The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standard for the appraisal profession in the United States. USPAP was adopted by Congress in 1989 and contains standards for all types of appraisal services, including real estate, personal property and jewelry, business, and mass appraisal (source, The Appraisal Foundation). As a USPAP-compliant appraiser, I am required to be unbiased, objective, and impartial while adhering to USPSP standards in ethics, integrity, and completeness in my appraisal work.

Not only is it important that your appraiser follow USPAP standards, but that they possess thorough gemological training and have a complete understanding of appraisal theory. Being a Graduate Gemologist does not qualify someone to act as an appraiser. Independent appraisers have put in the time, effort, and resources needed for further education, taking courses to earn accreditation through professional groups such as the American Society of Appraisers and the National Association of Jewelry Appraisers, then maintaining those certifications through yearly conferences, classes, and required continuing education and testing. This allows us to stay on top of the ever-changing gemological world and provide the most complete appraisal possible for your protection. Much as you would not want someone to attempt to reset your diamond without proper training, you should expect the person performing your appraisal to have additional knowledge and training specific to the appraisal profession.

You could, but you probably shouldn’t! Our appraisals are accepted by all insurance companies, and meet the minimum standards required by USAA. Physical descriptions should not only include what the piece is made of and the basic information for all diamonds and gemstones, but also the method of manufacture, when it was made, overall measurements, detailed descriptions of how all stones are set, the quality of workmanship and the condition of the piece, finger size, and total weight in grams. The manufacturer and style number or name will be included when known. All diamonds over 0.50ct are thoroughly graded using GIA diamond grading standards, and all diamonds over 1.00ct will include a plot showing where any inclusions are and the identifying characteristics of your stone. Major colored stones will include a description of color, clarity, and the quality of the cut, as well as identification of the country of origin and level of treatment present if known. Should a colored stone be of high quality with the potential for a high value attributed to where it may have been mined, we will investigate options for obtaining a third-party lab report (usually the Gemological Institute of America or American Gemological Laboratories) to substantiate that possibility, and include those findings in your appraisal. There will be no question what your piece is. This attention to detail is often lacking in appraisals supplied by retailers without true appraisal training.

It is common for appraisal fees to vary widely depending on the qualifications, experience, and educational background of the person providing the appraisal, and the thoroughness and accuracy of the appraisal they produce. Is it a salesperson or bench jeweler providing a scant three or four-sentence description without pictures of your items, or someone with credentials taking the additional time needed to fully document and research your item and produce a thorough professional report that will protect you in the event of a loss? A detailed appraisal provides proof of what you had in terms of its physical characteristics and value, allowing the replacement of an item with another of the same kind and quality, leaving nothing up for interpretation by the insurance company. There is no point in paying for insurance if it will not fully cover you when you need it, all because an appraiser was chosen based on who charged the lowest fee. With appraisals, you generally get what you pay for.

A common misconception is that the value of jewelry always increases over time, however, just like any other natural commodity, diamond, gemstone, and precious metal values fluctuate, and not upwards. For example, per-carat prices for natural diamonds peaked in the early 2010s, but have fallen steadily for the past decade, particularly as demand for natural diamonds has decreased as lab-grown diamonds have become more readily available. When this is coupled with the fact that retail markups have fallen at brick-and-mortar stores as they try to stay competitive with online retailers, the resulting replacement value today may be substantially less than it was 10 years ago. This is not necessarily a bad thing, nor is an appraiser “wrong” in reporting a lower value if that is what the market calls for today. What is most important is that the value on your current appraisal reflects what your piece would cost to replace in today’s market, as inflated values do not benefit the consumer, they benefit the insurance company in the form of higher insurance premiums. This can be true of watches as well.

Yes, appraisals should be updated every 3 to 5 years. Some insurance companies proactively increase the value of your insured items year after year which may seem like a good idea, but this practice generally results in extremely inflated, unrealistic values, and consequently, premiums that are far higher than necessary for adequate coverage.

Yes, I can appraise both new and vintage Rolexes, you do not have to have your Rolex appraised by an authorized Rolex retailer and there is no benefit to doing so. I also appraise all fine timepieces, including Patek Philippe, Audemars Piquet, Cartier, Breitling, Tag Heuer, and all other luxury brands. The value attributed to lack of supply at authorized retailers or collectability can also come into play, particularly with Rolexes, resulting in a higher value in the secondary or gray market, which may be a more appropriate value for your item for insurance coverage. Watches can be tricky to value, but I do love appraising them.

While appraisers are experts in their field and possess superior product knowledge of both luxury watches and fine jewelry, be aware that appraisers are not authenticators, as only the manufacturer can truly authenticate a piece with their stamp or name on it. Any original receipts, servicing paperwork, warranty cards, and the item’s history may be necessary to accurately identify and circa-date a piece and should be brought to your appointment.

Appraisals for insurance purposes report what contemporary jewelry and current model watches might sell for today in new condition in a retail store, or for antique jewelry and discontinued model watches, what that item might sell for at a retail store that carries estate jewelry or preowned watches. Selling used jewelry is much like selling a used car, logically you would not expect to sell your car for what you paid for it new at the dealership, and jewelry is the same. Other factors may come into play as well. Is the item in good condition? Are there worn or chipped stones? Is the style still desirable and in demand? Are there additional costs involved for the buyer to prepare that item for resale? Contrary to popular belief, most estate buyers are not aiming to “rip you off,” there is usually logic and reasoning behind what is offered. That said, should you like an independent opinion, we can provide a Marketable Cash Value appraisal, giving a range of what you can expect to sell your items for depending on how they are sold.