JEWELRY ESTATE APPRAISAL
What is an Estate appraisal and what is it for?
An Estate appraisal provides the fair-market value for a piece if it were to be sold in the current marketplace. It is used for purposes such as Estate tax filing, Estate settlement, divorce, fair distribution of jewelry to family members of the deceased. The IRS definition of Fair market value is “the price at which property would change hands between a willing buyer and a willing seller, neither having any compulsion to buy or sell, and both having reasonable knowledge of all the relevant facts.”
What is the difference between an Insurance Appraisal and an Estate Appraisal?
An Insurance Appraisal is for “replacement value” and represents the value that an item would cost if bought “new” from a retailer while an Estate Appraisal is valued at today’s fair-market value.
The retail jewelry industry carries high markups and it should be remembered that if you were to sell an item to a jewelry store, you would get significantly less than what you originally bought it for (think of the difference in price between buying a new car and how much you would receive if you wanted to sell your car to a dealer).
What details are needed for an Estate Jewelry Appraisal?
The executors of the Estate need the same full description of the jewelry that an insurer would need. This includes:
How is the Estate valuation determined?
I use a best-in-class software (Gemguide) provided by Gemworld International. Gemworld International’s pricing guide is recognized as the industry leader for gem pricing, market conditions and is updated in real-time when the market changes. It is used for valuation and information in more than 40 countries by jewelers, appraisers and as a reference in legal cases involving valuation.
What is an Estate appraisal and what is it for?
An Estate appraisal provides the fair-market value for a piece if it were to be sold in the current marketplace. It is used for purposes such as Estate tax filing, Estate settlement, divorce, fair distribution of jewelry to family members of the deceased. The IRS definition of Fair market value is “the price at which property would change hands between a willing buyer and a willing seller, neither having any compulsion to buy or sell, and both having reasonable knowledge of all the relevant facts.”
What is the difference between an Insurance Appraisal and an Estate Appraisal?
An Insurance Appraisal is for “replacement value” and represents the value that an item would cost if bought “new” from a retailer while an Estate Appraisal is valued at today’s fair-market value.
The retail jewelry industry carries high markups and it should be remembered that if you were to sell an item to a jewelry store, you would get significantly less than what you originally bought it for (think of the difference in price between buying a new car and how much you would receive if you wanted to sell your car to a dealer).
What details are needed for an Estate Jewelry Appraisal?
The executors of the Estate need the same full description of the jewelry that an insurer would need. This includes:
- Detailed description of the jewelry including measurements.
- What metal the jewelry is made from (silver, platinum, gold purity, etc.)
- Stone information: number, size, type (diamond, sapphire, ruby, emerald, etc.), quality (4 C's - cut, color, clarity and carat weight), inclusions, clarity characteristics, etc.
- Overall condition of jewelry.
- Fair market jewelry valuation.
How is the Estate valuation determined?
I use a best-in-class software (Gemguide) provided by Gemworld International. Gemworld International’s pricing guide is recognized as the industry leader for gem pricing, market conditions and is updated in real-time when the market changes. It is used for valuation and information in more than 40 countries by jewelers, appraisers and as a reference in legal cases involving valuation.
Danielle Broussard Jewelry Appraisals 1898 Delvale Ave, Baltimore, MD 21222 M: (646) 732-5695 (preferred) P: (410) 929-6689
Areas served include Baltimore County, Baltimore City, Anne Arundel County, Washington DC, Prince George's County, Montgomery County, Howard County, Harford County, Carroll County and other counties in Maryland.