call at (630) 775-9000 to schedule an appointment to ensure you get the time and attention you deserve.
Find out what your jewelry is really worth with an appraisal today!