JEWELLERY APPRAISALS F.A.QS.
Now: – Question often have asked during an initial client interview
- Why have you asked me for previous documents to consider?
- My Insurance Company advises me that my policy is linked to the current rate of inflation / deflation , if this is so why do I need to have my valuables re-Appraised / Valued?
- What is your policy on ‘Up Dates on previous Appraisal Documents, prepared by AGL?
- Why should I have my Jewellery appraised / valued?
Well, at this time with the rise in Burglaries due to these difficult economic times, many Personal Property Insurers insist on ‘Formal’ documentation, as proof of ownership for insurance purposes.
The Appraisal can often be for other than Insurance purposes: Such as ‘Estate Division’, ‘Marriage Settlement’, ‘I want to sell it and don’t know what it is or –‘ I am just being curious’.
- 1. Can my jeweller provide one of your valuation reports?, 2. and can he provide one of his own?
1. Yes, if you take you Jewellery to your Jeweller, and request that they send it to AGL for an Appraisal/Valuation, we can do that through them. 2. Generally no, as most NZ Jewellers in NZ are Not Qualified Gemologists , and have no formal, or other training, in Appraisal / Valuation science.
- How long do you take to carry out and Appraisal Valuation?
This will depend on (a) how many items you have to have done. (b) the simplicity or complexity of various items and (c) if you have information pertaining to item that may assist us – and so save time. We can advise a time for completion after we have seen what you have, and what need to be done.
- Will you appraise and value jewellery in my home?
This is something we avoid doing, as it is almost impossible to bring what we feel is the necessary and important equipment to a home situation, to carry out many tests required / necessary to conclusively prove what a Gem may or may not be, and if it has, or has not been treated in some ‘non- traditional’ fashion.
- Can and will you collect my pieces from me?
As a general rule, we do not collect Jewellery Items from Private Clients, there are several reasons for not doing this, the main one is that it is a huge Security Risk, one that are unable to be covered by our Insurer, as we will usually not know what your items are worth, before and until we have appraised them. Therefore we cannot request an Insurance cover on ourselves, while driving to collect unknown quantity or value of Jewellery. We may however consider doing this, if you are prepared to take out your own Insurance to cover AGL in the event of loss by whatever means, during transport, and it has been arranged well beforehand.
- My Insurance Policy says I am automatically covered on ‘Non Specified’ items below $2,000 without an Appraisal Valuation. What do you say to this?
This question is fraught with many problems, many often cause you the client, later problems with a claim on such pieces.
We frequently have clients who have lost an item, that they felt was within the $2000 ‘Non Specified’ limit, and then when it is lost, the Claims Officer for the Insurer, insists on (1) Proof of ownership, and (2) that you supply an ‘Independent’ opinion on a present Value. Then the trouble starts. We are asked to provide an ‘After Loss Appraisal’ for such piece, Most description on pieces that fall into this category, are – to say the least poor, a client often has no supporting documents, photos, receipt, knowledge of metal used in manufacture, Gems set in it, number, size or quality of those gems, how it was made and what the piece weighed. Often the beset we see is a poor sketch, and with limited information supplied, arrive at a ‘Guesstimate Value’ which may be way more that the $2000 non specified amount.. who is right ??? That is why we always suggest at least an ‘Inventory Schedule’ on Item over $1000 – that includes a photograph, brief description, and a +/- ‘Value’ , at a lower cost than a FULL Appraisal.
- Are my jewellery items insured while you have them to appraise?
We have very High Security in the Lab, including 24 hour TV monitoring, window bars, glass breaking and wall shock sensors, tamper switch on safe, and other measures not listed here. Also we have a general comprehensive cover, but, if you need to have a specified amount on items, then it is up to you to provide that as we will not have that information to arrange specific cover for you.
- If I wish to have my Jewellery items Appraised /Valued by you, how do I proceed?
Our normal hours are 7.30am until 4.30pm Monday to Friday, and we suggest an appointment to enable us to see what you have – what you may then decide to have appraised / valued, and we can discuss what type of Appraisal document you require.
Now: – Question often have asked during an initial client interview
- Why have you asked me for previous documents to consider?
If you have documents that relate to any of the items, they may assist in an appraisal / valuation – we request you bring them with you as these may be documents, such as: Diamond Reports / Certificates, Watch Guarantees, or ‘Sales Receipts’, that often have information relating to an item, and are part of our ‘Due Diligence’ when preparing an Appraisal. These may be documents that give us valuable information, such as – Gem weight/s and grades, serial / model numbers for individual pieces, and may aid in accuracy of the final value, as we do NOT remove gems from settings – or open watches to check serial numbers. Often such documents may not presently be available, then we will need to do a piece: – ‘As seen by AGL – with no information supplied’.
- My Insurance Company advises me that my policy is linked to the current rate of inflation / deflation , if this is so why do I need to have my valuables re-Appraised / Valued?
That may be so, but most Insurers have listed somewhere in the fine print of their policy, that you should regularly have items checked, for security, so it is an acceptable risk for them, as your Insurer, to supply an Insurance Cover document. This clause in your policy document often indicates that you should have settings checked to make sure that they are secure, have threading on necklaces checked for the same reasons, have any damage noted to components, even if all are still secure. This does not necessarily need to be done by us at AGL, and is the’ Value’ has not shifted sufficiently to have it reappraised, then a minor charge is made for a ‘Warrant of Fitness’ report on the items, signed and dated on your original documents. If you wish to have your Jeweller do this, that is your choice, but the must be sure to sign and date the Original Document, and that will indemnify AGL.
- What is your policy on ‘Up Dates on previous Appraisal Documents, prepared by AGL?
We – AGL if presented with a previous Appraisal document, will if requested, clean them, examine them for any changes since the previous appraisal, note those if necessary and apply a revised Appraisal value. This will be done using the present Economic Factors, as necessary – then we will prepare and print the New Appraisal Document for you, at a discount, normally at least 15% off our usual charges at that time.