Jewellery appraisal

An appraisal looks at the whole piece: the metal and its weight, each stone, the setting and the workmanship. Ask for enough detail, with measurements and photographs, that someone else could identify the piece or have it remade, and for the value to be labelled with its type.

That last part matters. The value assigned to jewellery can vary with the purpose of the appraisal, so agree the purpose with the appraiser before work starts. An appraisal is an independent professional evaluation of an item's condition and market value. It is an informed opinion on paper, not a price anyone has promised to pay.

The same ring can carry more than one legitimate figure, because each answers a different question.

Insurance is the first case. Under a replacement cost provision, the insurer provides a substitute of similar kind for lost or damaged property, and a floater (also called a rider or endorsement) is extra coverage for movable items such as jewellery. Your policy states the basis it uses, so read it and ask the insurer which valuation document it wants.

Reporting to the Canada Revenue Agency is the second. In its 2025 capital gains guide, the agency treats jewellery as listed personal property and defines fair market value as usually the highest dollar value you can get for property in an open and unrestricted market, between a willing buyer and a willing seller acting independently. Whether you need an appraised value for a filing is a question for the agency or a qualified adviser.

Because the questions differ, the figures can differ too. Say why you want the appraisal, and ask the appraiser to name the value basis on the first page. Do not use an insurance figure to guess what a buyer would pay.

A diamond grading report comes from a laboratory such as GIA or IGI. It records a stone's shape, measurements, carat weight, colour, clarity and other grades, and GIA's reports carry a report number that can be laser-inscribed on the stone (see laser inscription). It describes one stone. It does not describe the ring around it.

GIA's buying guide says insurance requires an appraisal, and that an appraisal is also important for future upgrades or possible resale. As a nonprofit, GIA cannot recommend an individual appraiser and points buyers to appraisal associations and networks. So keep both documents: the report identifies the diamond, and the appraisal states what the finished piece is worth for the purpose you name. For how to read a report first, see how to read a diamond grading report.

Appraisers hold credentials from professional associations. The American Gem Society awards Certified Gemologist Appraiser and Advanced Certified Gemologist Appraiser, which require a diploma in gemology, additional advanced education and experience in valuing gemstones and jewellery. The American Society of Appraisers accredits gems and jewellery appraisers, whose work ranges from insurance coverage appraisals to estate valuation and liquidation. In Canada, the Canadian Gemmological Association offers a Fellowship (FCGmA), which it describes as essential for aspiring qualified gem appraisers. Many appraisal associations require their appraisers to hold GIA's Graduate Gemologist diploma plus supplemental appraisal training.

Whoever you choose, ask for their credential and the association behind it, whether they are independent of the shop that sold the piece, and how they charge. If the fee depends on the value the appraiser assigns, they have a reason to inflate it, so ask how the fee is set before work starts.

Gather the grading report, the receipt, any metal or maker paperwork and photos of the piece. Check the metal's quality marks are legible, since an appraiser will want to record them. If you know whether a stone is natural or lab-grown, say so; the appraisal should state which.

Afterwards, send the appraisal to your insurer, and ask how often they want it refreshed. Homeowner's and renter's policies often cover jewellery theft but not necessarily damage or loss, so read the policy, and ask about a separate floater or endorsement for valuable pieces. Store a copy off-site or digitally. After resizing, re-setting or adding stones, ask whether the appraisal needs updating.

For a new piece made through the custom jewellery design or custom engagement rings service, ask what paperwork comes with it and plan the appraisal for when it is finished. The engagement ring budget guide and jewellery care guide cover related planning, and a showroom visit is a place to ask these questions in person.