Today's economic times have fueled the gold selling market and many companies have been formedto take advantage.
Many consumers may bet temped to join the gold rush and unload pieces they never wear. Sohow do you know what your jewelry is worth and why is it important?
Whether you're looking to sell pieces you never wear, or want to have your jewelry appraised forinsurance purposes, it's best to start with a local reputable jewelry appraiser
According to a recent Angie's List poll, 10 percent have recently sold their gold piecesfor cash, while 18 percent are considering it.
- Fair market value: is an opinion of what an item might sell for given the currenteconomic environment, style and desirability.
- Estate appraisal value: like the fair market value, reflects the item's value bytaking into account the style and how easily it can be sold based on how desirable it is. Thisreceived in the event that an heir chooses a piece of jewelry instead of an equivalent cashamount.
- Insurance replacement value: the most common type of appraisal because itestablishes the base value of an item so it can be insured. By insuring a newly purchased or custommade piece, you protect yourself against loss or theft. It's based upon what it would cost to havea new, identical item made.
Hiring an Appraiser:
Determine your objective. Do you want an appraisal done for insurance purposes? For estatepurposes? To find out your piece's fair market value?
You need to decide whether you want to hire an independent jewelry appraiser or one who isattached to the jeweler. In case you are not too sure, there are several professionally recognizedappraisal organizations you might want to contact The American Society of Appraisers, TheInternational Society of Appraisers or the National Association of Jewelry Appraisers.
An appraiser needs to understand how a piece of jewelry is made this determines the value. Findan appraiser who's trained and certified by the Gemological Institute of America and the AmericanGem Society. They are required to have continuing education, regular color vision tests, and anaccredited gem lab
Jewelry appraisers charge by the hour. Never work with anyone who charges a percentage of theitem's worth. A good appraiser should review all items and establish a rate with the customerbefore beginning the process. Don't use a jewelry appraiser who offers to buy the item, sell youalternative item or charges a percentage of the item's value. It's usually more cost effective tobring in a number of pieces at once, rather than appraising them individually.
To make sure you're getting an accurate appraisal always get two to three different opinions. Ifyou're looking to sell your gold, educate yourself about the current gold rates, you can check themarket value of gold at www.goldprice.org
The appraisal process:
Bring in the item, not a picture, for the appraiser to examine.
Bring the appraiser copies of any sales receipts or other documentation you have about the itemsbeing appraised
It's usually more cost effective to bring in a number of pieces at once, rather than appraisingthem individually.
Tell the appraiser anything you know about the item's origin or where it was purchased.
The appraiser will then take a few days to research the item's history and the marketplace.
You should receive a written report describing the item itself, the reasons for its valuation,and which type of value was done, for example replacement value, fair market value or marketvalue.
Tips to manage your valuables:
- Preserve your valuables. Do not hang them in direct sunlight or moist areas.
- Keep the item in their original state. Know that altering a piece may lower its value.
- Consider getting your item re-appraised every three to five years. For items in highly volatilemarkets, its best to get them re-appraised annually.
Angie's List (www.angieslist.com) is a consumer organization that helpshomeowner's nationwide find reliable help in more than 425 categories of service including jewelryappraisers.