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GIA Graduate Gemologist • Insurance Appraisals • Estate Appraisals • Insurance Documentation
Did you know that most homeowners policies do not cover jewelry insurance? Like fine art, your jewelry must be scheduled separately.
At Robert Palma Designs, we offer on-the-spot appraisals while you wait and watch. In today’s highly fraudulent market, its important you do not leave your jewelry with an unaccredited, uncertified jeweler. Finding the best appraiser for your jewelry is extremely important.
Jewelry appraisals should not be confused with diamond or gemstone grading reports. An appraisal is a document that describes an item, assesses its relative quality and assigns a value to it. Descriptions usually cover the visible, measurable and analyzable facts about the item (weight, materials, markings). Most jewelry appraisals also describe subjective features such as gemstone quality, relative rarity and overall quality of manufacture. The majority of appraisals done today are for insurance replacement (retail replacement) purposes. The point of insurance is to return the value of the item. Therefore, an on-site expert gemologists and appraisers that will identify your gemstones and determine values for insurance purposes, estate tax evaluation, value comparison and more.
Since jewelry insurance premiums are typically based on the value of the jewelry, what would happen if that value was incorrect?
If your jewelry's value was over estimated, you could spend more than necessary to insure your piece. Alternatively, the reverse could mean that you’re under-insured and may incur additional out-of-pocket expense to repair or replace jewelry that becomes damaged or lost. The truth is, jewelry values fluctuate. To ensure your ring is covered under your insurance policy for the right amount, you should update your appraisal approximately every 5 years to make sure you’re item(s) are accurately valued. Too many people have let their appraisals lapse and found that their coverage does not cover the cost of replacing their jewelry. Additionally, appraisals are useful for estate planning purposes. Detailed appraisals will allow you to plan for an equitable division of your pieces and give you a deeper understanding of the total value of your estate.
Come meet with our team and we will offer you an appraisal so that you know what your jewelry is worth.
We have jewelry professionals ready to help.
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