Jewelry holds not only sentimental value but also represents a significant financial investment. Whether it's a family heirloom passed down through generations or a recent acquisition, it's crucial to have your jewelry appraised to document its value. Kerns has an onsite appraisal lab and offers appraisals for all fine jewelry and watches.
Insurance Appraisals
One primary reason to appraise your jewelry is to determine its value for insurance purposes. It is critical to understand the value of your jewelry so that it can be appropriately insured in the event of loss or damage. Listed below are a few instances when you should consider getting an insurance appraisal:
- New Purchases: New jewelry or timepieces should be appraised in order to provide accurate information on the authenticity, quality, design and value of the piece. Significant purchases from Kerns are accompanied by an insurance replacement document as a complimentary service. Not sure you got what you paid for? Appraisals are also helpful as purchase confirmation.
- Periodic Evaluation: As time passes, the value of jewelry can fluctuate due to market conditions. Having periodic appraisals, especially for high-value pieces, helps ensure that your insurance coverage accurately represents the current value. Experts suggest getting your watches and jewelry appraised every three to five years.
- Significant Life Events: Major life events like marriage, divorce, or acquiring a family heirloom may require updating your insurance coverage. When any of these events occur, it is essential to reassess the value of your jewelry and adjust your insurance policy accordingly.
Remember, the appraisal process considers factors such as gemstone quality, metal type, craftsmanship, and overall condition when determining a piece's value. So, it is essential to consult with Kerns' qualified and certified appraisers to obtain an accurate appraisal report that will best suit your needs.
Inheritance Values
Appraising jewelry takes on added importance when it comes to inherited pieces. Here's why:
- Determining Fair Division: If you have inherited a collection of jewelry items with your siblings or other family members, an accurate appraisal will help determine a fair distribution of the estate. By appraising each piece, you can ensure everyone receives their fair share based on the overall value.
- Tax Assessment: When jewelry is inherited, it may be subjected to inheritance tax. An appraisal report helps establish the value of the jewelry for the purpose of tax assessment, ensuring that you don't overpay or underpay the necessary taxes.
- Establishing Historical Value: Some jewelry items have historical importance, which can impact value. An appraisal will help identify any historical importance, potentially adding value to the estate.
In conclusion, appraising jewelry is advised for various reasons, particularly for insurance purposes and when dealing with inheritances. By obtaining accurate appraisals, you can protect your investment, receive proper insurance coverage, and manage estate distribution effectively. Make an appointment with Kerns appraisal team today!
Meet the Kerns Appraisal Team
PHOTO: Carole Richbourg, GG, FGA, ASA, Master Gemologist Appraiser® is an independent jewelry appraiser serving Silicon Valley and consulting for Kerns Fine Jewelry for the last 16 years. A full-time appraiser since 1989, she has over forty years of broad experience in the jewelry industry.
PHOTO: Mitzi Baer, GG, received her Graduate Gemologist certification from the Gemology Institute of America’s (GIA) New York campus, a state-of-the-art facility in the International Gem Tower – right in the heart of the famed Diamond District. Mitzi has worked in the jewelry industry for over 10 years and brings her experience to the Kerns appraisal team.
