So, you’ve done the right thing and took the time to have your engagement ring appraised and insured. However, that was three years ago, and the value of jewelry fluctuates. Your diamond ring’s value has likely changed since your original appraisal. So, with that in mind, getting your jewelry appraisal updated is important for the following reasons:
1. Jewelry fluctuates in value! The older the appraisal the less accurate the value it lists. This is almost always less than what you should be insuring your jewelry for (Nelson Coleman Jewelers, October 2020).
2. An up-to-date appraisal keeps record of the current value of your piece in case you wish to sell it in the future (Fogle, May 2021).
3. Any damage to your jewelry may impact the value. If you are passing jewelry on to beneficiaries and want to divide equitably you will want to verify the condition has not changed (Berrent, March 2014).
Insurance companies are aware of how the market value of precious metals and certain gems fluctuate and recommend that you get an appraisal update every 2-3 years. The jewelry market can be volatile and can be impacted by market forces. While it may not seem as important as getting the original appraisal, the appraisal update can make a world of difference in an insurance claim, a private sale, or an estate plan. Luckily for you, a jewelry appraisal update is only a fraction of what the original appraisal cost. The update process is typically not as involved as the initial jewelry appraisal as well.
Think of it like this. An expensive piece of fine jewelry is an asset. Your other assets get updates to the appraisal of their values. When stocks fluctuate, you update your portfolio. When home values fluctuate you look at refinancing options. Why should your jewelry be any different? You made an intelligent decision to get your jewelry appraised and insured. For that wise decision to pay off long term you should follow it up with updates in the future.
“Jewelry Appraisals for Insurance: What, Why, and How Often.” Nelson Coleman Jewelers, 15 Oct. 2020, nelsoncoleman.com/jewelry-appraisals-for-insurance-the-what-why-and-how-often/
Berrent, Aimee. “How Often Do I Need a Jewelry Appraisal?” A Matter of Brilliance, 31 Mar. 2014, ambappraisal.com/blog/often-need-jewelry-appraisal/
Fogle, Katelyn. “Jewelry Appraisals: What Everyone Forgets When Buying Jewelry.” Jewelers Mutual Group, May 13, 2021, www.jewelersmutual.com/the-jewelry-box/jewelry-appraisals-what-everyone-forgets-when-buying-jewelry.
