The value assigned to jewelry can vary depending on the function of the appraisal or report, so it it essential to establish your needs and purpose up front with your appraiser. As a member of the American Gem Society, Exclusively Diamonds is committed to helping you protect your valuables by providing the very best service and the most accurate information available for appraising fine jewelry.
Here are some questions to ask your insurance agent before you insure your fine jewelry:
- Is an appraisal necessary for full coverage?
- What is the difference between scheduled and unscheduled coverage?
- Is there a deductible? If so, how much? Do I have the option to increase the deductible and thus lower the premium?
- Is my policy all-risk (partial loss, damage, theft, mysterious disappearance and other perils)?
- Can I go to whomever I wish for the replacement?
- If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by an independent firm or accredited appraiser of my choice?
- Is there a difference in limitations between jewelry and silverware?
- Are there any geographical limitations to my coverage?
- What is the premium rate per thousand dollars of value for full coverage?
- Is depreciation ever imposed on anything?
- How often should I have an appraisal done?
- Am I limited to the appraisal value should there be a sizable increase in value?
- Are there any exclusions?
- What proof is needed to report a loss?
- Are there any security precautions required?
- If not, would there be a premium savings if special precautions were taken e.g., the items were kept in a home safe or safe deposit box when not worn?
- What if the insured item is irreplaceable, like an antique?
- What types of property are not covered?
- Will you show me the actual language in the policy that addresses each concern I've expressed?
- Is all your coverage priced at the same rate per thousand?
- Does "inflation guard," if any, apply to my insured jewelry?
- If there is a loss, do I have a choice of full cash-out or will I have to accept less?
- Will the occurrence of an insured loss affect my continuing coverage?
What to Look for in a Professional Appraiser
When you obtain a jewelry appraisal or report, you have the right to expect professional treatment. Look for an appraiser who provides you with the following:
- An estimate fee that is not based on the final appraisal value of your jewelry.
- A professionally executed appraisal or report that uses the methodology warranted by the purpose of the appraisal.
- A clearly explained description of any grading system used for evaluating either diamonds or gemstones, in a language you understand.
- A statement of total value, applied to the appraisal report in a manner that cannot be altered, such as with a seal.
- A clear explanation of the appraisal or report's limitations of use. (For example, an appraisal performed for insurance purposed can be used for that purpose only.)
- A courteous and respectful discussion, during which any questions you have are answered.
Elizabeth Sparacino, AiSV, CGA
Certified Gemologist Appraiser
Appraisers International Society Valuer
Exclusively Diamonds is pleased to have Liz Sparacino on staff to appraise jewelry. She is a Graduate Gemologist with the Gemological Institute of America, a Certified Gemologist Appraiser with the American Gem Society and most recently completed her Appraisers International Society Valuer. Her expertise and education provides customers with professional appraisals for insurance purposes. She is a member of AGS, Minnesota GIA Alumni Association and is an advanced member of Appraisers International Society.
By choosing our Certified Gemologist Appraiser you can rest assured that you’re working with a professional who has been trained and certified. The value of your fine jewelry that is being appraised won't just be a guess or random value. Liz will take the time to thoroughly inspect your jewelry and get you a number that is representative of today's market value.
For more information on Professional Appraisal Services from Exclusively Diamonds call 507-345-1658 or email Liz at email@example.com.