We VERIFY when you buy, sell or inherit jewelry!
Trust but always VERIFY every jewelry purchase!
How do I know if I’ve paid too much?
Cost is on everyone’s mind these days. And when purchasing an expensive piece of jewelry, it’s a challenge to comparison shop – especially if purchasing from the Internet – because you cannot see and touch the item before it is delivered. And under the bright lights of a jewelry showroom, EVERY gemstone becomes a seduction! To make it more difficult, sales persons often speak in terms of a jewelry investment!
Paid too much for a diamond?
Let’s face it, most of us do not buy jewelry as an investment. We buy it as adornment, symbols of love and affection, to celebrate an event, and to establish status. Whatever the reason, it’s not likely to be for investment purposes. (Investments can/do loose value too!)
To verify that a price is fair in today’s market, it’s important to obtain an independent valuation. The retailer who sells jewelry has a stake in the sale. If the retailer’s buying from an estate, there is a stake in this too.
An independent appraiser works only for you. His stake is his reputation. It’s important to assure fair pricing when buying OR selling jewelry, to obtain an objective opinion. For peace of mind, a independent opinion will assure that you do not over- pay for a diamond or for the insurance to protect it.
Paying too much for insurance?
Over the years, paying too much for insurance can really add up. Assume you’ve been insuring two diamond rings for $10,000 each for a total of $20,000.
Replacement value of the rings by an independent jewelry appraiser may value them at $14,500. The insurance company doesn’t care that you have over insured by $5,500. In fact your insurance company probably raises your premium automatically each year by 5 – 10 percent assuming the replacement value will increase too. But actually, precious metals have only kept pace with inflation over the last 10 years which has been around 2 percent. And diamonds while they have held their value, only the most rare, largest and highest quality stones have significantly appreciated.
Meanwhile, your insurance premium might be higher each year. If you held that policy for only ten years, you would have likely over paid by $1000. The cost of a nice pair of earrings!
While the Jewelry Judge does not sell insurance, he does consult on insurance needs along with accurate and independent appraisals. Verify the value of your jewelry periodically to assure you are paying a fair price for protection. Book an Appointment Today!