Here you will find some of the common questions we are frequently asked before the appraisal process begins. If you have a question, please to call us at 972-239-9314 or send us an email firstname.lastname@example.org.
What is an appraisal?
An appraisal is a document that describes an item, assesses its relative quality and assigns a value to it. Descriptions usually cover the visible, measurable and analyzable facts about the item (weight, materials, markings). Most appraisals also describe subjective features such as gemstone quality, relative rarity and overall quality of manufacture.
FTC Guidelines for Jewelry Appraisals
Intentionally over-valuing items on appraisals is considered illegal under Federal Trade Commission (FTC) guidelines and unethical by all nationally recognized appraisal organizations. The value assigned to the piece of jewelry should not be inflated beyond what is considered a fair retail selling price.
Customers’ appraisals should be updated periodically to make sure they have adequate insurance coverage. Unusual circumstances, such as sharp increases in availability and price for certain jewelry components, should also be taken into account when appraising an item.
Some insurance companies have arrangements with jewelers for insurance replacement business. When a consumer has a loss, their insurance company requires that they go to a specific jeweler for a replacement. The jeweler is then paid an amount from the insurance company that is less than retail, and perhaps less than the appraisal, but the customer gets a piece comparable to the one they lost, and the jeweler gets the business from the insurance referral.
Other Types of Appraisals
Fair market value appraisals
Reflect an actual selling price between a willing buyer and seller, when neither is compelled by time or need to buy or sell in the item’s most common market. Fair market value must represent the item’s value in its current (used) condition. Fair market value is generally required for charitable donations and estate appraisals.
Immediate liquidation value appraisals
Usually reflect low values because of the situations that create their need. Divorce settlements and some types of estate liquidations may require this type of appraisal, depending upon the jurisdiction where the scenario takes place. Less common types of appraisals include probate and loan collateral appraisals.
Will I take my appraisal home with me on the day I have my appointment?
No. You will receive your written appraisal via email in approximately 10 business days (two weeks). You can also request to be mailed two complete, hard copies of your appraisal, along with digital photographs.
Do I have to leave my jewelry?
No. You may schedule an appointment and can wait for the appraisal to be completed. Difficult-to-identify items may require you to leave the item in order for research to be done and a proper appraisal created.
Do you have to take the stones out of the mounting to perform the appraisal?
No, we don’t. However, if there is a concern about the quality of the piece (compared to the purchase description), we may ask your permission to do so.
How much will my appraisal cost?
Our fees are based on time. If you would like an exact dollar amount, you may ask for a quote before your appraisal begins.
What should I bring to my appraisal?
Any receipts, certification, old appraisals or miscellaneous information that you may have.
If I have a valuable item I would like to sell, but am concerned I won’t be able to sell it for what it is worth, can you help me?
Yes! We offer Brokerage Services that are aimed at getting you the best possible price for your item. Please call us at 1-800-978-9314 to discuss your specific needs.
Do you take credit cards?
Yes, we accept Mastercard, Visa and we will gladly accept cash or a personal check at the end of your visit.
Placing an order on Geolat.com is an easy, speedy and friendly process. If you have any questions while placing an order, please give us a call at 1-800-978-9314. Our responsive and experienced Geolat Customer Care Team is ready to take care of you.
If your order is placed outside of business hours (business hours are Monday – Friday 9:00 AM – 5:00 PM) please send us an email at email@example.com and we will respond the following business day.
Geolat.com offers one of the best selections of estate and antique jewelry anywhere — online or offline. We add new pieces to our website on a daily basis.
However, as it is the case with estate and antique jewelry, all items in our inventory are single stock items. There is always a chance that another person will try to place an order for the same piece simultaneously, and in that respect, the sellout risk is very high.
For online purchases we accept Mastercard, Visa, Discover, American Express as well as PayPal.
Quality and Condition
We go to great lengths to ensure the quality and value of each piece we sell. As experienced appraisers, you can trust that we inspect each item for legitimacy, condition and value. The estate collection available for sale online and through retailers nationwide is carefully curated, with one thought in mind: to offer you the best in estate and antique jewelry, at the best value possible.
Conflict Free Diamond Policy
Geolat Companies do not endorse Conflict —or Blood Diamonds— rough diamonds, which are used by rebel movements to finance wars against legitimate governments. The trade in these illicit stones has fueled decades of devastating conflicts in countries such as Angola, Cote d’Ivoire, the Democratic Republic of the Congo and Sierra Leone.
In order to stem the flow of Conflict and Blood Diamonds, the United Nations has adopted a resolution in support of The Kimberley Process (KP), a joint initiative between international administrative bodies, national governments (including the USA), worldwide industry and civil society.
The Kimberley Process Certification Scheme (KPCS) imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as “conflict-free”. As of December 2009, the KP has 49 members, representing 75 countries, with the European Community and its Member States counting as an individual participant. Kimberly Process members account for approximately 99.8% of the global production of rough diamonds. The legal duties imposed by the United Sates Congress in 2003, requires all US diamond retailers to purchase diamonds from manufacturers who have documentation certifying that the merchandise was obtained through legitimate channels.
At Geolat, we purchase diamonds through suppliers who, like us, proudly adhere to and enforce the standards established by the Kimberley Process. If one of our suppliers was unable to produce documentation certifying compliance with the Kimberly Process, we would immediately cease doing business with that supplier.
For further information, please read the Department of State’s official stand on the passage of this law or go to www.kimberleyprocess.com.
Anti-Money Laundering (AML) Program and Policy
GENERAL STATEMENT OF PURPOSE
It is the policy of Geolat Mondial L.L.C. to prohibit the use of our business or services for money laundering or terrorist financing. Our AML Program and Policy has been developed in conformance with the requirements of rules promulgated by the U.S. Department of Treasury, Financial Crimes Enforcement Network, 31 CFR Part 103, Section 130.140 c, under the Bank Secrecy Act as amended by the USA PATRIOT Act of 2001 (Pub.L.107-56) and is based on Geolat Mondial L.L.C.’s assessment of the money laundering and terrorist financing risks associated with Geolat Mondial L.L.C.’s transactions pertaining to covered goods.