An appraisal is the diamond owner’s best friend when jewelry is lost, damaged or stolen. But, not all appraisals are the same.
For insurance purposes, wealth managers should advise a “replacement cost appraisal,” which can differ from other types of jewelry appraisals, such as a “fair market value appraisal” and an “estate appraisal.” A replacement cost appraisal is a formal opinion of a jewelry item, offered by a certified gemologist. Competent appraisers evaluate and verify the authenticity, design, quality and monetary value of the item.
When they’ve done their job effectively, the appraisal should contain the following information:
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