The jewelry that you have collected over the course of your lifetime is likely a sizable financial asset. As a result, it is critical for you to take the time to ensure that you are adequately protecting this investment. However, this will require you to have an accurate understanding of the value of your jewelry collection. Learning this information will require you to use the services of an experienced jewelry appraiser. Yet, these professionals may offer services that you have not needed before. Learning the answers to these two common questions will help you understand what to expect from working with these professionals.
Why Would You Need To Have Your Jewelry Appraised?
One of the more common reasons for needing to have your jewelry appraised is for the purpose of insurance. When you insure these collections, your insurance will need to know the approximate value of each piece of jewelry that is covered under the policy.
Another common reason for having jewelry appraised is when you are including it in your will. Your loved ones will have to pay taxes on the items they receive from you, and knowing the value of the jewelry will help you take actions to reduce the tax implications your inheritance will cause, such as through a tax-free life insurance policy.
What Should You Expect From Having Your Jewelry Appraised?
There are many people that are unsure of what having jewelry appraised will be like. As a result, these individuals may assume that this will be a lengthy process, but this may not be the case because it will depend on the number of pieces of jewelry that you will need appraised.
During the appraisal process, a professional will perform tests to ensure that the piece of jewelry is actually made of the metals and gemstones that you think it is. Once the materials in the jewelry have been confirmed, your appraiser will research the current market price of the item. When these steps are completed, you will be presented with a comprehensive report that outlines the findings.
Jewelry appraisals can be essential for any number of reasons, but there are some people that may not have ever needed these services. Without knowing the basics about these services, having jewelry appraised can be somewhat stressful. Understanding the reasons why you may need to have this type of work done and what the appraisal process should entail can help you to be better prepared for undergoing this task.
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