Why do you need to Appraise your jewelry?
Having your jewelry appraised by a professional independent appraiser, like Gemological Lab & Appraisal, is the first and most important step. The following are a list of many reasons why one must obtain an appraisal:
- In order to guarantee the full value of your fine jewelry, most insurance companies will require a professional appraisal by an independent gemologist.
- An attorney will require an appraisal when working with a client going through dissolution of marriage to obtain the fair market value of the assets.
- With the rise of jewelry internet purchases, an appraisal can verify the authenticity of the diamonds and/or colored stones. An appraisal will give the exact details of any changes or modifications that have been made to the stone and indicate if it is genuine, synthetic, or treated.
- When settling an estate for equitable distribution, any taxable estate must have their valuables documented with an appraisal for the IRS. If the estate is not taxable, it is advisable to know what will be distributed to the heirs of the estate.
- Since platinum, gold, silver, diamond and gemstone values fluctuate, an appraisal may be necessary to obtain an accurate value. The fluctuations are generally due to such factors as supply and demand, the economy, new mining finds and mines that have been exhausted.
- If you make a tax deductible contribution of gems or jewelry in excess of $500, the IRS requires verification of value in the form of an appraisal .
- Out of curiosity, you might just want to know if grandma’s old “emerald” ring is really a natural emerald.