We just had a new customer comment on our appraisal and he was upset at how different our appraisal value was from a local jeweler in Canada. This is understandable because most people think that values are the same no matter where you live in the world. The truth is that appraisals will be different in the same appraisal office depending on the person doing the appraisal, their experience and examination of the gemstone and or jewelry. The value differences from town to town, state to state and country to country can differ greatly do to the amount of gem grading labs, appraisal organizations and grading value indexes. All the gem labs have differing ways of communicating quality and therefore the value, which is based on the quality parts of the jewelry. Sometimes the differences will be very significant and it does not mean that anyone is automatically wrong. It just means each company has its own way of doing appraisals and establishing values and there is no internationally or nationally uniform way for appraisals to be done. We hope that there is one national or even state-wide way to do appraisals some day in the future. Until then, we will just try to help everyone understand the fine jewelry industry and its many variations.
The appraisal training we experienced here at Merritt Jewelry, with our value index, are some of the best in the world regarding insurance replacement appraisals and we are very honored to share them. Any company that says, “our appraisals are the only correct ones and the only appraisals you will ever need” are just not worldly in their jewelry industry knowledge. It is possible that a local insurance company will ask for a local appraisal, especially for the $3,000.00+ dollar appraisals that they will have to pay for if the jewelry is lost. So, understand that there will likely be a difference in value of the appraisals and you should not necessarily insure for the full value because it will cost more for the insurance. With the internet shopping we have today the ability to find replacement jewelry at great prices has never been better. Talk to your insurer and ask what the cost differences would be for the different values and deductibles. This way you should get a good idea of what is best for your jewelry insurance replacement needs.