3 Types Of Jewelry Appraisals
When speaking in terms of jewelry appraisals there are three main types of appraisals to consider. These types of jewelry appraisals are fair market value appraisals, estate appraisals, and insurance appraisals. Depending on a person’s needs and situation, the type of jewelry appraisal will differ from scenario to scenario.
We proudly offer professional jewelry appraisal services. For estate and insurance appraisals, we provide two copies: one for your insurance company and another for your personal safe or safety deposit box. Our formal appraisals include current metals market recordings of the day the appraisal is created, detailed color photographs of your piece(s), approach to value, weight, measurements, and detailed specs of each piece, nomenclature, and educational background of our certified GIA gemologist. All fair market value appraisals can be conducted verbally, or in certain circumstances, someone may request an estate appraisal to have literature about their piece(s) with a professional opinion to help back their private sale.
Fair Market Value Appraisal
A fair market value appraisal is considered the value of an item or items that a private party chooses to use as a price point for a personal sale from the owner to an individual or a 2nd hand buyer such as an estate jewelry store or a pawn shop.
Estate appraisal values differ from insurance appraisal values. Estate appraisals hold fair market values, also known as wholesale values, compared to insurance appraisals which provide a retail replacement value that reflects current, modern-day prices for materials. The term “estate” can mean pre-owned, pre-loved, vintage, antique, and/or personal effects belonging to a person’s estate.
Division Between Family Members
Estate appraisals are often used when an individual or a group of people in charge of an estate has items belonging to an estate that needs to be sold or distributed. They may wish to have values divided up amongst their family with a fair market valuation.
Estate Sale By Executor Of A Will
Estate appraisals are often used to determine the personal sale of an item or items or the division of assets among family members within an estate. An estate appraisal can be considered a legal and binding document for court use.
Insurance appraisals are meant for individual jewelry items that are of a value of $1,000.00 or more. Insurance appraisals consist of retail replacement values of an item mirroring modern-day values in the event an item was to be lost, stolen, or damaged beyond repair. We offer insurance appraisals for pieces that we sell as well as pieces that have been purchased elsewhere and items that have been passed down through your family. New or old, we are capable of creating an insurance appraisal for a variety of different types of jewelry and (most) watches.
Homegrown in the heart of the Smoky Mountains, Mackley Jewelers has been East Tennessee’s hometown jeweler in Knoxville, TN for 41 years. Treating customers with respect, providing ethical service, and selling beautiful jewelry with natural stones is the foundation of Mackley Jewelers’ philosophy. We also offer a full range of professional Knoxville jewelry repair services performed by our talented jeweler right here, in-house. Every day, our goal is to be the best family-owned Knoxville jewelry store we can be all while giving our customers an authentic small business buying experience with genuine Southern charm.