Need an appraisal? What do I need to know?
The value of an item depends on the reason it is being valued. For example,
The value for Insurance purposes is a retail replacement value of an item. Insurance companies typically require an appraisal in order for you to take out additional insurance for higher valued items. It can also be used to assure the insurance company that you actually owned the item should you make a claim.
The value for resale purposes is a reasonable value for a “used” item in a “private” sale between two individuals. This assumes that there is time to find an interested buyer.
The value for division of estate is a liquidation value. This would be the amount you could expect to get for an item when you don’t have time to find an interested buyer. This value also depends on the date of the division of estate. This could be the date the owner died, or the official date of separation in the case of a marriage.
It is important to know that at this time there is no regulation requiring a person to have any qualifications before they appraise your jewellery. That said, in order to determine an appropriate value for your item, it is important that the appraiser know about determining the type of metal, the identification and grading of any gemstones and gemstone treatments. A gemologist has this training. A further requirement is the ability to determine the value of an item once it is identified. In order to become a Certified Appraisal Professional with the Canadian Jewellery Association, you must first become a Graduate Gemologist and then take an additional Master Valuer Course and pass an exam. There are also periodic refresher exams to keep your certification. We also are pleased to have Chuck Sandford and Yvonne Homer who are the only two Certified Appraisal Professionals currently in the Thunder Bay area.
We can appraise your jewellery for whatever purpose that is required. Typically, appraisals start at $50 and, will take 24 to 72 hours to complete. Special arrangements, at an additional charge, can be made if you require the appraisal to be done while you wait. For more information on jewellery appraisals, please refer to the CJA website. (www.canadianjewellers.com then put “Appraisal” in the search bar) If you are not in our area, you can also find a list of Certified Appraisal Professionals on this site.
If you have questions about jewellery, please let us know. We can be reached by e-mail at firstname.lastname@example.org, or via facebook ( ), or twitter (@exquisite gold). If you are in the area, please drop by our showroom at 1094 Memorial Ave, Thunder Bay, Ontario, Canada.
Exquisite Gold & Gems Inc