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 email@example.com.
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 for Dallas jewelry appraisals and can wait for the appraisal to be completed by your Dallas County appraisers. 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 972-239-9314 to discuss your specific needs.