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. 

Maintaining your wedding ring.

This ring is a great example of a couple of things. First, it drives home the importance of having your jewelry inspected from time to time. This wedding ring has been worn for 22 years with NO work being done. As you can see, the lady was on the verge of losing her diamond. If we had caught the problem early on, then a re-tip job would have solved it. With the head in this condition, it is best to replace it.

The second point I want to make is that this also serves to demonstrate why Julie and I use 6 prong heads whenever possible. If this 6mm diamond had been mounted in just 4 prongs, then the diamond would have come out long ago!

One more thought - this reinforces the wisdom behind having your jewelry, especially your wedding ring, scheduled on your homeowners insurance policy. 

 

If you want to get a no obligation quote from Jewelers Mutual Insurance Company,

you can go to this website: Perfect Circle Insurance

 

In the spot for Jeweler Code, type in: A01904

 

The importance of insuring wedding rings.

Anytime we make a wedding ring for someone we emphasize the importance of having it insured. Wedding rings are usually worn 24/7 and things happen. When you schedule your ring on your homeowners/renters policy, or with a company like Jeweler's Mutual/Perfect Circle, you have what is called all risk coverage. In Michigan it typically costs somewhere between $10 and $15 per thousand per year. In other words a $5,000 ring will cost $50 to $75 a year to insure.

Here are some True Life stories - all of which are covered when you SCHEDULE your jewelry with all risk coverage.

• Kathy hid her ring in the coffee bean grinder when they went to the beach. Next morning her husband ground the ring along with the beans.
• An infant who was being toilet trained saw mom take off her ring, he put it in the toilet and flushed it away like a good boy.
• Mary loved to water ski - she had a pretty good wipe out that stripped the ring right off her hand to the bottom of the lake.
• Carla had a custom ring made with a trillion cut diamond. She works in a lab and hit the diamond on a metal refrigerator door handle. It broke one end off her triangle shaped diamond.

All of these instances are covered when you schedule your ring/jewelry.

If you do not have your wedding ring or other valuable jewelry insured, Jeweler's Mututal has just made getting a quote to insure your jewelry very, very easy. Their insurance for regular people is called Perfect Circle. Simply go to Perfect Circle Insurance for a painless quote. At the top of the form put in Jeweler Code: A01904 to get the free, no obligation quote. You can also learn a lot about jewelry insurance at this very informative site.

The importance of having your wedding ring insured.

Anytime we create an engagement ring for someone, I always discuss the importance of having jewelry insured - especially your wedding ring since they are generally worn 24/7.

Many people assume that they have coverage with their homeowners policy - while this is true, there is usually a limited type of coverage and a sizable deductible. What you need to really cover a wedding ring is to have it scheduled on your policy. When you have a rider for specific jewelry items you pay an additional premium but it is generally All Risk coverage which means it covers theft, mysterious disappearance, and even damage.

If you do not have your wedding ring or other valuable jewelry insured, Jeweler's Mututal/Perfect Circle has just made getting a quote to insure your jewelry very, very easy. Simply go to Perfect Circle Insurance for a painless quote. At the top of the form put in Jeweler Code: A01904 to get the free, no obligation quote. You can also learn a lot about jewelry insurance at this very informative site.