Jewelry Appraiser

Inside the Law: What regulations govern who can appraise jewelry?

May 24, 2018 - 3:15 am
Categories: 

By Amy E. Feldman, Judge Technology Solutions​

PHILADELPHIA (KYW Newsradio) -- New Orleans Saints quarterback Drew Brees recently filed a lawsuit against his jeweler because he claims that the diamond ring he bought for $8 million, part of the $15 million worth of jewelry he'd bought, was recently appraised for only $3 million. 

Yeah, Drew, you should throw that out. Or, here, give it to me and I'll just take care of it for you. 

Brees' lawsuit claims the jeweler defrauded him. 

But how do you know what the value of jewelry really is? It's not so easy. 

There are no laws that set education standards or require certifications to become a jewelry appraiser, and jewelry appraisals are often done by the jewelry store which is selling jewelry. Moreover, it's often done to get the jewelry insured, but you need to know that it doesn't necessarily reflect the resale value, which is often considerably less. 

If you're getting an independent appraisal, make sure it's with GIA-certified appraiser and be sure to ask what the resale value is lest, like Brees, you get stuck with a paltry few million dollars' worth of jewelry.