An appraisal is a complete listing of the characteristics of a piece of jewelry. These list out stone sizes and qualities, the metals the piece is created in, weights and design features.
Another thing an appraisal does is gives you a replacement value for your piece. This means that if you were to lose your jewelry and needed to get an identical item, what finding or making that new piece of jewelry will cost you.
Appraisals should be updated at least every five years, but it is recommenced to be updated every three.
Why? In 2008, the price of gold was around $900 an ounce. This year, gold has hovered $1200-1300 an ounce. What that means is that gold is much more expensive to replace now, so if your last appraisal shows a replacement value from 2008, the insurance company will not pay enough for you to have a new ring.
If you are concerned about an appraisal being up to date, bring your current appraisal in and we will update it for you!
If you have any questions about appraisal, just give us a call at 954-430-1798.