Getting family jewelry pieces' appraisal...

[bossalover]

Hi PriceScopers, I will be taking over some of my mother's jewelry this year. Majority of them have been passed on from my grandmother and I *think* they are quality pieces. There are some rings by high-end jewelers (Cartier and Boucheron) and my mother wants to pass me more rings this summer. Unfortunately, my grandmother tossed all the documentations and certificates because she think "it takes so much space." So, all I have is just the jewelry pieces themselves. My mother is not that interested in jewelry, so she could not provide additional information.

My husband and I have been discussing what to do with them and we thought getting an insurance is one of the options (depending on how much insurance costs). I searched for an appraiser near me using PriceScope's list but so far I could not find any nearby. There are some local jewelers who claim that they do jewelry appraisal, but I have no idea if their appraisals are accurate or not.

So, here are some questions I have...
1. Do you insure your jewelry pieces?
2. How can I find a "good" appraiser when living in a small town (and far from major cities)?

 

[MarionC]

How nice that you will have some lovely jewelry!
,
My personal rule is to insure any item over $5000, and the pieces I do not wear often go to the bank vault so I am only paying vault level insurance rates.

Im sure others will help with your question about finding an appraiser. I would not use a local jewel, as I would be surprised if they have the best knowledge.

 

[Bron357]

I’m one of a few who doesn’t insure any jewellery. I used to work in insurance and here in Australia specified jewellery insurance for any type of loss or damage is very expensive ie around 5% pa of sum insured.
I’ve had my engagement ring almost 20 years so basically if I’d insured it I would have “almost bought another one”!
That said, we do have top home security. I’m also an at home mum and we have a “hidden safe” and I have a token jewel box out on the dresser should someone nasty come calling.
I always check my jewellery before I wear it (loose stones, clasp etc) and in over 50 years of owning jewellery have lost 1 earring and 1 bracelet.
It’s a personal choice, a lot of people lock their valuable jewellery in a bank safe and basically never wear it. If you aren’t going to wear and love it, what’s the point having it?
You can get any jewellery you inherit appraised but in my opinion, unless you intend selling or are insuring it, no need to waste the money.
It’s a personal decision often based on where and how you live I think.

 

[Dancing Fire]

So, here are some questions I have...
1. Do you insure your jewelry pieces?

Nope, too expensive ...$270 per $10K of coverage...but since you live in a small town it should be a lot less.

 

[bossalover]

How nice that you will have some lovely jewelry!
,
My personal rule is to insure any item over $5000, and the pieces I do not wear often go to the bank vault so I am only paying vault level insurance rates.

Im sure others will help with your question about finding an appraiser. I would not use a local jewel, as I would be surprised if they have the best knowledge.

Thanks, @Jimmianne! Do you mean $5000 when you purchased or its resale value? I was able to find the exact ring purchased at 1st bid for $8600 but it doesn't mean that is same as its value, does it? I like the idea of using the bank vault for the pieces I don't wear usually!

 

[bossalover]

I’m one of a few who doesn’t insure any jewellery. I used to work in insurance and here in Australia specified jewellery insurance for any type of loss or damage is very expensive ie around 5% pa of sum insured.
I’ve had my engagement ring almost 20 years so basically if I’d insured it I would have “almost bought another one”!
That said, we do have top home security. I’m also an at home mum and we have a “hidden safe” and I have a token jewel box out on the dresser should someone nasty come calling.
I always check my jewellery before I wear it (loose stones, clasp etc) and in over 50 years of owning jewellery have lost 1 earring and 1 bracelet.
It’s a personal choice, a lot of people lock their valuable jewellery in a bank safe and basically never wear it. If you aren’t going to wear and love it, what’s the point having it?
You can get any jewellery you inherit appraised but in my opinion, unless you intend selling or are insuring it, no need to waste the money.
It’s a personal decision often based on where and how you live I think.

Thanks for sharing some ideas about how to keep the jewelry safe! Yes, I agree that the total cost of insurance could be as expensive as buying a new one in a long run... I will definitely look into the cost of bank safe. There are some pieces that I am certain that I won't wear frequently.

 

[bossalover]

Nope, too expensive ...$270 per $10K of coverage...but since you live in a small town it should be a lot less.

$270/mo?! That's even more expensive than a car insurance!

 

[denverappraiser]

Insurance companies are not all the same and markets are not all the same but 1% of the declared value per year is a fairly good benchmark. High crime cities are more, high-risk clients are more, etc. Vault storage brings it down, high deductibles bring it down.

 

[bossalover]

Insurance companies are not all the same and markets are not all the same but 1% of the declared value per year is a fairly good benchmark. High crime cities are more, high-risk clients are more, etc. Vault storage brings it down, high deductibles bring it down.

Thank you for the information! Do you have any advice for choosing a right appraiser? Nothing showed up on PriceScope appraiser search function nearby...

 

[denverappraiser]

Where are you?

 

[MarionC]

Thanks, @Jimmianne! Do you mean $5000 when you purchased or its resale value? I was able to find the exact ring purchased at 1st bid for $8600 but it doesn't mean that is same as its value, does it? I like the idea of using the bank vault for the pieces I don't wear usually!

I have my jewelry either appraised for replacement value ( as with inherited pieces), or insure for the cost of the item using the sales receipt. If I were to make a purchase on eBay, I would insure for replacement value using a professional appraisal certificate.

 

[bossalover]

Where are you?

I am in Lubbock, TX... we will be stuck here for a while and no plan to move for a while... Wish Denver was a bit closer!

 

[bossalover]

I have my jewelry either appraised for replacement value ( as with inherited pieces), or insure for the cost of the item using the sales receipt. If I were to make a purchase on eBay, I would insure for replacement value using a professional appraisal certificate.

That is a good idea! I agree that knowing the replacement value is probably more important for me, too. I wish I could find a professional appraiser around me...

 

[Dancing Fire]

$270/mo?! That's even more expensive than a car insurance!

$270 per $10K of coverage per yr.

 

[MarionC]

That is a good idea! I agree that knowing the replacement value is probably more important for me, too. I wish I could find a professional appraiser around me...

You just may find someone through a referral here! I found my appraiser through Pricescope and she was only about 45 minutes from me.
I have also used David Atlas, but had to mail the item to him.
Good luck!