Gems and Jewelry

More than a Jeweler. More than a Gemologist. The ASA Professional is the gold standard in appraising.

Today’s jewelry market is volatile. Appraisals that were carried out as recently as a couple of years ago may be obsolete. Diamonds and gemstones are highly technical, and require specialized skills and laboratory equipment to appraise properly. The ASA Gems & Jewelry professional is uniquely qualified to fulfill your appraisal needs.

Accredited Professionals

ASA Gems & Jewelry appraisers are accredited Gemologists. They are trained and experienced in the complexities of the many situations where an appraisal may be needed. They conform to the Uniform Standards of Professional Appraisal Practice (USPAP), and are trained to provide detailed, competent and unbiased appraisals suited to your appraisal situation. Gems & Jewelry professionals with accreditation from the American Society of Appraisers (ASA) enjoy one of the most prestigious and widely-recognized credentials offered anywhere.

ASA Master Gemologist Appraisers® also maintain state-of-the-art gemological laboratories. Their color grading is periodically tested to ensure accuracy in grading colored gemstones. To maintain the Master Gemologist Appraiser® status, they must pass a rigorous practical examination every five years.

Types of Appraisals

Jewelry is bought and sold in a number of different market environments and appraisals are needed in a variety of situations. ASA appraisers are qualified by training and experience in all types of appraisal. Different types of appraisals have different definitions of value and usually result in different appraised values. It is important that the appraiser knows exactly why you are requesting the appraisal so that you receive information relevant to your intentions. Some commonly needed appraisals include:

Insurance Coverage

The most familiar type of appraisal, the insurance appraisal estimates the cost to replace your jewelry either with equivalent new jewelry or with equally desirable substitute jewelry of the same type, quality, age and condition.

Your insurance agent is the only person who can advise you regarding your particular insurance options. Insurance coverage is available in three general forms:

limited unscheduled “cash value” coverage on the homeowner’s blanket policy, applicable to fire and theft only
all-risk replacement coverage and
less frequently, coverage under an “agreed value” policy.

Your policy can be tailored to your needs with endorsements and riders, so work with your insurance agent. It is important for insureds to read the “jewelry and furs” section of their insurance policy and understand how a claim will be handled.

For full insurance coverage, you will need to have your jewelry appraised and provide the insurer with a copy of the entire appraisal document. There should be enough detailed information in your appraisal that if a replacement is made on the basis of the description, you will receive a new item of the same quality and value. (See Insurance Claims, below.) The highly-regarded ASA GJ appraisers provide professional, detailed appraisal documents that bear little resemblance to the appraisals provided by most retailers.

Insurance Claims

While the appraised value will be used to calculate your insurance premiums, the description of the jewelry is much more important to a satisfactory claims settlement than the appraised value. If you obtained a professional appraisal initially, and have had it updated regularly, a new appraisal will probably not be needed for an insurance claim. There are circumstances, however, where a claims appraisal is needed. Your insurance agent will guide you.

Insurance claims for scheduled jewelry are normally settled either by the insurer replacing the jewelry according to the description in the appraisal, or by a cash pay-out in the amount that the insurer estimates they could have purchased the replacement item. Under some policies settlement is for the appraised value of the scheduled item.

For unscheduled jewelry on the blanket policy, there is typically a deductible applied to the loss, coverage is limited to fire and theft only, and payment is made up to a pre-determined limit.

You may have a significant amount of money riding on the ramifications of your jewelry appraisal. Obviously, appraisers who have invested the time and funds to obtain the highest-regarded appraisal credentials, acquire expensive laboratory equipment, and stay updated with continuing education will command a higher fee than untrained non-professionals. ASA GJ professionals keep their appraisals and work files for at least five years. When it is time to update your appraisal, there will be cost savings. There is no logical reason to obtain a less than professional appraisal for a relatively small savings when the consequences can be so expensive.

A Competent Appraisal…

Clearly states the purpose that the appraisal was performed to fulfill (insurance coverage, estate distribution, etc.)
Specifies and defines the type of value provided (replacement cost, fair market value, marketable cash value, etc.)
Specifies the effective date of the appraisal
States any circumstances that limited the performance of the appraisal
Describes the jewelry in the detail appropriate to the type of appraisal
Includes images of the jewelry (except when has been lost or destroyed)
Explains the procedures used to arrive at a value
Is signed by the appraiser with contact information provided
Describes the qualifications of the appraiser