Q:  Why should I use an independent appraiser, such as Gem Consultants LLC, rather than a jewelry store appraiser?

A:  That is a really good question. It is important to realize that jewelry stores operate at a stiff markup that can be as high as 300% above the wholesale price that they paid for items in their showcase. The embarrassing thing about that is that their piece of jewelry sometimes appraises for less than the purchase price. To counter that problem, in-house appraisals reaffirm the value of the purchase with an inflated dollar figure. To be fair, that doesn't happen all of the time, but it does happen. Gem Consultants LLC, as an independent appraiser, works only for our clients, not the jewelry store. All appraisal numbers are based on current market conditions that reflect real world replacement values. That, by the way, is what insurance companies use when a claim gets paid.

Q:  Do I need to insure my jewelry? It's already covered by my homeowner's policy--right?

A:  The answer to that question is yes--and no.  Most insurance companies cover jewelry for a total loss up to a named sum, such as $500 to $2000, as well as a maximum dollar amount per loss of a single item, such as $1000. If everything that one owns gets stolen, how much would $1000 cover? The prudent solution is to add, for an additional fee, what many companies call a "rider" or a "floater" to our basic policy. These add-ons name and describe each valuable piece, and they are then insured for a fixed sum that is based on a qualified appraisal. Insurance of this type is also described as "all risk," meaning that loss and breakage is  covered in addition the regular perils, such as fire, flood, etc Gem Consultants LLC will work with your insurer and provide them with qualified written appraisals to protect  your valuables. By the way--appraisals should be updated at least every five years to keep replacement values current.

Q:  I'm planning to take a cruise. If I buy jewelry on vacation, what should I know?

A:  Travelers, especially those on cruise ships to Alaska, the Caribbean, and other exotic spots, are confronted by more shops than seems possible! It is worth noting that there are probably a few times in our lives when  we actively search for jewelry:  engagements, weddings, Valentine's Day, etc. Otherwise, jewelry is an impulse purchase; we are sold something that we didn't really want or need at the moment. The typical foreign purchase involves tourists with limited time and hard-sell techniques that involve a deal so special that it is only good for that day. Let the buyer beware. Confusing purchase considerations include non-standard grading scales, unknown gem lab appraisals, and stones presented as natural when, in truth, they are a cheaper synthetic. Still, if a ring or a bracelet comes home with you, buy from reputable shops with a liberal written return policy. Gem Consultants LLC is qualified to evaluate your purchase and make the "keep it or return it" decision much easier. We've seen some really good deals--and the other, undesirable kind.

Q:  It seems like everyone wants to buy my old gold these days. What  should I know as an informed consumer?

A:  You're right to be concerned. If selling metals is a necessity, here are some considerations. Metals are a very dynamic market, and the price fluctuates, sometimes wildly, from day to day. Gold is purchased "on the street" based on the metal content and the weight, which may be quoted in grams or pennyweights. For example, 18 KT gold is 75% gold alloyed with 25% other metals. Thus, the price paid is based on 75% of the weight of the item, not the full weight. In addition, one must realize that street buyers resell metals to a refinery where the commodity is melted down and resold; therefore, because everyone makes a profit, street buyers tend to pay only a fraction of the gold's true worth--and they often ignore the value of any stones in their offer. Gem Consultants LLC advises our clients in such situations to ensure that they receive a fair value--and peace of mind.

Gem Consultants LLC

Jewelry Appraisals and more