5 Things To Look Out for During Your Jewelry Appraisal
Selling gold jewelry for the first time can be an intimidating experience. From the initial appraisal to parting with the item, it can be an emotional journey — especially in the case of vintage estate jewelry — and you may be wary of the process if it’s one you’re unfamiliar with.
With something so valuable, you want to be sure that you’re receiving a fair value and not being duped. However, if you have limited knowledge of your item’s worth, it can be difficult to have complete trust and peace of mind that this is the case. To better equip yourself for selling your gold jewelry for cash, keep in mind these five things during your expert jewelry appraisal.
1. A complete description of the item
Your appraisal should, first the foremost, clearly describe the piece of jewelry in great detail. It’s not enough to say “vintage estate jewelry” or “gold ring with diamonds.” The description should make it undeniable to the reader that the jewelry piece they’re reading about is the one in their hand.
In fact, if you have an insufficient description in your official appraisal, some insurance companies may not accept the appraisal as valid. Make sure that the type of jewelry, brand, size, color and any other unique identifiers are included. The more detailed your description is, the better.
2. Photographs of the estate jewelry
Photographs aren’t always part of an appraisal, but they’re best to have if possible. Photographs can help easily identify the exact piece of jewelry in case it’s lost, stolen or accompanying an incomplete description.
Take photographs of the jewelry yourself at home before bringing it in, and take photos of it as it’s being appraised as proof of the item’s presence. Photos can also be especially helpful in the case of a collateral jewelry loan, so you can ensure that you receive your jewelry back in the exact same condition that it was given in.
3. The value of the gold jewelry
The most important part of your jewelry appraisal, and the part you’re likely most interested in, is the value of your item. This is a crucial aspect of any jewelry appraisal, as it will dictate how much you can sell your jewelry for or how much you can claim on an insurance filing.
The value should reflect the current market value, taking into account any wear and tear. Keep in mind that if you’re selling your vintage estate jewelry to a gold jewelry and loan shop, they’ll need to make a small profit when re-selling the item and will likely offer you less than the current market value.
4. The addition of sales tax
Not many appraisers include sales tax in their appraisal of your item, but it happens from time to time. Some estate jewelry owners, especially when receiving an appraisal for tax or insurance purposes, will want the sales tax included to more accurately reflect the final value.
However, if you’re planning to sell your gold jewelry, the sales tax won’t be relevant and, therefore, likely won’t be included in your appraisal value. To ensure which value you’re receiving, verify with your appraiser whether sales tax is included in their assessment of the jewelry’s value.
5. Fully disclosed treatment information
According to FTC guidelines, any treatment done to a gemstone needs to be disclosed to the consumer. If you’re having your fine jewelry appraised, fully disclose any repairs or treatments to the appraiser so they can include them in the final appraisal document.
While processes such as cutting and polishing don’t need to be disclosed, mention any other treatments such as heating, bleaching, dyeing, fracture filling or surface coating. If you’re in doubt as to what should or should not be mentioned, disclose all repair processes to the appraiser, and they can determine which are relevant to your appraisal value.
If you’re ready to sell your vintage estate jewelry and looking for the best place to sell gold jewelry for cash, look no further than Watch & Wares. At Watch & Wares, we consistently offer five-star customer service, which is reflected in our reputation online and in the local Orange County community.
As a family-run business with 30 years of experience, we place transparency, integrity and honesty at the forefront of everything we do. We want to ensure that every visit to Watch & Wares leaves you happy and confident in your selling decision. To find out more about our estate jewelry buying and selling services or receive a free jewelry appraisal, call us at (714) 633-2030 or fill out our online contact form today.