Why you might want an appraisal
When you splurge on a stunning one-of-a-kind ring, you may want to spend that little bit extra to protect your new treasured piece of glitz. And the best way to do that: insurance.
This is where appraisals come in – some insurance companies require an official appraisal to insure your jewelry. Or, depending on the value of your piece, some might just require documentation of your invoice.
But even if they don’t explicitly require it, an appraisal usually ensures you’ll receive the full replacement value of your jewelry in case of loss, damage, or theft (or whatever is included in your insurance policy).
Why can’t you just insure your jewelry for the price you paid?
When purchasing from retailers with very low overhead, the price you pay may be lower than market value.
At Gem Breakfast for example, we don’t have large showrooms, a multitude of employees, or expensive marketing campaigns to factor into our cost. So, an appraisal will assess the true market value of your new piece, which may be more than what you paid. You can use this appraisal for insurance purposes or just for your own knowledge.
Are insurance and jewelry appraisals worth it?
It’s entirely up to you, but we usually recommend appraisals for higher priced pieces. For less expensive items, it helps to think about the cost of appraisal and/or insurance in relation to the value of your piece. If the appraisal cost is a large percentage of the item’s value, you may decide it’s not worth the extra expense. Of course, it is completely up to you and we encourage you to make any decision that feels aligned for you!
