As crime and drug use increase, the risks of having old and proprietary jewelry in your home seem to triple. It becomes a nightmare and you realize that you are not sure what to do.
Here is some timely advice, but by no means complete. If you have special circumstances, you may want to go a step further and seek professional advice.
BALANCE AND COMMON SENSE…
If you collect antique jewelry and your collection has grown to more than ‘Just a couple of rings’, you will have to wield a double edged sword.
First of all you have two problems.
* You are an active buyer, so people know who you are.
* The insurance has put the ‘premiums’ through the roof.
Personally, we hate seeing items picked up and never worn.
Jewelry was made to adorn, so wear it if you can.
But remember that this is an announcement open to everyone that you have ‘You have some jewelry’ at home. It pays to be a little aware!
YOUR INSURANCE POLICY…
Your home and contents policy ‘GENERALLY’ DOES NOT cover your personal jewelry above a certain amount (this varies from company to company). Also, if you were to claim, the insurance company may charge you a ‘premium’ (say $100) which you WOULD DEDUCT from the final payment.
The remaining value may not cover an item in your collection, but only the ‘sentimental’ value associated with your personal favourites.
Therefore, you will need to list all items individually and obtain an insurance valuation certificate as well. Since ‘Sentimental’ value does not apply, only replacement costs, you will need to ensure that your qualified gemologist/jeweller/appraiser understands why you are doing an appraisal in the first place.
This can be expensive, as professional appraisals typically cost a flat price of around $20 plus a sliding scale fee of about one percent of the final value.
Where an item is valued at around $1000 dollars, that fee is $10 + $20 entry or $30 total. This is for ONE item only. Appraisal appraisals can cost up to $60 or more, so if you have a small collection, you may need a small fortune just to keep up with current prices.
The BIGGER your collection, the BIGGER your cost!
But if you don’t want to make a big outlay, you can take advantage of the helpful ‘Do It Yourself’ Online Jewelry Self-Assessment Kit at the Online Jewelry Assessment Center at the address below, which is a great alternative.
This ONLINE database system calculates everything for you and prints a descriptive Certificate and is hundreds of times more accurate and complete than the scribbled letterhead of the local jewelers.
At such a low rate, it’s money well spent. In fact, if you’ve just bought something on eBay or Yahoo auctions, for example, you may want to confirm a ballpark value using this easy-to-use DIY appraisal appraisal kit.
Suppose you recently purchased something from a local dealer, market, or antique fair, why not check it out? What is the worst that can happen? For less than the price of a Big Mac and a Coke, it’s a bargain, plus there are many other benefits to having your jewelry made at the Online Jewelry Appraisal Center.
Appraisal valuations must be re-performed every two years as the price of gold and silver changes, as does the price of diamonds, gemstones, and antiques in particular.
We offer a great reminder service for anyone who completes a DIY online jewelry self-assessment kit with us. This alone is worth the small fee as it frees you from the hassle.
But remember that if your Jewelry is lost or stolen, insurance coverage will only help replace your treasure with something of ‘COMPARABLE’ value.
It can’t buy you ‘feeling’ and it can’t buy you another Georgian Chatelaine to replace exactly the one you had. However, you may be able to get another ‘like’ item, and that’s better than the few dollars you may have received from the homeowners policy.
It pays to have an updated Certificate. I can’t stress that enough.
In case of doubt, talk to your trusted Insurance Company.
But even if it’s just for ‘peace of mind’, the small price (less than a movie ticket) is well worth it.
It’s a no-brainer really.
There are several other SPECIAL REPORTS available through our email-on-demand subscription box on the website, so please take some time to visit them.
There is a timely warning about safety issues. That’s great advice, plus there are some great tips on investing in jewelry, insurance guidelines and other sales notes, contrast tips, etc., and they’re being added all the time.
And the best thing is that they are FREE….
Thank you for taking the time to read this special report. If you found it interesting, useful, or helpful in any way, I would appreciate your feedback via email to the address below.
This is my personal email address and I read all comments, good or bad.
Alternatively: why not pass it on to a friend? I’m sure you can think of someone who could benefit from this useful information. Treat it like you’re doing me a big favor. I will certainly appreciate it.
Greetings and please take care of the road. David Foard FGAA Fellow of the Gemological Association of Australia and former member of JATVC – The Valuers Council (retired).
P.S.
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