There are several types of jewelry appraisal services near me that we offer. On each appraisal, the work involved is the same but the value placed on an item can be vastly different. Also, keep in mind that while an item may have tremendous sentimental value, an appraisal can only determine the intrinsic value of an item.
There are three types of jewelry Appraisals that we offer at Busy Bee Jewelry. They are:
- The Insurance Replacement Appraisal
- The Fair Market Value Appraisal
- The Estate Appraisal
The Insurance Replacement Appraisal, by far the most common, is the Long Island Jewlery appraisal type that is used to have an item added onto a jewelry rider (sometimes called a “jewelry floater”) attached to your homeowner’s or renter’s policy. The value used on this appraisal states what it would cost to replace an item with a brand new piece of similar quality.
The Fair Market Value Appraisal is used to determine a fair selling price for an item between a willing seller and a willing jewelry buyer. It takes into account the current condition of the item and any repair work that the item may need.
The Estate Appraisal is used when determining a value for the settlement of an estate. This appraisal bases the value on the item’s current condition in a forced sale. That is, a sale in which we have an unwilling seller and an unwilling buyer. This appraisal will place the lowest value on an item.
For any appraisal in New York, we at Busy Bee Jewelry always clean your items thoroughly before we begin the evaluation process. Our GIA graduate gemologist can then grade the metals and stones to give you an accurate valuation.