Appraisal

An appraisal is a professional evaluation of a piece's value, considering factors like materials, craftsmanship, and market trends.

Part of speech: noun
Definition: In the jewelry industry, an appraisal refers to the process conducted by a qualified individual, usually a certified gemologist or an appraisal expert, to determine the value of a piece of jewelry. This assessment is based on several criteria, including the type and quality of the gemstones, the materials used (such as the purity of gold or silver), the level of craftsmanship, and current market trends. Appraisals are essential for insurance purposes, giving both the owner and insurance company an accurate valuation of the item in case of loss, theft, or damage. Additionally, appraisals can serve as important documents for resale, estate valuations, or as a means of verifying the authenticity and quality of a piece for potential buyers.