The goal of an appraisal isn’t to just set a value based on the purpose, although that is what most people seeking an appraisal are most concerned about. The goal is to provide enough information to the parties using the appraisal that the purpose can be satisfied.

So a good appraisal will begin with a cover letter. The cover letter will describe who the users of the appraisal are, what the purpose is, and define it. Privacy clauses, the appraisers scope of work, and qualifications and equipment at the appraiser’s disposal may be listed here as well (if not here, it should be listed in attaché addendums).

The body of the appraisal should include a thorough description of the metal portion including the identity of the metal (gold, platinum, silver), the purity, method of manufacture (cast, die struck, hand fabricated), finish, trademark, and/or designer. Measurements and weight are also listed as well as the condition of the item. (Note: condition is especially important in appraisals for resale purposes because a worn out item is not going to be as marketable as one that is near new.)

Any gemstones should be listed and described with weights, color (or colorlessness in the case of diamonds) clarity and the quality of the cut. (mary l harding G.G. uses GIA nomenclature to describe diamonds and gemstones. Diamonds over 0.50ct will have a Grading Report included that includes a plot or blueprint of the inclusions.)

The valuation is included as well as the sales tax (if applicable). Any comments that affected the preparation are listed as well.

This type of detail in an insurance appraisal assures support of the valuation and gives both the owner of the item and the insurance company sufficient information to replace the item with one of equal value and quality. For the seller and purchaser, it supplies both with a reasonable knowledge of the item so a fair price can be agreed upon.

My most interesting client came in with his mother. He was 6 years old and had been into the store a few weeks earlier with her when she came in to get a diamond ring appraised that was given to her as an anniversary gift. At mary l harding G.G., I allow people to make an appointment if they want to wait while I take the notes and photos on certain items. That had been the case with her ring as she "didn’t want to be without it having waited 25 years to get her first diamond." He had watched with great interest as I examined the piece, taking detailed measurements, photos, and plotting the center diamond. She asked if I was busy (with a wink) and explained that her son had a request.

He very carefully opened a shirt size box and gently opened the tissue. He said that he, too, needed an appraisal for his gift for his Mom. He explained for years that his Mom had always responded the same when asked what she wanted for each gift giving occasion…a big rock…necklace with lots of rocks…or a rock bracelet. And while his Dad’s anniversary gift was okay, he didn’t think his Dad got it right. As I looked into the box I understood. Lying in the tissue was a pink satin ribbon, about ¼ inch in width and about 20 inches in length. Carefully glued onto the ribbon were round, smooth rocks that graduated in size from the back to the largest at the center front. The match in color from rock to rock was fairly good.

Suppressing a smile, I carefully lifted out the necklace and proceeded to examine it, measure it, and take notes and photos. When I was finished, I asked if he could come back for the appraisal the following week. He surprised me by asking the cost of the appraisal and I looked up at Mom for a hint…again the wink. I asked him if he did chores for his Mom. He said yes and after a series of questions and answers I determined he earned about 75 cents and hour for various things he did. I told him the charge would be 75 cents. When he returned, I had a professional appraisal prepared and he counted out his money…I keep that 75 cents in a drawer as a reminder of my future customers.

The appraised amount of the rock necklace? Priceless.