Update your Appraisals

As the price of gold rises, so does the likelihood of theft…

A couple came into the store the other day, looking at several rings and considering a beautiful pearl necklace. As we got to talking, I discovered the reason for their visit. Their home had been broken into and among the articles taken were several treasured pieces of gold jewelry in addition to a pearl necklace, a treasured sentimental favorite – all given to the woman by her husband through the years. They were wishing to replace the pieces as nearly as is possible.

Fortunately, they had insured these pieces of fine jewelry. But unfortunately, their jewelry appraisals were out of date by 5 to 8 years, some longer. Although 5 years may not seem like such a long time, it made a huge difference to this couple. They received less than half of the replacement value from their insurance company for each of their jewelry items. Less than half!

If you’ve followed the price of gold, this makes perfect sense. From a low of around $340 per ounce about ten years ago, the price of gold today hovers just under $1,700 an ounce. The price of platinum is just as high, and even at just $32 an ounce, silver is more than five times what it was 5 years ago. Gem stones, diamonds, and pearl prices have risen dramatically as well.

As this couple found out belatedly, it is absolutely critical to stay up to date on jewelry appraisals for insurance purposes. If your insurer doesn’t have an up to date appraisal, you are not going to get full value for your jewelry in the event of a loss.

Aronstam Fine Jewelers has an in-store team that specializes in jewelry appraisals. After thoroughly cleaning your jewelry, our in house certified gemologist appraiser examines and grades all components of your items, describes and photographs the items so they are able to be replaced in case of a loss, and determines the current values.  We also determine if any repairs are needed for the security and integrity of your jewelry.

I urge you to call for an appointment with our certified Indianapolis jewelry appraiser, Tracy, and bring your jewelry in. We can provide appraisal service while you wait, or drop off your items at your convenience. It only takes a few days, and will absolutely provide you with peace of mind.