Appraisals Types
There are several types of appraisals. Each has an established purpose and function. The following are the most common types of appraisals and the ones we can provide you.
Insurance Retail Replacement Appraisal
Jewelry is inspected and evaluated by looking at each component such as a diamond’s and gemstone’s cut, color, clarity and carat weight. In addition, the precious metal’s finesse, style, time period, designer and more is examined to determine the approximate or estimated retail replacement cost in today’s retail marketplace. This type of appraisal is typically used to acquire jewelry insurance (thru providers such as State Farm, USAA, Jewelers Mutual, Progressive, GEICO, Nationwide, Liberty Mutual, Farmers, AllState, Chubb, Travelers, JIBNA, and AAA to name a few) and protect the jewelry. Please note almost all insurance companies now require this type of appraisal to establish a jewelry insurance policy.
Fair Market Value (FMV) Appraisal
There are several purposes and functions for the FMV Appraisal including but not limited to resales, collateral, tax liability, and equitable distribution (divorce & estate/trust planning). United Jewelry Appraisals, LLC provides appraisal services for non-tax related purposes only.
FMV appraisals are more complex due to their intended purpose and function and will require additional time to complete. Depending on the piece(s) moderate to extensive research has to be conducted to identify what similar jewelry pieces have sold for in the pre-established market. “Fair Market Value is based on what price a piece will change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell, both having reasonable knowledge of all relevant facts, and with the sale taking place in the most relevant market taking into consideration the location of the property.”
FMV appraisals are more complex due to their intended purpose and function and will require additional time to complete. Depending on the piece(s) moderate to extensive research has to be conducted to identify what similar jewelry pieces have sold for in the pre-established market. “Fair Market Value is based on what price a piece will change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell, both having reasonable knowledge of all relevant facts, and with the sale taking place in the most relevant market taking into consideration the location of the property.”
Hypothetical Appraisals
With the aid of photographs, receipts, client’s description of item(s) and any other documentation available, we will create an estimated range of the retail replacement value for an item(s) that has been lost or stolen that did not have an appraisal.
*WE DO NOT BUY, SELL, TRANSPORT OR HOLD JEWELRY. ALL SERVICES ARE PROVIDED WHILE YOU WAIT & WATCH.
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