Appraise your fine jewelry, ladies!

BittyMonkey

BittyMonkey

O.G.
Mar 10, 2007
6,360
5,517
#1
We moved so it was time to renew our insurance rider on my jewelry, and they wouldn't take online comps or previous estimates - they needed to be current. So we took our stuff to a reputable jeweler, and holy cow. My engagement ring and wedding ring have skyrocketed due to the increased cost of platinum, and Mr. Bitty's jewelry has as well (he has a 50s/60s platinum and diamond ring from his grandfather).

Basically on any given day, I could be walking around with over 20k of jewelry. :shocked:

So just a reminder to update those appraisals, just in case the worst happens!!!
 
#6
Hermesaholic said:
be thoughtful though. getting an inflated appraisal just means you pay higher premiums. i would rather slightly under insure my jewelry and pay lower premiums
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This is so true. An appraisal for insurance purposes is a whole different animal than the true value of the jewelry. We had some jewelry appraised from my mom's estate, had only the larger, more valuable pieces appraised, like a 5 carat diamond ring. We first just had them 'appraised', and then appraised for resale value. The resale value appraisals were about 30% of the regular (insurance purposes) appraisal. But if one is insuring jewelry for the purpose of replacement, the higher value is the one to use.
 
#7
My diamond studs from Bulgari have jumped 20% in replacement value, higher than resale, of course. But if I wanted to replace them with diamonds from Bulgari, that's what it would cost. Diamond tennis necklace, 136 10pt stones, has also increased 20% in replacement value. Both were bought several years ago. Higher premiums, of course, but if lost. stolen, or damaged, I would want to replace what I have. And I wear them every day without worrying. For me, that's the point of insurance.
 
#9
labrillant said:
This is so true. An appraisal for insurance purposes is a whole different animal than the true value of the jewelry. We had some jewelry appraised from my mom's estate, had only the larger, more valuable pieces appraised, like a 5 carat diamond ring. We first just had them 'appraised', and then appraised for resale value. The resale value appraisals were about 30% of the regular (insurance purposes) appraisal. But if one is insuring jewelry for the purpose of replacement, the higher value is the one to use.
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We are insuring replacement value, and the rider is only for pieces over 10k. So that really means only 2-3 pieces that need a rider.
 
#10
BittyMonkey said:
We moved so it was time to renew our insurance rider on my jewelry, and they wouldn't take online comps or previous estimates - they needed to be current. So we took our stuff to a reputable jeweler, and holy cow. My engagement ring and wedding ring have skyrocketed due to the increased cost of platinum, and Mr. Bitty's jewelry has as well (he has a 50s/60s platinum and diamond ring from his grandfather).

Basically on any given day, I could be walking around with over 20k of jewelry. :shocked:

So just a reminder to update those appraisals, just in case the worst happens!!!
Click to expand...

Thanks for this reminder, Bitty:smile:
 
#11
Thanks for the reminder! I actually just did this last week for my wedding set and a few other pieces to submit to my insurance company. I'd be curious to see the appraisal papers.
 
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