3 Reasons to Have Fine Jewelry & Watches Appraised
Whether you’ve spent years building your fine jewelry collection or you’ve recently acquired your first exquisite piece, you should have each item appraised to protect yourself against loss or damage. Since the price of diamonds, gemstones, and gold are constantly fluctuating most jewelers recommend having an appraisal performed every 3 years. While jewelry appraisals are important in letting you know the value of your item, appraisals are also important for:
Insurance coverage is the most common need for a jewelry, gemstone, or watch appraisal. Under standard insurance, you are not covered for loss or damage of your jewelry item without an appraisal. We always recommend adding your fine jewelry to your homeowners or other insurance policy to reduce your risk of significant financial loss in the event of theft, loss, or damage.
2. Estate Planning
A jewelry appraisal is a valuable document for planning your estate and deciding where your fine jewelry and watches should go. Wills and trusts should be updated with current appraisals to guarantee everyone has the latest information about the property division or potential tax costs. In those situations, it’s especially helpful to have a professional jewelry appraiser who understands the complex legal work associated with this type of appraisal.
3. Division of Property During a Divorce
The legal and emotional hardships of divorce can be difficult. Having up-to-date jewelry appraisals can make the process easier if you’re splitting up your valuable jewelry. An appraisal can help ensure the division is as equitable and fair as possible.
Mark Michael Diamond Designs understands the sentimental value and investment of your fine jewelry and are pleased to offer on-site jewelry appraisals by a professional GIA Graduate Gemologist. For more information read our appraisals FAQ's or to schedule an appointment click here.