Frequently Asked Questions




Frequently Asked Questions

What is the purpose of an insurance appraisal?
Retail Replacement (Insurance replacement) In insurance policy, scheduled property is a list of personal property and the appraised value of each property item for which the insurance company will pay in the event of loss or damage. The appraisal is the information that will be consulted by the insurance firm to set the premium and determine the amount of insurance, depending on the terms of the insurance policy. The insurance appraisal must provide the client with sufficient information to ensure replacement with an item of equal quality and kind. Usually, the appraiser must supply for each item, the average current market price, which means the most frequent value of a like item found in the average jewelry store (but not in any one store in particular) selling like merchandise within the geographical area.

What area of jewelry can you appraise?
Mr. Faust can appraise diamonds, colored gems, pearls and watches in the modern and antique periods. He specializes in insurance and estate appraisals.

What is an independent appraiser?
It is someone who acts as a third party. The appraiser cannot be a buyer or seller of the jewelry article and have no relationship with the pieces being appraised to the parties involved. Remember, it is not the duty of the independent appraiser to determine whether you are getting a good deal. It is the their responsibility to determine the average sales price in a number of retail jewelry firms.

How often should I have my jewelry appraised?
The Gemological Institute of America recommends that you consider having your jewelry and appraisals updated every 5 years. Your insurance company may ask you to have your jewelry re-appraised every 3 or 4 years. The main reason for updating your jewelry is due to the fact that diamonds, colored gems, pearls, metals and other types of jewelry can increase in price.


North America Gemological Services P.O. Box 499031 Cincinnati, Ohio 45249 please contact me at: (513) 515-6791 or stanfaust@gmail.com