Thursday, March 3, 2016

Jewelry Appraisals New or Updated for $75 First Piece, $45 Each Additional

Many people in our area are paying way too much for jewelry appraisals. We have heard repeated stories of $200 for just one item. The other day a lady told Cliff her husband took her wedding set back to the chain store he bought it from and they wanted to charge him $300 for a written appraisal on two items.

Here at Chimera a written appraisal for one piece is $75 and each additional is $45, so that couple is going to have an extra $180 in their pocket and still end up with an appraisal from a GIA Diamonds Graduate. Cliff started in the jewelry business 20 years ago and earned his certification from GIA in 1998.

Why Do You Need An Appraisal?
We highly recommend that anyone who purchase an engagement, wedding, or partnership ring from us insures it against all risks. This is typically done on a homeowners policy - the piece or pieces are listed separately or "scheduled" against all risks - loss, theft, and even damage.

The cost is reasonable. In Michigan it is typically between $10 and $15 per thousand dollars of value. So it would cost $40 to $60 per year to insure a $4,000 ring.

Some insurance companies want the appraisals updated after 5 to 7 years which is really to YOUR advantage to make sure that you are not over or under insured.

Stuff Happens
Because these types of rings are typically worn 24/7/365, it is smart to have them insured. We have seen some interesting losses in our time. One lady had her ring flushed down the toilet by her toddler. Another one "hid" her ring in the coffee grinder at the cottage because her husband "never got up first and ground the coffee". Well, he did!

If you need a new appraisal or need your old one updated, bring it on in. Cliff usually only needs your ring(s) for a couple of hours. You can drop it off in the morning and pick it up the same day. Not only will you get an appraisal, but Cliff will give it the Spa Treatment - your ring will be buffed then spend some time in a nice, heated ultrasonic unit and blasted clean with steam.

All for $75 for the first piece and $45 for each additional item. 

No comments: