Jewelry Appraisals
Learn about Jewelry Appraisals
Jewelry Appraisals
Know What Your Jewelry Is Worth
Your jewelry may hold tremendous sentimental value, but having its value properly documented is important, too.
At Hopman Jewelers, we provide professional jewelry appraisal services for a variety of needs, including insurance coverage, estate purposes, documentation, and personal records. Each piece is carefully examined and evaluated based on its individual characteristics and, most importantly, the purpose of the appraisal.
An insurance appraisal and an estate appraisal can have very different values for the exact same piece of jewelry. Understanding why you need an appraisal helps us determine the appropriate type of valuation.
Whether you recently purchased a piece of jewelry, inherited a family treasure, or haven't had your jewelry appraised in several years, our team can help you properly document what you own.
What Is a Jewelry Appraisal?
A professional jewelry appraisal is much more than simply looking at a piece of jewelry and assigning it a dollar amount.
Depending on the item and purpose of the appraisal, the evaluation may include:
Metal type and purity
Gemstone identification
Diamond measurements and estimated weights
Diamond color and clarity characteristics when appropriate
Gemstone measurements and characteristics
Construction and design details
Manufacturer, designer, or identifying marks
Overall condition
Photographs of the item
Research into comparable jewelry and current market information
A value appropriate for the intended purpose of the appraisal
Because the type of value can vary significantly, we'll ask why you need the appraisal before beginning the process.
Insurance Replacement Appraisals
Insurance replacement appraisals are one of the most common types of jewelry appraisals.
An insurance appraisal provides a detailed description of your jewelry along with an appropriate retail replacement value. This information can be provided to your insurance company so that your jewelry can be properly scheduled or covered in the event it is lost, stolen, or damaged.
Insurance replacement values are typically higher than the amount you originally paid for the jewelry or the amount you could receive if you sold it.
Why Is an Insurance Appraisal Value Higher?
An insurance appraisal isn't intended to tell you what someone would pay you for your jewelry today. Its purpose is to estimate what it could cost to replace the item with a comparable piece if something happened to it.
Replacement costs can change as the prices of precious metals, diamonds, gemstones, labor, and finished jewelry change.
For this reason, insurance appraisal values may include some allowance for future market changes between appraisal updates. We generally recommend reviewing or updating jewelry appraisals approximately every three to five years, although you should always follow the recommendations of your insurance provider.
The goal is to make sure your jewelry is adequately documented and insured, not artificially undervalued when you need the coverage most.
While-You-Wait Insurance Appraisals
For customers who prefer not to leave their jewelry with us, Hopman Jewelers also offers a while-you-wait insurance appraisal service by appointment.
This allows your jewelry to remain with you throughout the appraisal process.
There is an additional fee for while-you-wait appraisal service, and the total appraisal fee must be paid in advance. Please contact us to discuss availability, current pricing, and scheduling.
Estate Appraisals
Estate appraisals serve a very different purpose from insurance replacement appraisals.
When jewelry is being evaluated as part of an estate, inheritance, or division of property, the appropriate value may be based on cash/fair market value rather than retail replacement value.
This value reflects what the jewelry could reasonably be worth in the secondary market or in a situation where the item may need to be converted to cash.
Why Is an Estate Value Lower Than an Insurance Value?
This is one of the most important differences to understand.
A jewelry store's retail price includes much more than the intrinsic value of the gold, platinum, diamonds, or gemstones. It can include manufacturing, labor, design, distribution, overhead, and retail markup.
Once jewelry has been previously owned, it generally cannot be resold for its original retail price. If an estate needed to sell an item relatively quickly, the amount it could reasonably receive may be substantially less than its retail replacement value.
For many ordinary jewelry items, the cash value may be based heavily on the value of the precious metal and marketability of the gemstones, similar to the considerations involved when purchasing previously owned jewelry.
That means a piece could appropriately have a much higher insurance replacement value and a much lower estate cash value at the same time. Neither number is necessarily incorrect; they represent two different definitions of value.
Certain designer, collectible, luxury, antique, or highly desirable pieces may have stronger secondary-market values and are evaluated accordingly.
When Might You Need an Estate Appraisal?
An estate appraisal may be appropriate when:
Settling an estate or divorce
Inventorying jewelry belonging to an estate
Documenting jewelry for an executor or attorney
Dividing inherited jewelry among family members
Establishing values for estate-related purposes
Determining cash/fair market values of inherited jewelry
If an attorney, accountant, executor, trustee, or other professional has requested the appraisal, please bring any instructions regarding the required type of value or effective valuation date.
What Happens During an Appraisal?
Your jewelry is carefully examined and documented by our jeweler and our graduate gemologist. Depending upon the piece, this may include inspecting the mounting, identifying metals and gemstones, taking measurements, evaluating diamonds and colored gemstones when appropriate, recording identifying marks, photographing the item, assessing condition, and researching information needed to establish the appropriate value.
Regular appraisal turnaround times can vary depending upon the number and complexity of the pieces being evaluated.
If you need an insurance appraisal completed while you wait, please contact us to schedule our while-you-wait appraisal service. Additional fees apply and payment is required in advance.
Do I Need an Appointment?
We recommend contacting Hopman Jewelers before bringing in jewelry for appraisal so we can discuss what you have, why you need the appraisal, and the current turnaround time.
Appointments are especially helpful if you have multiple pieces, an estate collection, unusual jewelry, or would like to schedule a while-you-wait appraisal.
Frequently Asked Questions
How do I know which type of appraisal I need?
Tell us what the appraisal will be used for. Jewelry being insured generally requires a retail replacement appraisal, while jewelry being evaluated as part of an estate may require a cash or fair market valuation. If an insurance company, attorney, executor, accountant, or other professional requested the appraisal, ask whether they have specific requirements.
Why is my insurance appraisal higher than what I could sell my jewelry for?
Because they represent two different types of value. An insurance appraisal estimates the cost of replacing your jewelry with a comparable item, while a selling or estate value considers what the previously owned item could reasonably bring in the secondary market.
Does a high insurance appraisal mean I could sell my jewelry for that amount?
No. Insurance replacement value should not be considered an offer to purchase the jewelry or an indication of its resale value.
How often should I update my insurance appraisal?
We generally recommend having jewelry appraisals reviewed or updated approximately every three to five years. Your insurance company may have its own requirements, so it's always a good idea to check with your provider.
Can I have my appraisal completed while I wait?
Yes. We offer while-you-wait insurance appraisals by appointment. There is an additional fee for this service, and the total appraisal fee must be paid in advance.
Can you appraise jewelry I didn't purchase at Hopman Jewelers?
Yes. We can appraise jewelry regardless of where it was originally purchased. If you have original paperwork, please bring it in so we can verify the information and add it to your new appraisal.
Can you appraise inherited or older jewelry?
Yes. We regularly evaluate previously owned, vintage, antique, and inherited jewelry.
Can you appraise an entire estate or several pieces at once?
Yes. Please contact us ahead of time if you have multiple pieces or an estate collection so we can discuss what you have and determine the appropriate appraisal process.
Do you charge for jewelry appraisals?
Yes. Professional appraisal services have a fee, and pricing can vary depending upon the service needed. Please contact Hopman Jewelers for current appraisal pricing.
How long does an appraisal take?
Standard turnaround time depends on the number and complexity of the items being appraised. We'll provide an estimated timeframe when your jewelry is brought in. While-you-wait insurance appraisals are also available by appointment for an additional fee.
The Right Value for the Right Purpose
An appraisal isn't simply about putting a price on your jewelry. It's about determining the appropriate value for the reason you need it.
An engagement ring being insured, a treasured piece inherited from a grandmother, and jewelry being evaluated as part of an estate may each require a different approach.
At Hopman Jewelers, we'll help you determine which appraisal service is appropriate and provide detailed documentation of your jewelry.
Contact Hopman Jewelers in beautiful downtown Elkhart to learn more about our professional jewelry appraisal services or schedule an appointment.
Jewelry for every engagement.