Genna Jewelers - Appraisals

An appraisal is an informed opinion to the authenticity, quality, and design and value of a gem or jewelry article. The opinion is backed by appraiser training, market experience, and gemological equipment.

Fair Market Value
Fair Market Value is defined as "the most probable price in cash, or in other precisely revealed terms, for which the appraised property will sell in competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for the self-interest, and assuming that neither is under undue duress."

Retail Replacement Value for Insurance
The retail replacement (new) value is required by insurance company before it will insure jewelry beyond a certain dollar amount or schedule it separately on one's homeowner policy. This appraisal is the record consulted by the insurance firm to determine the insured amount for jewelry that is lost, damaged, or stolen, depending upon the terms of the actual insurance policy.

Antique Jewelry Appraisal
Antique, heirloom, and collectible jewelry is always valued using the Market Data Comparison approach.

Jewelry Insurance
Homeowner's and Apartment Tenants insurance policies commonly include coverage for personal property with the value of jewelry included up to a certain limit.

In Case of Loss
Most insurance policies contain a clause which permits the company to replace the jewelry in like kind with as comparable replacement rather than make cash payment for the loss.

Appraisal Update
We recommend that your appraisal is updated periodically.

A jewelry appraisal can be among the most important document you will ever acquire. Appraisals and reports are used by insurance companies, banks, government agencies and courts, and must meet certain requirements for each purpose. You need a recognized professional who can provide accurate information and reliable documentation of the quality and value of your jewelry.

That’s why it is in your best interest to work with an unbiased appraiser you can trust.... an American Gem Society Certified Gemologist Appraiser.

A Certified Gemologist Appraiser (CGA) is recognized throughout the jewelry industry as an appraisal authority. The title of CGA is the highest awarded by the American Gem Society. It is bestowed upon only those retail jewelers who comply with the American Gem Society Appraisal Standards and have proven expertise and professionalism.

An accurate gemological identification and evaluation of your jewelry is the reason you turn to an appraiser. When you work with an American Gem Society Certified Gemologist Appraiser , you are dealing with a professional jeweler possessing the highest credentials.

The Certified Gemologist Appraiser has passed a comprehensive examination, including an actual appraisal containing a variety of gemstones and gem materials. Passing the appraisal test requires accurate gemological identification and grading. Precise descriptions of the jewelry, formal documentation and accuracy of value conclusions are required through an appraisal report. This appraisal is necessary to meet the professional appraisal standards of the American Gem Society.

Another necessity is continuing education in the field of appraisals. To retain one’s title and membership, the American Gem Society requires that a re-certification exam be passed each year to prove continued proficiency and familiarity with new developments in the industry.

Is an appraisal necessary for full coverage?

Will my claim - and the replacement value - be more readily acceptable if the appraisal has been done by an AGS jeweler, Certified Gemologist, Certified Gemologist Appraiser or Advance Personal Property Appraiser?

What is the difference between scheduled and unscheduled coverage?

Is there a deductible? If so, how much? Do I have the option to increase the deductible and thus lower the premium?

Is my policy all-risk (partial loss, damage, theft, etc)?

Am I still covered if there is negligence or carelessness involved?

Is the item covered if lost, stolen or damaged while in the possession of someone else?

If there is a loss, do I have a choice of full cash-out or will I have to accept less?

Can I go to whomever I wish for the replacement?

If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by an independent firm or accredited appraiser?

Is there a difference in limitation between jewelry and silverware? What are they?

Are there any geographical limitations to my coverage?

What is the premium rate per thousand for full coverage? Partial? What do I sacrifice for the limitations?

Is depreciation ever imposed? To what and how is it computed?

How often should I have an appraisal update?

Am I limited to the appraisal replacement cost should there be a sizeable increase in value?

If there is damage to a piece, can I replace it or will I be limited to repair?

What if the insured item is irreplaceable, like an antique?

Are there any security precautions required? If not, would there be a premium savings if special precautions were taken, e.g., the items were kept in a home safe or in a safety deposit box when not being worn?

What proof is needed for reporting a loss?

Are there different kinds of jewelry insurance available?

Are there any exclusions?

What is the pair and set clause? Will the insurance cover an additional amount for matching a missing item in a set if it has not been computed and stated?

What types of property are not covered?

Will you show me the actual language in the policy that addresses each concern I've expressed?

Will the occurrence of an insured loss effect my continuing coverage?

Do all of your insurers charge the same rate per thousand?

Does "inflation guard", if any, apply to my insured jewelry?