Appraisals are useful for a number of purposes including insurance and resale valuation. Jewelry appraisal involves more than just glancing at the piece and offering an estimate. A Professional appraisal is a delicate and sometimes difficult process involving market research and in many cases, laboratory assessment. The cost of jewelry appraisal in New Jersey will vary depending on the features of the item.
For example, a complex piece with multiple types of precious or semi-precious stones in elaborate settings will entail different methods of appraisal than for a simple gold band. Jewelry that bears the stamp of a global brand or historical lapidary house will also require specialized knowledge and skilled assessment. Although there is no official system of jewelry appraisal in New Jersey, there are some appraisers who are more experienced than others, and some that have specialized tools and training.
If you know the item or items you have are worth a lot, it pays to consult with a credible, reputable appraiser. Even if the cost of the appraisal is more than what you might pay elsewhere, the difference will not be great enough to risk undervaluing your jewelry. An appraisal for insurance needs to be honest and accurate. Jewelry appraisals can be charged on a flat fee basis per item, for simpler pieces, or on an hourly rate for pieces that involve more detailed analysis.
There may also be a different price or system of appraising jewelry if the intent is resale. Appraising for insurance purposes reflect a price that is like the rack rate at a hotel: it is much higher than anyone actually pays but does indicate the maximum value that the establishment might charge. Similarly, when you appraise a piece because you want to sell it, the price value may be different from an appraisal for insurance purposes.