An appraisal is a “documentation” of your jewelry, providing the estimated cost to replace the items if they had to be replaced or recreated. Generally , appraisals have a lifespan of three to five years for insurance companies. Many policyholders learn this too late – loss often occurs before appraisals are updated. This can make it difficult to receive the current value on the lost item. Please don't fall into the trap of thinking that you have "replacement value" insurance. Economic changes can affect appraised value of items, so be sure to keep current with trends in gold and diamond prices. Also ensure that you get coverage for new jewelry pieces as they’re acquired. Working within the jewelry industry does not make one an appraiser. Appraising is a profession, just as a doctor, lawyer, or CPA, where one must be educated and tested. A Graduate Gemologist is required by most insurance companies. Bob Richards Jewelers has three Graduate Gemologists certified by the Gemological Institute of America. Bob Richards Jewelers offers written appraisal services for insurance, fair market, or estate purposes. An estate evaluation provides the appraiser’s opinion on what the item(s) could be sold for at the time of assessment, but is not an offer to purchase the merchandise.