Appraising Gems and Jewelry

Step 6: Appraising

Lesson 2

appraising gems - tanga garnet
“Tanga Garnet Ring,” submitted by Rolf. © Dan Stair Custom Gemstones. Used with permission.

Appraising gems and jewelry involves giving an opinion of value. If you take a pair of earrings to a jewelry store, the owners will give you their opinion of what it would sell for in their store. Take that same pair to three different stores and you’ll get three different appraisals. Opinions of value can be both honest and very varied.

Types of Appraisals

Four basic types of appraisals yield four different kinds of value.

  • Replacement Value
  • Fair Market Value
  • Wholesale Value
  • Liquidation or Scrap Value

The first two values are retail amounts. The latter two are variations of wholesale rates. You’ll almost always do replacement value appraisals for gem and jewelry owners and consumers. You’ll likely conduct wholesale appraisals, too. These are done in a …

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