Gem & Mineral
PO Box 714
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The following is brought to you by the Jewelers of America.
What you should know about fine jewelry:
Care & Cleaning
To adequately insure your collectables...
jewelry and other appreciable personal property, you must first find out what you actually own. In other words, an item needs to be properly identified to be valued correctly. Insurance agents are educated in insurance procedures, not in the evaluation of personal property.
Or how - can we be sure that what we are buying is worth the price we are paying for it, and in fact, it's what it is represented to be? A near guarantee is to have an independent appraisal done by a Gemologist who has the experience, expertise, and well-equipped laboratory to perform identifications and is willing to sign the appraisal.
When do you need to insure your items?
Before a loss! - Standard insurance policies usually cover 50 - 75% of the value of the dwelling for total personal contents. Adding up all your general "depreciable" contents such as general household. electric equipment, appliances, clothing, furniture, dishes, rugs, linens, etc., usually leaves very little left over for "appreciables" such as antiques, fine art, or jewelry.
A formal written - professional appraisal...Starts at $45.00 and up for a value on something you've bought or been given to help insure proper coverage. It is up to the insured to keep the value updated. Are you adequately covered overall? Are your valuables included fully, limited or excluded? A qualified appraiser is an individual who has had formal education consisting of appraisal theory, methodology, ethics, reasoning, experience in the field and who keeps up with the current market trends, synthetic development, and availibility of materials, all of which are essential to placing a dollar value on stones and jewelry. Note: A reputable Appraiser/Gemologist should charge by the number of pieces, not a percentage of the VALUE.