Making money, given the pandemic, is difficult due to failing businesses and lost jobs. If you find yourself in a financial pickle, consider selling your old jewelry. With the right piece, you might find enough wealth to tide you over.
With a current 278-billion-dollar industry, take advantage of jewels while you can. But be careful, not everyone is willing to give you the price and cash you deserve. Without any knowledge or training, you might find your jewelry value dropping.
Start learning about jewelry appraisal today to make the cash you need tomorrow. Appraise jewelry and you’ll be an expert before you know it.
What is Jewelry Appraisal?
A jewelry appraisal is a report on a piece of jewelry containing its value and quality. Given that the jewelry field is expensive, reports tend towards extensive reports. This includes visible and measurable facts about a piece about its makeup.
Part of this can range to different factors which may include what material makes up the piece and what its quality is. The more elements the piece has, the more detailed the report. Weight, material, and rarity are all valid factors.
To start jewelry appraisal, the easiest thing to do is relax. There are many experts out there who are looking to make an evaluation. Don’t hesitate to check out other appraisers to get a value you think you deserve.
To decide whether to get an appraisal, it’s best to set certain standards to check. Remember, you can go big or go home if you know when to strikeout. Read on to get the basics of appraising.
Choose Your Type
While the appraisal process gives the same output, how people use that knowledge differs. Commonly, people use these in price specific services such as insurance. Other uses include determining jewelry value for auction or immediate selling.
Insurance is common for jewelry as the service deals with an item’s value replacement. Whether due to theft or negligence, an appraisal helps insurance companies know how much to pay. Expensive pieces almost always need insurance attached to protect buyers from harm.
The second use for appraisals is about selling jewelry on two different occasions. If you plan to sell your jewelry but aren’t in any rush, choose fair market value appraisal. This type deals with selling used jewelry so it accounts for how much of its quality depreciates.
But some people need to sell their jewelry as soon as possible. This case applies liquidation appraisal which determines how much a piece costs when sold on the market. The main differentiating factor is the market buying.
While fair market value looks for a buyer willing to pay the most, liquidation value doesn’t have that luxury. This makes liquidation appraisal convenient, but not as profitable.
When it comes to appraising, it’s important to take note of why you’re determining value. It’s also important to curb your expectations and expect negotiations. This gets you the best value while keeping you in high spirits.
Search for Certification
When you do decide to head for an appraisal, your standards must stand. This ensures that you aren’t cheated out of your money. To reach this standard, it is worth it to ask for certification.
Certification refers to the validity of your appraiser as someone who has gone through training. You don’t want just anyone telling you how much something costs! A trained appraiser will show you their certification with no problem.
Common certification in this field comes from an appraisal institution. ASA (American Society of Appraisers), or the National Association of Jewelry Appraisers are safe bets. Your appraiser gets further points if they have certification in other jewelry-related fields.
Commonly related certification about appraising includes gemological training. This is important if your jewelry piece contains gems, like pendants, that elevate its value. This also leaves the appraiser open for separate gem inquiries.
The world of appraisals requires trust to leave any party satisfied. That makes feedback from past customers invaluable for both appraiser and customer. As a customer, look for reviews online to see what you’re getting into.
It is also worth your while to look for negative reviews to see how well the appraiser responded. Responding to negative feedback professionally shows a trained individual. That also makes it likely that you will get a fair appraisal.
Reviews are also a good way to determine other factors such as price. Fewer reviews might mean a new appraiser who has lower rates. This reflects the other way as well for popular appraisers with many clients.
Set a Budget
To know how much you are paying for an appraisal, look to ask certain questions concerning an appraiser’s rate. As there is no standard for payment, you may want to spend more time inquiring about this. Compare between different appraisers to find which fits your preference for the best value.
When it comes to price, avoid percentage rates at all costs as it will come back to bite you in the long run. This practice encourages appraisers to value an item higher than it should to receive more money. Selling the item will find yourself receiving a lot less than what you expected whilst overpaying the appraiser.
Instead, opt for appraisers who explain their rates based on quality and experience. This includes factors such as the tools they use, their experience, and the time they spent. This makes it easier to negotiate with appraisers overall.
Another side effect of these questions is that you will get to know your appraiser better. You will find out more about their expertise and trustworthiness. Furthermore, you also build a better customer relationship with your appraiser.
Get a Jewelry Appraisal Today!
With tough times incoming, you need quick ways to get money quickly. With jewelry, you might find your way out if you know how. Don’t hesitate when deciding to get a jewelry appraisal, contact us now to turn your jewelry into cash!
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