The Importance of a Credentialed Appraiser

Did you know you don’t have to be licensed to perform a jewelry appraisal? There is no ‘watch dog’ commission to administer any kind of licensing on the state or national level. Anyone can call themselves
an appraiser. It is up to the consumer to look into the qualifications and experience of their appraiser.
The consumer may not understand completely the bias’ that exist when having someone buying and selling within the jewelry industry, performing their appraisals. When they rely on appraisals performed by individuals who may not have the proper credentials, training and expertise required, they could be jeopardizing how well covered they may be in the event of loss or theft of their valuable item(s). Your coverage may only be as good as the report is written and judged by the qualifications of the appraiser. The more thorough the appraisal report, the better your insurance protection for your valued items. Look for a high level of education, continuing education, experience, product knowledge and a commitment to their clients. Be very careful of phony titles!  Just being a graduate gemologist does not make a good appraiser. 

Beware of inflated appraisals. Most often, these do nothing more than cost you in premiums. A common trend with some retailers is to supply an appraisal with your purchase, quite often much higher than the purchase price. Case in point, a client paid $8,600 for an item but had an appraisal for $25,000! Do you honestly believe the insurance company will give the client $25,000 for a ring that is probably worth the amount that was paid for it? Human nature steps up to the plate and our egos want to believe we made a great deal. “Why should I bother to have it appraised?” “Look at the deal I got!”  All I can tell you is that a more informed consumer will get the best deals. Take some time and educate yourself and let your professional independent appraiser be your expert.

The proper laboratory equipment is imperative. Require that your appraiser have a fully equipped gemological laboratory meeting industry standards set by NAJA, AGS and ASA.  Settle for nothing less than a set of at least five ideal Lazare Kaplan cut natural diamonds. CZ masters will not do! In order for us to qualify as an American Gem Society ICGA lab we are required to have our master set pass through the AGS lab and be accepted as a master set. You can not use just any stone with a GIA report as a master. I have seen some appraisers list their master set as G-J-L-M….no way is this sufficient! The L & M stones are just an inexpensive way of meeting criteria. This is an expensive tool that I can not do without.

Why I feel it is important to be an American Gem Society ICGA appraisal firm. Foremost is the requirement that New England Gem Lab is not buying and selling. No other appraisal associations require this, and there are many out there. This is the reason that I have remained an avid AGS member and fan. To become an ICGA lab the AGS has some very strict requirements. One of the most important is the Advanced Personal Property Appraisal Course written by Bill Hoefer (Appraiser Under Oath website). American Gem Society Independent Certified Gemologist Appraisers have proven expertise in gemological identification and evaluation. As a member of the AGS, each ICGA pledges to uphold the highest standards of ethics, knowledge and consumer protection. 

Why do fees vary so much? If you receive a ‘free’ appraisal from the seller, it is just a Documentation of Purchase and should state what was sold, the grading, stone weights and the actual transaction price. Do not be fooled by inflated documentation which is nothing more than a marketing tool. And those who say they can do an appraisal for $35 are not doing their clients any favors. The report will be scant and will not be backed up by any level of expertise. In case of loss or theft you will have problems. It is fair to charge for the amount of work and research required to complete your project and it will hold up in court if required.  The insurance company will accept anything submitted for coverage.  Only when a loss occurs will a document be questioned which can end up having a claim denied.  You would never shop for a ‘cheap’ doctor...look for experience.  Look for someone who really takes the appraisal profession very seriously.