What’s That Bracelet (REALLY) Worth?

By David Craig Rotenberg, ECGA (AGS), GG (GIA), CSM (NAJA), CAPP (ISA)

 

Gold Jewelry  With Gems , Chains Close Up Macro Shot Isolated OnJewelry appraisals are important documents that are required for insurance valuations, the settling of an estate, determining the value for tax deductions for charitable contributions, for casualty loss evaluations, or perhaps the division of property in a divorce.

The appraisal is simply a means of factually communicating what a piece of jewelry is worth. It’s the item’s value assessed by quantitative and qualitative aspects as determined by a skilled professional appraiser. This individual should not only understand the science of valuation, but should be able to properly communicate the background on exactly how he or she arrived at that assessment.

Insurance Appraisals

Insurance appraisals are used by insurance companies to determine exactly what cost is required to replace an exact piece of jewelry in the current climate in the event of theft or loss. The appraiser provides a full evaluation of the item, including a detailed description of quality and special nuances of the item. While each insurance company may operate differently, most won’t simply accept purchase receipts since the determined “value” is the key when writing a policy or reimbursing a claim.

Appraisal

Settlement Appraisals

It is especially important to have an experienced appraiser when appraising for tax purposes. When someone dies, jewelry must be categorized to determine fair market value in regards to inheritance tax as applied by the IRS. Fair market value is a different determination than replacement value, which you obtain for insurance purposes. In terms of a divorce, an appraisal might be required to help determine equitable distribution of property. Jewelry is part of the “estate” and needs to be categorized for tax purposes.

The Process

After you contact a jewelry appraiser, they will sit down with you and review the items you want to be appraised. The condition of an item is extremely important; a broken watch from the 1960s, for instance, might be valued like a typical flea market item while a vintage Rolex in great condition from the same time period would be appraised at what it would bring on the second-hand market. Diamond rings normally have laboratory reports evaluating their quality. New jewelry that is being appraised for insurance purposes should be accompanied by receipts from the store where purchased so the appraiser can refer back to the original jeweler if there are questions.

 

Finding a Qualified Jewelry Appraiser

You can contact the American Gem Society (AGS) for a list of certified appraisers in your area. Certification by the AGS indicates that the individual is not only a certified appraiser, but also an expert gemologist. The AGS is one of the oldest nonprofits dedicated to consumer protection in the industry. A certification will usually be displayed in the appraiser’s workspace—this certificate required a lot of time and effort and the appraiser will want to show it off!

Other reputable organizations include the National Association of Jewelry Appraisers (NAJA) and the American Society of Appraisers (ASA). Some people ask if it’s necessary to obtain two appraisals; in most cases, this shouldn’t be necessary, especially if you’re confident you’ve gone to a qualified appraiser.

Over the Years

Before the 1980s, there wasn’t a lot of formal appraisal education and a jeweler might simply assess an item for what they might sell it for in their own showcase. The average jeweler didn’t have a lot of resources—an item might be sold based on what someone told them it was worth.

With the founding of the International Society of Appraisers (ISA) in 1979, appraisal education became more of a studied science. As gemology education blossomed, jewelers were able to conduct research, compile pricing information and attend continuing education as they used their new-found gemological skills for buying and appraisal purposes. Transparency is critical—an appraiser must be able to thoroughly explain how they arrived at a value.

ABOUT THE AUTHOR:

DRotenbergDavid Craig Rotenberg is an AGS-certified gemologist appraiser and one of a handful of CAPP (Certified Appraiser of Personal Property) appraisers in gemstones, contemporary jewelry and antique and period jewelry. He is a member of the Jeweler’s Vigilance Committee Appraisal Bar, has studied with the American Arbitration Association, and is past president of the AGS’s Jewelers Education Foundation, founder and past president of the Delaware Valley Keystone Guild and founder and past president of the Delaware Valley chapter of the International Society of Appraisers. Recognized by the Technical Advisory Service for Attorneys (TASA) for his expertise, he is part of the Jeweler’s Vigilance Committee’s appraisal organization and has conducted jewelry appraisals for the U.S. Treasury Department. Most recently, he completed a global leadership program at Harvard University School of Business.

In addition to offering his appraisal services to customers at David Craig Jewelers in Langhorne, PA, David has appraised multi-million dollar inventories for the federal government and many banks. He has conducted evaluations for a large variety of complex estate and bankruptcy matters and fraud investigations. He also operates an AGS-accredited gem lab at David Craig Jewelers.

Way to Go, Retro!

Vintage jewelry makes a treasured gift that can be passed down for generations. They are typically one-of-a-kind pieces that often have a story of their own. We wanted to repost this blog, which was written by Amanda L. Colborn in 2015. The photos have been updated to show pieces that are currently carried by members of the American Gem Society. 

Aquamarine and Diamonds Vintage Chandelier Earrings

Aquamarine and Diamonds Vintage Chandelier Earrings at Market Street Diamonds

When it comes to jewelry, more and more people are looking to the past for their present jewelry inspiration. It’s not just about style and fashion. Estate jewelry has a story to tell, in which you could play a role in its history!

But first, what is “estate” jewelry?

Estate jewelry is, in the simplest of terms, jewelry that has been previously owned by someone else.

Is it the same as “antique” jewelry?

Yes and no. Estate jewelry is not considered an antique until it is at least 100 years old, according to JewelleryMonthly.com.

So, why would estate jewelry be something for me?

There are several benefits to acquiring previously owned jewelry.  A big reason is that they rarely go out of fashion. Vintage has never been more popular, making it easier than ever to find interesting pieces of estate jewelry. People love pieces that hold a story, and the best thing about estate jewelry is that they all have some sort of story, which makes shopping for them that much more fun!

This floral inspired vintage halo diamond ring can be found at Market Street Diamonds.

 

Another reason to look into owning an estate piece is that most of them are now one-of-a-kind. Perhaps you have looked into getting a custom piece of jewelry made and were overwhelmed by how much that can cost. Well, look into estate pieces! They are usually much more cost-effective and the likelihood of anyone else having the same matching piece is slim to none.

This classic Art Deco diamond and sapphire brooch is just as beautiful in the back as it is in the front! And the Victorian-era designed amethyst ring is in beautiful condition, considering it’s over a century old. It’s hand engraved inside, “to Mary Frank.” Both pieces can be found at Gleim the Jeweler.

 

When you shop with an AGS-credentialed jeweler, you’re already taking the first step towards a jewelry purchase backed with the highest standard of ethics in the industry. When you purchase a piece of estate jewelry from an AGS-credentialed jeweler, you know you are getting a top-quality piece of jewelry from a jeweler who cares about you, your wallet, and ensuring the overall high standards of ethical behavior within the jewelry industry.

This Estate ring features ten round diamonds and can be found at Goldstein Diamonds. The vintage ring box adds to the romance!

 

As you can see, there are so many benefits to going retro when it comes to your next jewelry purchase. Take into consideration the history, time period, and cost-effectiveness when you plan on purchasing your first or next piece of fine jewelry.

Talk to your jeweler and see what your options are. Or, find the right jeweler for you here.  And then go tell your friends to look into estate jewelry as well, so you can share the stories of your beautiful new/old vintage creations!