Why get a jewelry appraisal?
"Why do I need to get my jewelry appraised?" or "Why do I need to update my appraisal if I already have one?" I hear these two questions every day!
What most people don't realize is the value of your jewelry changes everyday. Just like the stock market, diamonds, gemstones and metals, like gold and platinum, have a "market" as well which fluctuates daily. This means that the value of your engagement ring may only change a few cents from day to day, but over the years the value can change dramatically!
Over the past 13 years the value of an ounce of gold has skyrocketed. In May 2002 one ounce of gold was worth $300. Today, that same ounce of gold is worth $1200. Think about what that could mean for the value of your engagement ring that you've had for those 13 years. It's worth up to 5 times more than it was when you bought it!
Not only is your jewelry worth more than you thought, insurance companies suggest updating your appraisals every 2-3 years for this very reason. Did you know that your homeowners or renters insurance rarely will cover the full value of your fine jewelry in the event of theft or loss? Depending on your deductible, you may not get anything at all! The only way to get the most money back in the event of a theft or loss is to have a current, updated appraisal. That's where I come in! So go, run! Update those appraisals!!! :-)