Having a professional appraisal for your treasured jewellery is essential for protection against any kind of loss, theft, or damage. Not every jeweller is qualified to appraise your jewellery. Nicol Street Pawnbrokers are experts at jewellery appraisals.

Why Appraisals are Important

Lots of folks are unfamiliar with the jewellery appraisal process, why it is necessary, what should be included, what distinguishes a good appraisal from a not-so-good appraisal & that appraisals should be performed every so often.

Simply put, a jewellery appraisal is a complete quantification and qualification of your important heirloom jewellery. A high-quality appraisal includes a complete & detailed description of the piece: the metal & any precious or semi-precious stones. For metal, this description includes how it is made, its shape & its purity; for the stones, the description includes the number of stones, the type, their size (carat weight), accurate measurements, color, clarity & cut.

The most important part of an appraisal document is not – as many people think – the final valuation … it is having this complete, thorough, and accurate description. In the unfortunate event that your jewellery is lost, stolen, or damaged, this description is used by another jewellery professional as a guide to replace it. Having photos helps, but it is the description that will guarantee that the replacement piece will be an identical match to your original piece, both in value and appearance.

We take pride in our work at Nicol Street Gemological Services and our appraisals will always include the following:

• A complete, accurate and thorough description;
• High-quality photo (or multiple photos) to support the description;
• An accurate valuation based on current commodity prices.

Protection Against Loss

A professional jewellery appraisal is essential in protecting your valuable jewellery against loss, theft, or damage. By providing your insurance company with a high-quality appraisal document, a jeweller can quickly and accurately, begin the replacement or repair process. A high-quality appraisal makes the adjustors, jewellers, and your life a lot easier and ultimately, you’ll be satisfied knowing that the replacement (or repair) is an identical match to the original piece.

Statement of Ownership

If you purchase used jewellery, be sure to re-do any appraisals (better – include the old appraisal, if there is one). Not only will the new appraisal show proper valuations based on commodity value changes, but it will also document a change of ownership.

Because every appraisal includes your name and the date of the appraisal, the appraisal documents ownership. This can be important when settling ownership disputes, legal settlements, or property crime incidents.

Commodity Price Increases

Check with your insurer regarding their policy and requirements for valuation.

Once you have an appraisal for your jewellery, it’s not the end of the road. Gold, silver, and other precious metals, as well as your precious and semi-precious stones, are all commodities, the price of which fluctuates over time. Appraisals are done in the present. This means that the valuation is associated with the date of the appraisal. Your appraisals should be updated periodically (at least, every five years) – both to make sure there’s been no damage to the piece, but also so that the value is current.

What You Should Know About Appraisals

Appraisals done by Nicol Street Gemological Services are conducted in a professionally-equipped gemological laboratory, according to a code of ethics & standards set by the JVC and CJA.

If your appraisal is carried out in less-than-ideal conditions (e.g., a bank vault, traveling ‘appraisal fair’, or a shopping mall) this should be clearly stated on the appraisal document. Also, the appraisal should clearly state any “limiting factors” (e.g., stone weight estimated due to the setting or directly weighed by use of an electronic scale).

There is no substitute for careful work carried out in a controlled environment, which is why all of our appraisals are conducted in our professionally equipped gemological lab, on-site.

Most insurance companies don’t accept appraisals performed by people that don’t have qualifying credentials and most insurers have minimum standards requirements for jewellery appraisers. Certification in the field of Gemmology is imperative. A Graduate Gemologist (G.G.) from the Gemological Institute of America or a Certified Gemologist (C.G.) from the Canadian Gemmological Association are accepted by most insurance companies. Check with your insurance company for their particular requirements before you pay for a jewellery appraisal. Jewellery Appraisals done by Nicol Street Gemological Services (NSGS) meet these requirements.

There are many reasons for conducting a professional jewellery appraisal; the most common are insurance replacement, retail value, and scrap value. Appraisals also document ownership of a piece of jewellery, at a given date, which protects the owner from property crime and during estate settlements. The jewellery appraisal is an unbiased, expert analysis of the value, the construction, and a thorough, accurate, and detailed description of your valuable jewellery.

Nicol Street Gemological Services

In addition to jewellery appraisals, Nicol Street Gemological Services also specializes in loose diamond grading, coloured stone grading, pearl grading, and gem identification. All appraisal and grading services are by appointment only so just call (250-753-3355) or email us (using the form at the bottom of the page) to set up a consultation.

Nicol Street Gemological Services also offers a large selection of loose gemstones for sale. We have many loose diamonds, most of which are accompanied by a diamond grading report. The diamond grading report includes information about the “4 Cs” of a particular stone. (Carat, Colour, Cut & Clarity) We also have an extensive inventory of natural coloured stones including sapphires, rubies, emerald, tanzanite, aquamarine & more.

Jewellery appraisals, diamond grading, gem identification, and loose stone sales … Nicol Street Pawnbrokers is more than a pawn shop … we’re also gemologists!