What exactly is a jewelry appraisal?
* A written statement, independently and impartially prepared by a qualified appraiser, setting forth an opinion of defined value of an adequately described property, as of a specific date supported by the presentation and analysis of relevant market information.
When is an jewelry appraisal needed?
* When the owner of jewelry wishes to insure the replacement cost.
* To determine Actual Cash Value in the case of an insured loss. Casualty is loss allowed by the IRS as an income deduction for lost items not recoverable by insurance based upon documentation that establishes values for the lost articles.
* When an executor or trust officer requires a Fair Market Value for estate purposes whether to list the items in a taxable estate or for equitable distribution among heirs.
* In the case of divorce, the parties or attorneys may request an appraisal for the dissolution of commonly held property.
* Liquidation of assets.
* Scrap or melt value is used sometimes to determine the value of large amounts of items made of precious metals.
Is a jewelry appraisal a legal document?
*An appraisal is not a legal document per se. However, it is admissible as evidence in certain types of court cases. Fiduciary responsibility varies from state to state. A written appraisal does support legal documents, insurance documents for example, and is frequently used in probate review of estates, divorces, bankruptcies and liquidations.
Does a jewelry appraisal "certify" or "guarantee" anything?
*An appraisal document is not a guarantee. It is a written informed opinion backed up by experience, education and instrumentation.
If it is conducted by an independent appraiser, it is the best evidence of an item's identity and value that can be obtained. The words "certificate", "certified appraisal", "certified report", and "certified appraiser" have entered into the language of the jewelry industry, their use is incorrect and misleading.
The GIA clearly explains, “We have identified the following incorrect practices: 1) references to GIA Reports as “certificates”; and 2) the statement that students, graduates, their businesses, or particular gemstones are “certified” by GIA. The Gemological Institute of America does not certify anyone or anything. Neither a student nor a graduate who has been awarded a certificate or diploma, nor a gem which has been graded or identified by GIA has been “certified” by GIA.”
* A written statement, independently and impartially prepared by a qualified appraiser, setting forth an opinion of defined value of an adequately described property, as of a specific date supported by the presentation and analysis of relevant market information.
When is an jewelry appraisal needed?
* When the owner of jewelry wishes to insure the replacement cost.
* To determine Actual Cash Value in the case of an insured loss. Casualty is loss allowed by the IRS as an income deduction for lost items not recoverable by insurance based upon documentation that establishes values for the lost articles.
* When an executor or trust officer requires a Fair Market Value for estate purposes whether to list the items in a taxable estate or for equitable distribution among heirs.
* In the case of divorce, the parties or attorneys may request an appraisal for the dissolution of commonly held property.
* Liquidation of assets.
* Scrap or melt value is used sometimes to determine the value of large amounts of items made of precious metals.
Is a jewelry appraisal a legal document?
*An appraisal is not a legal document per se. However, it is admissible as evidence in certain types of court cases. Fiduciary responsibility varies from state to state. A written appraisal does support legal documents, insurance documents for example, and is frequently used in probate review of estates, divorces, bankruptcies and liquidations.
Does a jewelry appraisal "certify" or "guarantee" anything?
*An appraisal document is not a guarantee. It is a written informed opinion backed up by experience, education and instrumentation.
If it is conducted by an independent appraiser, it is the best evidence of an item's identity and value that can be obtained. The words "certificate", "certified appraisal", "certified report", and "certified appraiser" have entered into the language of the jewelry industry, their use is incorrect and misleading.
The GIA clearly explains, “We have identified the following incorrect practices: 1) references to GIA Reports as “certificates”; and 2) the statement that students, graduates, their businesses, or particular gemstones are “certified” by GIA. The Gemological Institute of America does not certify anyone or anything. Neither a student nor a graduate who has been awarded a certificate or diploma, nor a gem which has been graded or identified by GIA has been “certified” by GIA.”
Why Should I Have A Jewelry Appraisal?
1. To obtain insurance for...
* Loss from theft or home break-ins
* Mysterious disappearance
* Theft, hotel break-ins or travel accidents
* Damage or stones falling out
2. To confirm the value of a new purchase
* Honest and accurate evaluations
3. For future identification
* Our detailed reports guarantee against switching when left somewhere for repair
* Accurate damage assessment based on any change from the original condition
* How many items of jewelry do you have undocumented? If lost or stolen, how will you prove you actually owned the item for tax purposes? Professional Jewelry Appraisals are "legal documents" showing the items actually exist, for you, your family and your heirs.
4. Estates
* Fair market evaluation for tax liability
* Valuation for equitable division of inherited jewelry
5. Divorce
* Fair market value for equitable division of property
NGS Appraisal Service has been in the business of appraising jewelry on Cape Cod for 20 years.
If you have questions or Jewelry Appraisal needs, please contact me for information.
Thank you, Norman G. Silver
1. To obtain insurance for...
* Loss from theft or home break-ins
* Mysterious disappearance
* Theft, hotel break-ins or travel accidents
* Damage or stones falling out
2. To confirm the value of a new purchase
* Honest and accurate evaluations
3. For future identification
* Our detailed reports guarantee against switching when left somewhere for repair
* Accurate damage assessment based on any change from the original condition
* How many items of jewelry do you have undocumented? If lost or stolen, how will you prove you actually owned the item for tax purposes? Professional Jewelry Appraisals are "legal documents" showing the items actually exist, for you, your family and your heirs.
4. Estates
* Fair market evaluation for tax liability
* Valuation for equitable division of inherited jewelry
5. Divorce
* Fair market value for equitable division of property
NGS Appraisal Service has been in the business of appraising jewelry on Cape Cod for 20 years.
If you have questions or Jewelry Appraisal needs, please contact me for information.
Thank you, Norman G. Silver