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Gem Appraisals, Jewelry Appraisal, Antique Appraisals Calgary, Alberta
Call us at 587-897-6740
Gem Appraisals, Jewelry Appraisals, Pearl Appraisals, Jade Appraisals, Gold Testing, Gem Testing
WHAT IS JEWELRY INSURANCE
Consists of getting a personal property insurance policy. There are many options when it comes to insuring your valuable jewelry pieces. The best thing to do is contact your Insurance advisor to determine whether it is basic coverage, all perils on building and specified contents, or all perils on valuables and collectibles. If your item or items are appraised at under $ 1,000 then the basic home coverage is usually enough and covers loss from $ 3,000 - $ 5,000. There is typically a deductible of around $ 500 (check with your Insurance Company). Jewelry that is appraised at over $ 1,000 should be listed on a ryder to your policy and is usually around $ 1.50 to $ 1.75 per $100 of Insurance. So if you have $ 30,000 worth of jewelry or gemstones it would be approximately be $ 480.00 well worth the cost. Always remember "Murphy's Law"!!
DONATION AND ESTATE APPRAISALS
When an item of jewelry is being donated to any charitable organization, an appraisal may be required. The value is based on fair market value. Fair market value is the price that is determined based on a willing buyer and willing seller.
An example of fair market value might be the price that an item sells for in your home town. That price may be different than what it is sold at in a neighbouring town. Another example would be at auction where the price that an item commands will rarely be the full retail price.
Depending on the condition of the item and the desirability of the item, the fair market value might be as low as “scrap” value or rarely, as high as retail value. However, the fair market value of a historical piece of jewelry may command a much higher price than the full retail price.
If planning a donation or estate contact the Canada Revenue Agency via their website www.cra-arc.gc.ca for more information regarding appraisal expectations.
HISTORICAL GEM REPORTING & RESEARCH PROJECTS
We can produce historical reports on specific types of gem stones through research and analysis. In addition, we can also be retained as advisors for legal cases and testify as experts regarding gem prices and appraisal valuations. Our staff has been in business for over 15 years in British Columbia and Calgary and have a high level of educational skills.
An insurance appraisal is done so the client can obtain specific scheduled insurance on an item. The most common insurance appraisal is a replacement type policy. Basically, this policy protects for most perils and allows for the item to be replaced with a similar item of jewelry. Another type of coverage is the agreed value policy where the settlement is for cash and not for replacement of the jewelry. Generally, these policies would carry a higher premium. All insurance matters should be discussed with your agent to determine what coverage will best serve your particular needs. Regardless of what you have read, gemstone appraisals and Jewelry (Jewellery) appraisals are not bogus or useless. If the appraiser is competent you will know what to expect of the appraisal.
An insurance appraisal is required when an item of jewelry is to be scheduled separately on an insurance policy. Standard coverage might include some aggregate allowance for jewelry. However, these limits are generally low and may not cover all perils. A separate insurance rider on any single item of jewelry will generally cover perils including theft, loss, mysterious disappearance, fire, etc. You should refer to the actual policy for explanation of coverage. Keep in mind many appraisals (most jewelry appraisals are based on replacement of same like and kind from a similar jewelry (jewellery) sales establishment. For example, a piece of jewelry may be the same as another piece of jewelry but one was purchased at Walmart and the other at Birks, the valuation of the item will be different).
POINT OF SALE DOCUMENTS
A point of sale document is similar to an insurance document in that a retail value is provided so that the client can purchase insurance. However, this document may be provided by the actual seller of the item of jewelry and it will report the actual selling price. In this type of appraisal, the seller is disclosing his/her role in the transaction. This type of document is valid and is usually acceptable for obtaining insurance.
AcmeGem Sales and Appraisal Corporation can be consulted and will act as an expert witness. We are experts in the areas of diamond and coloured gemstones. Our goal is to provide in-depth reports on specific areas of the gem and jewelry industry. We can and will provide a consulting service to mining and precious gemstone companies.
High Volume Sales Appraisals
Another area of consulting is in high volume sales. AcmeGem Sales and Appraisal Corporation can provide quality control analysis and cost-effective identification for many different gemstones, loose or mounted through established testing methods in their full equipped gem laboratory.
What are Gem and Jewelry Appraisals
Describes the piece of jewelry in enough detail that when the description is read it is completely understood what the item is. Simply stating “One ring with diamonds” for example is not sufficient. In this day and age many Insurance companies require an adequate description.
A picture is not required since the appraisal description should be a clear picture of the item. However, it is standard practise to include a picture of a piece of jewelry (jewellery) and a microscopic picture of a gemstone showing the inclusions contained within that stone. It makes it a lot easier to identify and replace the item once it no longer exists.
The value conclusion should reflect the market. It should not be inflated, nor undervalued, as these would be detrimental to the client and could greatly affect premiums and settlements. The appraised value should be an amount that can adequately cover the jewelry should it be lost. Having a high value may make you feel good but will only increase your premiums while providing no additional coverage in a loss. It is not the dollar amount that protects your insured interest it is the thoroughness of the description that will be needed should a claim be made.
Any process done to improve the appearance of a the gemstone other than cutting and polishing–needs to be disclosed to the customer. Appraisals should also contain this important information. The jewelry industry tends to be lax regarding disclosure of treatments but not always to be deceitful. For example, since nearly every ruby and sapphire has been heat treated to improve color, and this practice has existed for more than 100 years, some jewelers take it for granted and don't disclose the treatment. But, this information needs to be given to the customer. The valuation of the gemstones vary significantly between a natural untreated gem and a treated gemstone, the price also varies depending on the type of treatment. Treatment information can be provided on the report directly or as an addendum.
Some appraisers will add several other forms of information to the appraisal. Limiting conditions may be included which discuss issues such as the limitations of fully grading diamonds or other gemstones if they are set into the jewelry. For example, the weights of the gems are only estimates or stated weights if the stones are not removed for gem identification and gemstone carat weighing.
It must be stated that taxes are or are not included in the appraised value of the gemstone or jewelry.
Plotting or Laser Inscription
A record of the internal inclusions of a Diamond or Gemstone should be included in the appraisal of a piece of precious jewelry. This is the identification, or "fingerprint" of your gemstone. It confirms the grade, gem identification and assures the stone you have in your setting after upkeep of your jewelry is indeed your original stone.
A Laser Inscription is usually the serial number of a diamond.
Acme Appraisals has been in business for 24 years. Our GIA Graduate Gemologist, Graduate Diamonds, Jewelry Setting, Design and Repair staff has been doing Appraisals for jewelry, gemstones, diamonds including Antique Jewelry for Insurance and Estates for over two decades. AcmeGem Sales and Appraisals was Incorporated in June of 2009.
AcmeGem Sales and Appraisal Corporation has a responsibility to our customer. We provide Independent, Impartial Appraisals based on current market values derived from current prices from such respected Industry sources such as GemWorld and Rappaport Diamond pricing. AcmeGem uses state of the art Laboratory equipment for testing and analysis of Gems, Diamonds and Gold valuation.
Gems and jewelry cannot be appraised by just anybody, they cannot be appraise, whether they are jewelers or jewelry store staff if they do not have the educational background to ensure the correct identification of the items. Many do not background. AcmeGem staff are all GIA trained, they have personally examined and purchased all the Gemstones, Diamonds that they sell.
AcmeGem also ensures that all Appraisers keep up to date and current with all things that are happening in the Gem and Jewelry Industry.
The 4 C's of Diamond Grading (Cut, Clarity, Color and Carat Weight) as set out by GIA are observed. Color is also a very important factor in establishing thevalue of colored stones. AcmeGem uses the GemEWizard and Gemworld colored stone grading technology which use the GIA grading system.
- Onsite Appraisals
- Jewelry Store Appraisals
- AcmeGem Site Appraisals
- Online Appraisals Detective Series
- Gem Photography
- Jewelry Photography
- Personal Gem/Jewelry Shopping Service
- Insurance & replacement Appraisals
- Estate Sale Appraisals
- Colored Gemstone Sales
- Special Gem Education classes for:
- personal interest
- Need help selling your gems? Contact us
- Take an Appraiser with you for purchasing Gems, purchasing Jewelry at local stores or abroad or when attending Estate Sales and auctions. Give us a call. We can arrange trips to gemstone centers for you.
Fill out our contacts form or give us a call to discuss services and pricing.
Appraisers will charge different fees depending on their expertise, the difficulty of the assignment, etc. No single fee structure exists nor would it be fair to suggest what an appraiser might charge. Some charge by the item’s major diamond size (i.e., more for a larger center diamond and less for smaller diamonds). Other appraisers charge a flat fee per item. And others may charge by the hour. In any case, a fee that is based on a percentage of the appraised item’s value is considered unethical in the appraisal industry. In this case, an incentive exists to inflate the value for a higher fee. If an appraiser quotes price as a percentage fee this would indicate that he or she does not adhere to industry standards.
The most expensive appraiser is not necessarily the best, nor is the least expensive necessarily the worst. However, with appraisals, you generally get what you pay for. The short “one-line” appraisal with a value is not nearly enough information to describe adequately an expensive engagement ring.