Insurance

Did you know most insurance does not cover the loss or theft of personal property over $1,000?

Submit an insurance appraisal document to your insurance agent to cover your most valuable and sentimental jewelry items.

Most modern insurance policies include coverage for jewelry, but that coverage is typically not nearly enough to cover the replacement value of the item(s), which is why an insurance appraisal is necessary.

Insurance appraisals are authorized documents intended to cover the replacement value of jewelry and watches. Descriptions on insurance appraisals are typically the most detailed of any appraisal type and include the quality and condition of the item as well as the cut, color, clarity and carat weight of gemstones and diamonds. When applicable, the age or historical provenance may also be considered as value elements. Depending on the specifics of the item being appraised, the replacement value may be based on the analysis of sales for similar new‚ items of like kind and quality or sales of ‘used’ (vintage) items of comparable kind and quality.

Estate

Trying to divide an estate among beneficiaries?

Our qualified appraiser will submit an estate appraisal document to the executor of the estate or attorney in accordance with IRS guidelines.

There are two common types of estate appraisals: equitable division and estate tax. Equitable division appraisals are used to divide an estate among its beneficiaries in an impartial and financially fair manner. Estate executors or attorneys may request one of several types of valuation depending on the specific needs of the estate or pending what the beneficiaries have agreed to. In general, the level of detail provided in the equitable division report is sufficient to identify the property being appraised and highlight the primary characteristics on which the value was based. More or less detail may be requested by the client as needs require. Precision Jewelry Appraisal can provide market cash value (the most common type), fair market value, market value, and liquidation value documentation.

Estate Tax

Trying to determine value of your items for estate tax purposes?

Our qualified appraiser can prepare an estate tax appraisal that meets strict state standards and helps you avoid significant tax penalties and possible IRS sanctions.

There are two common types of estate appraisals: equitable division and estate tax. Estate tax appraisals are prepared to help determine estate tax and must meet specific standards outlined in the Code of Federal Regulations and/or the specific regulations of each specific State. For Federal estate tax purposes, the fair market value, as specifically defined in 26 CFR §20.2031-1(b) of the tax code, is provided based on the methodology and to the level of detail required by the IRS. The requirements for this type of appraisal are extremely rigid and require an appraiser with a high level of education, training and experience in order to help avoid significant tax penalties and possible IRS sanctions. Each state may have its own specific value definition and requirements that must be met when providing estate tax appraisals for their jurisdictions. Treasury regulations require that appraisals for estate tax must meet the standards of a “qualified appraisal” provided by a “qualified appraiser” (as defined in IRS Code, Section 170). Treasury regulations now specify the education and experience a “qualified appraiser” must have and they also delineate the minimum content a “qualified appraisal” must contain. Precision Jewelry Appraisal meets the Treasury regulations for both “qualified appraisal” and “qualified appraiser.”

Resale

Looking to sell a piece?

Include a resale appraisal document in your auction or resale website listing for a profitable sale.

A resale appraisal report can assist you in the sale of jewelry or watches. This appraisal report can provide as much detail as an insurance appraisal document. When it comes to reselling jewelry, consulting with Precision Jewelry Appraisal can help determine the appropriate level of detail and the type of value that fits your needs. Commonly requested types of value include market value, fair market value, liquidation value, replacement value, and marketable cash value.