Tales from the Appraiser’s Desk: Update Insurance Appraisals

There is no better time than the present to update your jewelry insurance appraisals.

Everyone, myself included, is talking about the rise in the price of gold, but just yesterday, while playing with a new app, I realized just how much gold has increased. In June of 2005, the low for gold was $419.00per oz. Today gold is $1,227.50per oz. Wow! This is bad for those of us that did not take advantage of the 3:00am infomercial in ’05 encouraging investment in gold, but it also means that your jeweler could not replace (at wholesale) your beloved gold bracelet for your current insurance replacement value, if the value has not been recently updated. And, you are still paying a premium to an insurance company!

This same tale is true for larger, high quality diamonds. I recently updated an appraisal for a (real) gentleman, who explained that his wife’s ring was insured for what he paid twenty-five years ago. While the story is endearing, he could not replace his wife’s 4ct. diamond with a 2ct. diamond of the same quality for what the ring was insured for. While most jewelry has a sentimental value that can not be quantified, it also comes with an investment level price tag, which should be protected against loss.

Looking for a jewelry appraiser in your area? Visit the website for The National Association of Jewelry Appraisers.

Photograph of platinum and diamonds bangle bracelets courtesy of Etienne Perret.