How Does A Jewelry Buyer Appraise My old Earrings?
If you inherit potentially valuable jewelry, one of your first priorities should be to determine its value. Depending on the value of the jewelry, you may want to insure it for the proper amount and the best way to do that is by getting a professional appraisal.
Yes, there may be sentimental value attached to the family heirloom and you may have been entrusted to safeguard the piece to pass down for future generations, but it is wise to know what you have in your jewelry box. What may seem like old earrings could be highly coveted today and worth a significant sum of money, or it could have diminished in value after falling out of style.
Other factors, such as today’s precious metal prices, the quality of artistry, the provenance, and the particular designer will also play a role in the value assessment. A professional appraiser will tell you what you need to know. This information will empower you with the information to make the best decision for you - whether it is to sell diamond earrings or keep them in your safe.
Where Do I Begin?
So, let’s say you’ve inherited a pair of old diamond studs. You may be inclined to sell your old earrings immediately, but this is not a good idea. How will you know the value of stud earrings? It is tempting to get quick cash for old earrings, but first, you’ll want to know what you have on hand.
To begin, find a jewelry appraiser in your community. A jewelry appraisal is a statement of value that delineates the worth of your piece. The appraiser does a thorough inspection to determine jewelry value. This is often done for insurance purposes, estate planning and other legal matters, as well as for your own curiosity. A good appraiser should also be able to tell you the resale value of earrings.
The main way for you to understand the value of your jewelry is through a local jeweler who can give you an estimate of the retail value of your earrings. Retail value is how much the jeweler could sell your earrings in their store. It’s important to keep in mind that this price is different from the price the jeweler would pay you today - which would be far less than the retail value.
How Much Does A Jewelry Appraisal Cost?
A professional appraiser will typically charge for services by the hour or a flat fee per piece. You should never see a fee that is a percentage of the jewelry value as that would create an incentive to inflate the value of the piece in order to collect a higher fee.
On average, hourly rates can be about $50-$150 though this depends on the complexity of the piece. Sometimes laboratory work is needed to inspect and gather facts about the piece, as well as market research to compare similar styles.
Our Conclusion: Where’s the Best Place to Sell Earrings?
To find a reputable local jeweler for a certified appraisal of your old earrings, consider searching the National Association of Jewelry Appraisers website. As this industry is largely unregulated, it is on the customer to request:
â Credentials: A professional appraiser should be certified by the National Association of Jewelry Appraisers or be a graduate gemologist certified by the GIA (Gemological Institute of America).
â Education certificates
â Jewelry appraisal
â Adherence to legal standards: over-valuing appraisals is illegal under the Federal Trade Commission (FTC) guidelines
In summary, a good appraisal should do the following:
â State the kind of value being determined, such as fair market value (used for tax purposes), the replacement value (for insurance coverage), or liquidation value (for bankruptcy or business dissolution).
â Describe the item being valued.
â Detail the steps used to assess the estimate, such as an analysis of comps.
â Outline the qualifications of the appraiser.
â Include the appraiser's signature.
Now, you should be equipped with everything you need to know to appraise the vintage earrings that are collecting dust in your jewelry box!
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