Midlothian’s Trusted Jewelry Appraisals
There are several types of jewelry appraisal services that we offer. On each appraisal, the work involved is the same but the value placed on an item can be vastly different. Also, keep in mind that while an item may have tremendous sentimental value, an appraisal can only determine the intrinsic value of an item.
There are three types of Appraisals that we offer at Sycamore Jewelers. They are:
- The Insurance Replacement Appraisal
- The Fair Market Value Appraisal
- The Estate Appraisal
The Insurance Replacement Appraisal, by far the most common, is the appraisal type that is used to have an item added onto a jewelry rider (sometimes called a “jewelry floater”) attached to your homeowner’s or renter’s policy. The value used on this appraisal states what it would cost to replace an item with a brand new piece of similar quality.
The Fair Market Value Appraisal is used to determine a fair selling price for an item between a willing seller and a willing buyer. It takes into account the current condition of the item and any repair work that the item may need.
The Estate Appraisal is used when determining a value for the settlement of an estate. This appraisal bases the value on the item’s current condition in a forced sale. That is, a sale in which we have an unwilling seller and an unwilling buyer. This appraisal will place the lowest value on an item.
A professional appraisal requires time. Joe Cheslock has been evaluating jewelry and producing appraisal documents since 1974. With his GIA training, Joe has been involved in the jewelry industry on a daily basis for over 40 years.
For any appraisal, we at Sycamore Jewelers always clean your items thoroughly before we begin the evaluation process. We also conduct all of our examinations early in the day when we can properly examine each item and give it the time and care that it deserves. Because of this, while all of our appraisals are done on premises, we do not do appraisals while you wait.