The purpose of an appraisal is to provide an opinion of the Fair Market Value (or other purpose) of the property described herein.  The intended use is to assess a monetary value (more detail on the purpose) in order to assess the tax liability for the subject’s estate. 


An appraisal is expected to function in its entirety, without omissions, and solely for this purpose.  Any other use will automatically render the entire appraisal null and void.






Jewelry is examined in your presence unless you choose to leave the item with me.  Appraisals are preferably by appointment and are confidential.  Fees vary according to the individual item(s) to be appraised and the time taken to examine and research the item(s).





The type of value used in this report can be either Fair Market Value, Replacement Value, Insurance Value, or Salvage Value.  Fair Market Value is a concept of value used by the federal government in the context of tax liability assessment as per the USPAP (Uniform Standards of Professional Appraisal Practice).


Fair Market Value is defined as the price for an item that would change hands between a willing buyer and a willing seller, neither being under a compulsion to buy or sell, and both having adequate knowledge of relevant facts.  The fair market value is neither the highest value that could be obtained by taking time to seek the highest return,  nor the lowest value that could be obtained by immediate liquidation.  Rather, it is the fair market value representing a sale of this type of jewelry in the marketplace where these items are most commonly and appropriately traded within a reasonable time frame.


“Reasonable length of time” is defined by the time, money and care necessary to locate an item of jewelry.  This time varies with market levels, which is why the most appropriate and relevant market factors are important indicators.


There are three traditional approaches to Fair Market Value.  Each approach is appropriate for some appraisal questions.  However, the most commonly used approach in appraising gemstones and jewelry is the Market Comparison Approach.  This method  estimates value by comparing sales of comparable items in the relevant market.  This includes the cost of manufacture and materials plus profit-market data. Comparability is the key determining factor and allows for adjustments an appraiser makes for similarities and differences among the subject item or items, and comparable items in the relevant market.


The second method, or Cost Approach, estimates the reproduction or replacement cost of an item, either new or depreciated.  The items evaluated for this report were (or were not) readily available in most commonly found market.  They would (or would not) be prohibitively expensive to reproduce.  It would (or would not) be appropriate to use the cost approach.


The third method or Income Approach, is used to estimate present and future worth from income-producing properties or objects.  The items examined are personal jewelry and are not intended to yield a financial return beyond the personal benefits of ownership.






The following description and appraisal of the aforesaid jewelry are given on express condition that it is not to be considered a representation on the part of the undersigned to purchase any article, or an offer to purchase the same items below said value at any time.  Nor is the value assigned a guarantee that said article will realize the appraisal amount at any public or other sale.


The values listed exclude all taxes owed prior to, or after, the date of appraisal.


Unless otherwise stated, all colored gems listed on this appraisal report have probably been subjected to a stable and possibly undetectable color enhancement process.  Prevailing market values are based on these  processes, which are universally practiced and accepted by the gem and jewelry trade.


Diamond grading and gem identification are undertaken in the mountings, unless otherwise noted.  In the event of a grade or identification, where the value is greatly influenced by complete accuracy, the recommendation may be to remove that  diamond or gemstone from the mounting.  There may be an additional recommendation to have the GIA Gem Trade Laboratory provide an independent grade of identification.  These costs are independent of the appraisal services offered and are borne by the client. 


This appraisal is valid for the market indicated, on the date prepared and is the full scope of the appraisal.


Any updates to this appraisal, review of valuation or grading any replacement stones, etc, are at additional charge.  Verification of a diamond or gemstone, as originally examined and appraised herein, will be done without charge.


The values expressed are based on current information and no opinion is hereby expressed to any future or past value. 


Possession of this appraisal or any copy does not carry with it the right of publication.  This appraisal may not be used for any purpose by anyone but the above named owner without the previous consent of the appraiser and, in any event, only in its entirety.  No change on any piece in the appraisal report shall be made by anyone other than the appraiser, and the appraiser shall have no responsibility for any such unauthorized change. 


Because jewelry appraisal and evaluation are not a pure science and are, therefore, subjective, estimates of value may vary from one appraiser to another and such variance does not  necessarily constitute error on the part of the appraiser.


This report is not an indication or verification of ownership or title.


Testimony or attendance in court or any other hearing is not required by reason of rendering this appraisal, unless such arrangements are made a reasonable time in advance, and compensation agreed to by the appraiser. Unless otherwise stated, items are assumed to be in good condition, showing normal small scratches, dents, chips and abrasion as a result of being worn.  If an item is new or showing more serious damage, this will be noted individually.


Identification of metal quality stamped on the individual articles cannot be considered conclusive.  In the absence of a quality stamp, we are limited to a metal test and the quality of the metal approximates that set out in the appraisal. 


Irreplaceable articles, such as handmade antique jewelry, are valued at the  price of similar merchandise in the antique market.  Items not typically available in this country are valued at the price of comparable merchandise located here.


Diamond grades are evaluated using GIA standards.  The quality of Cut, Color and Clarity are described in GIA terms.