What is a jewellery appraisal?
By Jared James · Last updated 28 July 2026
Definition
A jewellery appraisal is a written assessment of a piece's monetary value, carried out by a qualified appraiser or certified gemologist. It documents the metal type, gemstone details, craftsmanship and current replacement cost, and is used primarily for insurance purposes so a piece can be properly covered. Appraisals give you a retail replacement value, which is typically higher than what you could sell the piece for, and they should be updated every few years as metal and gemstone prices change.
Resale Value vs Replacement Value: What's the Difference?
Replacement value estimates what it would cost to replace the jewellery with a comparable new piece through a jeweller. Insurers use it to set cover and settle an approved replacement claim. Resale value estimates what a buyer might pay for the used piece, after retail margins and selling costs are removed, so it is usually lower.
An appraisal prepared for insurance should state its purpose and should not be presented as a promise of what the jewellery will sell for.
Frequently asked questions
- Do I need an appraisal for jewellery insurance?
- Most insurers require a written appraisal to cover a piece beyond a general household limit. Without one, you may not be able to prove a piece's value or get it properly replaced if it is lost or stolen.
- How often should jewellery be appraised?
- Every three to five years is a common recommendation, or sooner if gold or gem prices have moved significantly. An outdated appraisal may leave you underinsured if the replacement cost has risen since the last valuation.
- What is the difference between an appraisal value and a resale value?
- An appraisal gives a retail replacement value, which is what it would cost to buy a comparable piece new. The resale value, what you would actually receive if you sold the piece, is nearly always lower, sometimes considerably so.
Designing a ring
Talk through jewellery appraisal with us
Tell us what you have in mind, even if it is only a budget and a piece of jewellery type, and we will help you weigh up the options. We reply to every enquiry, usually within one business day.
Contact the studio