APPRAISALS & JEWELRY INSURANCE

WHAT IS AN APPRAISAL?
An appraisal is an informed opinion as to the authenticity, quality, design, and value of a jewelry item. The opinion is backed by training, experience, and state-of-the-art equipment.

INSURANCE REPLACEMENT APPRAISAL
This appraisal is the type you usually need to properly insure your jewelry against loss or damage. The appraisal value in this instance will give you the approximate cost of replacing the jewelry or recreating it as closely as possible. Therefore, the appraisal should take into consideration today’s retail prices, cost for labor, materials, creative design, and the precious stone market.

These estimated replacement values are based only on estimates of the quality of the gems (unless specifically stated that the gems were removed and graded). Even if removed, slight differences may occur between grades given between appraisers; gem grading is a subjective science. If outside laboratory reports are noted, they will be identified by laboratory name and report number.

ESTATE APPRAISAL
This appraisal requires an opinion of the cash value of an item, based on what a willing buyer and a willing seller would agree to without a forced sale. An estate evaluation often consists of a number of pieces of jewelry, a variety of types, some in fair condition, while others may be badly worn. An estate appraisal is based on the premise that the collection is to be liquidated. Since it does not consider selling costs or current prices for labor and creative design, this type of appraisal is normally lower than appraisals for replacement value.

Our Appraisal Services are available by appointment with our staff members trained by the Gemological Institute of America. Unlike many jewelry stores, CMI Jewelry Showroom provides a free appraisal with all qualifying jewelry purchases. The cost to appraise pieces you already own starts at $125.00.

IN CASE OF LOSS
When the loss of an appraised jewelry item occurs, the importance of a properly prepared, detailed appraisal becomes very apparent. The jeweler from whom the gem was purchased would be the best source for accurate, quality replacement. If replacement by the original jeweler is not possible, the next best choice would be the jeweler who does the appraisal. In any case, the preparer of this appraisal should be consulted for verification of the quality and value of the proposed replacement.

At the time of loss, be sure your facts are substantiated and police are immediately notified. Provide them with the details from your appraisal, which may assist them to a speedy closing of the investigation through prompt identification of your pieces. After filing a police report, notify your insurer.

Most insurance companies’ policies contain a clause which allows them to supply you with a replacement rather than have your jeweler replace the item. If so, use your appraisal to verity that the quality of the replacement is similar to the item lost.

Jewelry Insurance

Personal Jewelry Insurance from Jewelers Mutual Insurance Group
Jewelers Mutual Insurance Group has provided the content on this page.

Your favorite pieces of jewelry reflect who you are and connect you to special moments with the ones you love. Jeweler Mutual Insurance Group – the only insurer specializing exclusively in jewelry insurance for more than 100 years – offers repair or replacement coverage to protect your jewelry for all its worth.

We trust Jewelers Mutual and believe you deserve a professional, informative jewelry insurance experience so that you can wear your jewelry without worry.

Jewelers Mutual Advantages:

• Comprehensive repair or replacement coverage that often goes beyond standard homeowners insurance and warranties
• Worldwide protection against theft, damage, loss and even mysterious disappearance
• Flexibility to work with your own jeweler; no need for multiple estimates
• Licensed agents, GIA Graduate Gemologists and American Gem Society Certified Gemologists on staff whose passion and specialty is jewelry
• Personal, professional assistance with every call, question or claim