What insurance do I need for my jewelry?

You may have some built-in coverage for your jewelry with a homeowner’s or renter’s policy.  This insurance has a dollar limit for jewelry included with the contents of your home and may only cover theft or fire.  More valuable jewelry should be individually appraised and “scheduled” or added to a “personal articles floater.”  This type of insurance usually also covers damage and mysterious losses.

Why does the appraisal expire after 3 years?

Market values constantly change, whether it be for houses, gasoline, groceries, precious metals, or gemstones.  Most jewelry appraisals are performed for insurance purposes, and AIGR's gemologists want to make sure that you are adequately insured without paying excess premiums.  So whether the market goes up or down, it is good to have a current appraisal.  Some insurance companies require that an appraisal be updated regularly, and if you change your policy, they may require an appraisal that is less than one year old.

Why should I pay more for an appraisal than I did for the piece of jewelry?

You normally shouldn’t pay more for an appraisal than you did for the jewelry unless you got a great deal at a garage sale or second-hand store.  At AIGR, we generally do not appraise anything that we don’t think is worth at least $500.00 retail value.  Also, the fee for an appraisal should not be a percentage of the appraised value of the jewelry; it is unethical on the part of an appraiser to calculate fees that way.

Why do I need to have my jewelry appraised by an independent appraiser? How is an independent appraiser different from one at a jewelry store?

The job of an independent appraiser is to protect you.  An independent appraiser is not trying to preserve or provide a sale for a jewelry store, nor is he making an offer to buy your jewelry, so there is no conflict of interest.

What qualifications do AIGR’s appraisers have?

Warren and Melinda Pressler are both GIA Graduate Gemologists with many years of experience appraising jewelry.  Warren has over 40 years’ experience, and Melinda has 15 years.  Warren is a charter member of the National Association of Jewelry Appraisers and received Independent Certified Gemologist Appraiser (ICGA) designation from American GemSociety (AGS).

For more information about AIGR's graduate gemologists, please visit our website at http://aigrinc.com .

How much should my jewelry be worth in order to need an appraisal?

At AIGR, we will tell you if we think an item would be valued at less than $500.00 retail.  We normally recommend that such an item not be appraised.  Some insurance agents tell their customers that they don’t need to appraise anything under $1500.00, $2000.00, or even $5000.00.  Sometimes this is not good advice.  You may have coverage for up to $5000.00 for jewelry included in contents of your home, but if you have multiple rings and chains that are each worth hundreds of dollars, they can easily add up to more than $5000.00.  It never hurts to have more documentation.  It is tempting to save money on appraisal fees, but the cost of an appraisal is probably less than the sales tax that you paid for the piece of jewelry.  Sometimes with estates, every item of jewelry needs to be documented and valued, no matter how insignificant it may seem.