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How often should I have my jewelry re-appraised in order to insure they are up to date? -S. Pina Norwalk, CT The price of platinum, gold, and diamonds can and do fluctuate, and usually do so to the benefit of the consumer; which means they go up. Similar to the price of oil which fluctuates daily, and can suddenly experience a drastic increase, the same happens to gold and diamonds in the world marketplace. The recent price of gold is a perfect example. For a five year stretch between January 2000 to January 2005, raw, fine gold was priced at around $300 per ounce. Today the price of gold is more than double that at $800 an ounce. Gold prices tend to rise and drop in cycles; $740 an ounce in January 1981, then down to $330 an ounce in January 1984. This is one of the reasons why I would recommend having your appraised jewelry re-evaluated every 2-3 years and updated every five years by a Certified Gemologist Appraiser to make sure you are covered for the full current replacement value. At this time the jeweler will also inspect all gemstones making sure they are secured tightly in place and have not chipped. We offer complimentary appraisals as well as unlimited updates on items originally purchased from our store. A customer of ours recently lost her gold bracelet. While the appraisal dated July 1999 gave it a value of approximately $2,000, I told her, by todayÕs market prices, it would cost $3,000 to replace it because the price of gold has gone up drastically since 1999. Luckily I was able to call her insurance company and explain to them that the current replacement cost of the bracelet was $3,000, and the insurance company granted her the additional $1,000, allowing us to replace the bracelet at no additional cost to her; although the sentimental value of the original bracelet can never be replaced. |
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