Getting your jewelry appraised is an essential step in protecting your valuable assets. However, over time, the value of your jewelry may change due to market fluctuations, wear and tear, or even sentimental value. In order to ensure that your jewelry is properly insured and valued, it’s important to update your existing jewelry appraisal regularly. Here’s how you can update your jewelry appraisal:
How do I update existing jewelry appraisal?
To update an existing jewelry appraisal, you will need to contact a reputable jewelry appraiser to schedule an appointment. During the appointment, the appraiser will carefully inspect your jewelry, assess its current value based on market trends, and provide you with an updated appraisal report.
FAQs on Updating Existing Jewelry Appraisal:
1. How often should I update my jewelry appraisal?
It is recommended to update your jewelry appraisal every 2-3 years or whenever there is a significant change in the market value of your jewelry.
2. Can I update my jewelry appraisal online?
No, updating a jewelry appraisal requires an in-person inspection by a certified jewelry appraiser to accurately assess its value.
3. How much does it cost to update a jewelry appraisal?
The cost of updating a jewelry appraisal can vary depending on the complexity of the appraisal and the appraiser’s fees. On average, you can expect to pay anywhere from $50 to $200 for an updated jewelry appraisal.
4. What documents do I need to update my jewelry appraisal?
Bring your original jewelry appraisal report, any receipts or certificates of authenticity, and any documentation of recent repairs or modifications to your jewelry appraisal appointment.
5. Can I update my jewelry appraisal without the original appraisal report?
While having the original appraisal report can be helpful, most appraisers can update your jewelry appraisal based on a physical inspection of the items.
6. Will updating my jewelry appraisal affect my insurance coverage?
Updating your jewelry appraisal can help ensure that your jewelry is properly insured and covered at its current market value.
7. What should I look for in a reputable jewelry appraiser?
Look for a jewelry appraiser who is certified by a reputable organization such as the Gemological Institute of America (GIA) and has a good reputation in the industry.
8. Can I update my jewelry appraisal if I’ve made modifications to the jewelry?
If you have made any significant modifications to your jewelry, such as replacing a diamond or resizing a ring, it is important to update your jewelry appraisal to reflect these changes.
9. Will updating my jewelry appraisal increase its value?
Updating your jewelry appraisal does not necessarily increase the value of your jewelry. The appraisal reflects the current market value of the item at the time of appraisal.
10. Can I update my jewelry appraisal for sentimental value?
While sentimental value is subjective and not typically included in a jewelry appraisal, you can still update your appraisal to ensure that your jewelry is properly valued and insured.
11. How long does it take to update a jewelry appraisal?
The time it takes to update a jewelry appraisal can vary depending on the complexity of the appraisal and the appraiser’s schedule. Generally, you can expect to receive your updated appraisal report within a few days to a couple of weeks.
12. Can I update my jewelry appraisal for free?
While some jewelry stores offer free appraisals when you purchase jewelry from them, updating an existing jewelry appraisal typically incurs a fee from the appraiser.
By following these steps and staying proactive about updating your jewelry appraisal, you can ensure that your valuable pieces are accurately valued and protected for years to come.