Just like any other document, there are many reasons why you might need a diamond appraisal. One of the common reasons is that you might need an appraisal for insurance purposes. Sometimes you may have gotten a divorce, and you need to know the value of your diamond; the best way to go through this is by getting an appraisal.
What Should Jewelry Appraisal Contain?
- Condition of the item being appraised
- The manufacture, origin, and designer of the jewelry
- The type of the jewelry
- Your official name and residential address
- The primary purpose of the appraisal, for instance, insurance purpose
- Signed and dated by the appraiser
- How the jewelry is designed and dated by the appraiser
- What is the jewelry item made of
Why Should You Seek For Jewelry Appraisals
There are massive reasons why you should get jewelry appraisals. Here are just a few reasons why a jewelry appraisal should be done.
- The value of the Jewelry Might Have Changed.
Anybody can possess jewelry, for instance, diamonds; this can be aided through different ways. You may own a diamond rind through inheritance from your family member; perhaps you inherited it from your granny, who purchased it a couple of years ago. Or it has been a long time since you bought the jewelry, and there is a massive chance that the same price had changed. Let us take, for instance, the price of gold in 1973 was around $115 an ounce ten years later, the cost of the same changed to about $1300 an ounce. Your jewelry should be updated to ensure during evaluation by your insurance company, and you are compensated well.
- Most Homeowners Policy May Not Cover Jewelry
Some insurance policies will cover everything in your home, but some will not cover your jewelry. This will make you look for a jewelry appraisal that will enable you to be compensated because some policies require an appraisal for them to form a base-level assessment of the value before issuing coverage.
- They Provide Verified Proof of Value
Before compensation is done, maybe after a robbery, the insurance will send one of their staff to determine if the robbery occurred and the details of the theft. The adjusters sent may talk to talk relatives, friends; they may also obtain a copy of the police report to know the value of what was lost during the robbery. If you had a diamond ring that was stolen and valued at $100,000 and none of your friends or relatives knew you had it, and at the same time, there’s no record of its existence, your insurance company will decide not to compensate you. If you had a proper appraisal of the same, it would prove the diamond ring.
- Most Cases Sales Receipt Is Not Enough
Your insurance company may refuse a purchase receipt as the best way to measure the value of your lost jewelry. Therefore having an updated jewelry appraisal, you will receive compensation even if your insurance company will reject your receipt.