Appraising and Insurance
Appraising a piece of jewellery means determining its value at that point in time. To be able to appraise an item of jewellery, appraisers must identify it correctly and then evaluate its quality. They must also be able to convey their findings in a written report, justify their process and abide by a professional code of ethics.
Very often, the role of a gemmologist is confused with that of an appraiser. Although gemmology and appraisal are complementary disciplines, they are two distinct specialties. A gemmologist is an expert in identifying gems, whereas an appraiser assesses their quality and determines their value in light of the commercial context and market pressures.
An appraisal is an unbiased opinion as to the identity, composition, qualities and values described in an appraisal document, which is the official report of the appraisal. The document must include a detailed description of the item, using recognized terminology and grading systems.
The Canadian Jewellers Association represents consumer trust and confidence within the jewellery-buying public. With ethics and social responsibility at the forefront, CJA members aim to provide their customers with the highest quality of service and information available when it comes to appraising both gemstones and jewellery.
During the last few years, Canadian appraisers have had an efficient tool at their disposal to regulate the work of appraisers, namely the “Jewellery Appraisal Guidelines – Minimum Acceptable Standards” published by the CJA and Jewellers Vigilance Canada (JVC).The CJA also offers its members a course in gem and jewellery appraising. The Accredited Appraiser Program is open to anyone with an interest in gem and jewellery appraising and who agrees to uphold the AAP Code of Ethics and Standards.
When inquiring about the identification and valuation of gems and jewellery it is important to remember that the value assigned to jewellery can vary depending on the function of the appraisal or report. Therefore it is essential to address your needs and the purpose of the appraisal with your appraiser.
Check out our informative consumer brochure, What You Should Know About Jewellery Appraisals.
An insurance appraisal is a comprehensive description supporting an estimate of the value to be used as the basis for establishing the cost of an insurance policy. It represents the top value for settlement in the event of a claim.
Do you need to insure your jewellery? We recommend you do so with Jewelers Mutual Insurance Group
Jewelers Mutual Insurance Group has been specializing in insuring jewellery and jewellers since 1913. They understand what your jewellery symbolizes and what’s at stake if your most-treasured items become lost, stolen, or damaged. Personal jewellery insurance exists to safeguard your special items and the memories they represent. A Jewelers Mutual policy is a repair or replacement policy that provides comprehensive coverage against loss, theft, accidental damage, and mysterious disappearance.
Here are a few advantages of speciality jewellery insurance from Jewelers Mutual:
- Comprehensive jewellery coverage that often goes beyond ordinary homeowners insurance
- Worldwide protection allows you to travel anywhere with peace of mind
- Flexibility to work with your own jeweller; no hassle with networks
- Certified gemologists on staff whose passion and speciality is jewellery
- Personal, professional assistance with every call, question or claim