If you have luxury jewelry, the last thing you may really be thinking about is getting it appraised. However, appraisals can be beneficial for a number of different reasons. If you haven’t considered getting one for your luxury jewelry yet, it’s high time to do so.
1. Verify It’s Valuable
If you have luxury jewelry that was passed down through your family, you’ve likely been told by family members that it’s valuable. However, unless they’re professional appraisers, they may not really know what jewelry is valuable and which jewelry just looks valuable. With a professional appraisal, you can discover if your luxury family heirlooms are actually valuable and how much they’re really worth. This is much better than just relying on family stories.
2. Be Specific With Inheritance
If your jewelry is something that you plan on passing down to someone close to you, you’ll want to have that established in a will. For their sake, it only makes sense to get an appraisal to showcase what the value is worth for the legal paperwork. This goes a long way in helping your estate planning attorney and informing your heir of what they’re truly inheriting.
3. Use for Funding Leverage
From time to time, you may need to get funding for different ventures in your life. Typically, lenders want to have some form of collateral to help ensure that they don’t lose money from the deal. Having a professional appraisal of your jewelry can be useful when it comes to pledging your luxury jewelry as collateral for your loan. In fact, most lenders will require an appraisal before they will even consider the jewelry as collateral.
4. Be Accurate on Insurance Reports
When you’re setting up a new jewelry insurance policy to protect your luxury assets, it’s important that you truly know what their value is. This way, you can get a policy that has the right amount of coverage. Even more so, it helps to have your luxury jewelry appraised so that you can claim a loss for your homeowner’s insurance policy if there’s massive damage to your house.
5. Get a Reasonable Sale Price
If the day comes when you want to sell off your luxury jewelry, you want to ensure that you’re getting a reasonable price for it. One of the best ways to do this is to get a professional jewelry appraisal. This will give you the information you need to accurately list and sell your pieces. Plus, it will provide you with leverage when it comes to negotiating prices with potential buyers. Most luxury jewelry buyers will want to see some sort of proof from a professional that the jewelry you’re selling is legitimate.
Luxury jewelry can be a great investment for any man or woman. However, knowing the value of your jewelry is a necessity for not only getting a good resale price but also for filing insurance claims and using the jewelry as collateral for a loan. If you haven’t gotten your luxury jewelry professionally appraised yet, it’s time to do so.
