Protecting the Jewelry You Love

Protecting the Jewelry You Love

Jul 22, '22

Buying a piece of fine jewelry, such as an engagement ring, requires a significant financial commitment. Like insuring a house or car, it is wise to protect your pieces from loss due to fire, flood, theft or even mysterious disappearance.

Insurance companies require an accurate description and value of the item to insure it. Today, most insurers require an appraisal report which contains the following:

  • A detailed description of the item
  • Identification of stones using accepted gemological language.
  • Carat weights and measurements of all stones.
  • Identification, weight & percentage of metals
  • Manufacturing process used, such as cast, handmade, or die struck
  • Age of the piece: modern, vintage, antique, etc.
  • Cost of piece
  • Photo of the jewelry
  • Authorized signature

There are many different types of appraisals:

The most common type is the “replacement estimate.” The value provided is what it would cost to reproduce the item at the retail level.

The “fair market” appraisal (FMA) is used for estate (pre-owned) jewelry. The value is determined by what a buyer and seller agree upon. An FMA is an estimate of value based on demographics including supply and demand.

Estate appraisals are used when someone has passed away. The value is a formula determined by the state in which the owner of the jewelry lived.

Liquidation Appraisals can be used by a business or individual when jewelry must be sold quickly. The amount is determined by a percentage of the retail replacement cost.

Not all appraisals are created equal:

Most “free appraisals” are not completed by certified appraisers. Currently, there are no federal or state requirements for someone to call themselves a jewelry appraiser. However, within the jewelry industry, the American Gem Society (AGS) and the designation of Certified Gemologist Appraiser (C.G.A.) guarantee strict standards and industry best practices are being followed.

Bring your pieces to us!

Floyd & Green is a proud member of The American Gem Society and our staff gemologist, Dr. Michael Shanlian, has earned the designation of C.G.A.

When you bring your jewelry to us, each piece is evaluated carefully.  Precise industry-recommended steps are taken to review the qualities and condition of each piece and a professional report is provided upon completion.

Floyd & Green Fine Jewelers has provided quality jewelry repairs and appraisals for more than 25 years.  We adhere to the strictest guidelines in the industry and our staff is required to complete up-to-date training. If you have any questions concerning appraisals, Dr. Shanlian at mike@floydandgreen.com

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