Who to call to get your engagement ring appraised? How often should you do it? These are some of our audience most asked questions, year after year. This year in particular, with the value of some commodities going all over the place and the market for antique jewelry booming, we really need to know what to do… Many thanks to Melissa L. Becker, VP of jewelry insurance provider Lavalier, for taking the time to answer our appraisal related questions and give us some amazing tips on the topic. Lavalier offers complete, competitive and affordable fine jewelry insurance packages. You should definitely visit their website after reading this article to get a quote for your engagement ring.

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(ring pictured above by Mark Patterson)

How often should you get your engagement ring appraised? Is there a difference between a recently made ring or an heirloom?

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We recommend getting your jewelry reappraised every 18 months or so. Many factors can impact the value of your item over time.

• Fluctuations in precious metals & gemstone pricing
• Style and design
• Wear & tear
• Craftsmanship
• Inflation

There are additional factors that go into antique items

• Style and design
• Condition and any alterations or engravings
• Craftsmanship
• Value of metals and gemstones
• Rarity

What should you know before picking an appraiser and starting an appraisal process.

Your appraisal should include the following information

• Name and address of the jewelry store or appraiser
• Name and address for whom the appraisal is intended
• A detailed description of the jewelry
  • Type of stones and their quality, weight, names
  • Serial numbers (if applicable)
  • Model numbers (if applicable)
  • Identifying manufacturer marks (laser inscription)
  • Metal type of the prongs, mountings and settings
  • Retail replacement cost of the described jewelry
• The date the appraisal was completed
• Signature of the appraiser or employee that is authorized to provide appraisals with their written name included
• Pictures of the jewelry are recommended but not required

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Your local jeweler may offer appraisals as part of their services. In addition, there are dedicated resources that provide access to individuals that specialize in appraisals. These resources are:

• National Association of Jewelry Appraisers – http://najaappraisers.com
• The American Gem Society – https://www.americangemsociety.org/en/find-an-appraiser

To make sure that you are getting a qualified appraisal, consider asking the following questions of your appraiser:

• Have you ever received any education on appraisals such as the Graduated Gemologist accreditation from GIA?
• How many appraisals have you completed?
• How many years have you been providing appraisals?

How much value should you expect your engagement ring to lose as years go by?

Value of engagement rings and fine jewelry does fluctuate over time. Diamond prices can change based on market and economic conditions, it is supply and demand. As the world economy grows the number of people who are expected to buy diamonds will increase. Conversely, there is a decline in the number of natural diamonds being mined. The price of your diamond is also impacted by inflation. Precious metals will also influence the value of your engagement ring. The average price of gold so far in 2020 is $1,721 per ounce compared to the average price of $1,158 per ounce in 2015. The longer you have your engagement ring the more likely the value will be impacted by inflation and market conditions. You should check in with your jeweler approximately every 18 months to make sure your appraised value matches the current market conditions.

Contact Lavalier for your personalized insurance quote today.

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