I want to address the issue of why many consumers really need an updated jewelry appraisal. Although the example cited may or may not pertain to you directly, the central idea(s) will.
Let’s imagine that a couple bought a wedding set in the 80′s or 90′s for $10,000; certainly, a lot of money. The rings are worn on a daily basis (as they should be!), with limited or no maintenance done. (Another issue for another time.) Suffice to say, the rings have become an integral, but forgotten, part of the couple’s lives. However, after neglecting the prong work around the center (it has worn to the point of not holding the stone any longer), they physically lose the main diamond. If the rings were insured initially for the sale price of $10,000, they may feel slightly better. However, due to the appreciation of the rings and/or diamond and metal prices, they find that unfortunately only 1/2 of the value is replaced; the price of their missing diamond is now $20,000. The insurance company is not to blame at all, as the value of record is $10,000 which is all they are obligated to provide. If the couple had spent 30 – 45 minutes and around $100 on a new appraisal every five years, their insurance coverage would have increased enough to make this situation a mere inconvenience and not the major issue it has become.
This is an everyday occurrence. It could easily be avoided by allowing a qualified jewelry appraiser to re-value their set. Often times the work can be done while the clients wait and watch. No, I’m not even going to solely advocate using my company, as many appraisers are more than capable. This example is only mentioning the wedding set-there are probably other items of value as well.
The real issue is that jewelry must be maintained. Just like a car or house, additional monies (not just the original price) must be occasionally spent to keep it wearable. Work should be done on the prongs, shank(s) and insurance in order to avoid the circumstance listed above. For your benefit, your insurance company should demand a new appraisal of value every three to five years. Otherwise, you may indeed wind up with 1/2 the rings you had.