So you walk up to your local jeweler or some jewelry store in your local mall and you ask for an appraisal of your jewelry, how can you be sure what you get back is a legitimate jewelry appraisal and what is just some fluff? It’s very difficult because those stores want you to go back and give them your business so they want to give you a lot for your appraisal fee. Oftentimes you’ll see puffed up appraisals full of fancy words and descriptions, but it won’t contain much of substance. If you’re a jeweler, you can probably spot these fluff jobs a mile away because you know what words to look for, what terms mean what, and what pieces of information are necessary in an appraisal. If you’re just a regular schmoe like me, you wouldn’t have a clue.
Enter in the JISO 78/79, a form created by the Jewelry Insurance Standards Organization and designed specifically for insurance purposes. JISO is an independent organization whose purpose is to “serve the insurance industry by maintaining the integrity of jewelry insurance standards, resources, and services.” So, they’re completely disconnected from the jewelers and somewhat disconnected from the insurers such that you can be sure to get an appraisal that contains all the information you will need.
So, the next time you look to get an appraisal, be sure the jeweler fills out a JISO 78 or 79 depending on the case (78 is for single item).
2 Comments
this doesn’t necessarily guarantee anything. the key is to look at the qualifications of the appraiser. just b/c the person is a certified appraiser for pearls and can get the form from JISO doesn’t mean they are qualified to appraise diamonds. look for certification of the appraiser for the specific items you are looking for.
in the end, what you are trying to get is closest to replacement cost as you can without under valuating your assets; otherwise, you will be spending more on your premium than is necessary.
also, remember that you may have bought a ring for $x, but the insurance company can easily replace it for less. don’t let value ego get in the way of what the item is actually worth. remember, insurance companies deal in volume and have habitual relationships with jewelers, which entitles them to lower prices than normal joe can get.
i really dislike the portion of JISO that states that it serves the insurance industry. that doesn’t give me confidence that you are necessarily going to get the best valuation. sounds more like insurance price fixing to me and smells of joe public paying higher premiums than is necessary.
You are right in that having a jiso is no guarantee of a good job, but I think at a bare minimum they need to fill one out.
And yes, it’s a self-serving form, but ultimately you’re getting it appraised so that you can get insurance coverage for it, so it’s self-serving in a somewhat good way.
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