A jewelry appraisal is a formal written document that establishes the monetary value of a piece of jewelry for a specific purpose. Not all appraisals are the same — the type of appraisal you need depends entirely on your situation. At Revere Jewelers, Steve Hami — GIA-trained gemologist with over 40 years of experience — provides accurate, defensible written appraisals accepted by insurance companies, estate attorneys, and the IRS.
Four Types of Jewelry Appraisals
Insurance Replacement Value
The most common appraisal type. Establishes the cost to replace the item with one of similar quality at current retail prices. This is typically the highest value — and the one most insurance companies require. Should be updated every 3–5 years as market values shift.
Fair Market Value
What a willing buyer would pay a willing seller — neither under compulsion. Used for IRS charitable donations, estate settlement, asset division in divorce proceedings, and equitable distribution. Typically lower than insurance value.
Estate Appraisal
Required for probate and estate distribution. The IRS requires a qualified appraisal for charitable jewelry donations exceeding $5,000. Estate attorneys require written documentation for equitable distribution of assets among beneficiaries.
Resale / Liquidation Value
What you would realistically receive selling to a dealer or at auction — typically 40–70% of insurance value depending on item type and current market. The most accurate value for sellers planning to liquidate. Useful before making decisions about selling.
The Appraisal Process at Revere Jewelers
Every appraisal at Revere Jewelers follows a rigorous examination process:
- Initial examination — loupe and microscope examination, photography from multiple angles
- Gemstone grading — diamonds assessed on 4Cs (cut, color, clarity, carat); colored gemstones identified by species, variety, and quality factors; treatments noted
- Metal testing — acid testing or XRF analysis to confirm karat and alloy
- Authentication — maker's marks, hallmarks, signatures, and serial numbers documented
- Market research — comparable sales data from auction records, dealer prices, and current wholesale markets
- Written document — formal appraisal on professional letterhead, signed by Steve Hami, with all findings documented
What a GIA-Trained Gemologist Brings to Your Appraisal
Steve Hami uses professional gemological equipment that the average appraiser does not have: a calibrated gemological microscope, spectroscope, refractometer, polariscope, diamond color master set, and UV lamp. This equipment — combined with GIA diamond grading training and 40 years of market experience — produces appraisals that withstand scrutiny from insurance companies, estate courts, and the IRS.
The Critical Distinction: Appraisal Value vs. Offer Value
This is the most important thing to understand before getting an appraisal. Insurance replacement value is typically 2–4× higher than what you would receive selling the same piece. A diamond necklace insured for $20,000 might realistically sell for $5,000–$8,000. This is completely normal — insurance value reflects retail replacement cost; resale value reflects what the secondary market actually pays. If you're planning to sell, ask for a resale value appraisal, not an insurance appraisal — the difference is significant.
Documentation You Receive
Your written appraisal document includes: full description of each piece, photographs, gemstone grades and identification, metal testing results, maker's marks and serial numbers, current market value, the specific appraisal type and its basis, Steve Hami's credentials and signature, and the date of appraisal. This document is accepted by all major insurance carriers and is suitable for legal proceedings.