Appraisal & Insurance Guide

Considering the uniqueness of the piece you’ll be purchasing here, you’ll most likely want to purchase insurance for your jewelry.

The Dominion Guidance

Jewelry 101


An accurate jewelry appraisal and the comprehensive insurance policy will help ensure that you protect your favorite pieces of jewelry for generations.

At Dominion Jewelers, our team of expert appraisers will provide a full report for your diamond and precious gemstone jewelry. We can also recommend reputable insurance companies for trustworthy coverage against loss, theft, and damage.

What Does an Appraisal Include?

Each appraisal report details the characteristics of your piece with both narrative information and color photographs. Some of the aspects analyzed and documented by our appraisers include:

• Gemstone quality, weight, and other important characteristics
• Precious metal weight
• Additional information about materials
• Setting and design information
• Visible markings or flaws
• Craftsmanship evaluation
• The overall retail value of the piece

Why Is an Appraisal Important?

Most commonly, jewelry appraisals are required to insure a piece of jewelry. In the event that your jewelry is lost or stolen, a detailed appraisal help you replace each piece with a similar design of equal value. If you opt to add your item to your homeowner's policy, the insurance company will require an appraisal to support the stated value of the jewelry.

If you eventually choose to sell or donate a piece of jewelry, the appraisal will establish a fair market value for sale and provide the information you need to report the donation for tax purposes. If you hand down your jewelry to a family member as part of your estate, the appraisal is also required for tax reporting.


How Is Value Established for an Appraisal?

The most common type of appraisal establishes the jewelry's fair market value. This is defined as the actual selling price on the open market between a buyer and a seller and reflects the piece's current condition—not its purchase price when new.

The market price is also different than the retail replacement value of the piece. When a jewelry owner needs to immediately liquidate items in their collection, such as in the case of divorce or using the jewelry for loan collateral, a lower price is usually commanded because the seller needs to move the item quickly.

How Does Jewelry Insurance Work?

Some policies will pay to replace lost, stolen, or damaged jewelry with a comparable item. Other policies pay the cash value of the insured item, but this option typically carries a higher premium cost.

While we do not provide insurance policies for the jewelry we sell at Dominion Jewelers, we recommend that our clients work with the trustworthy team at Jewelers Mutual Insurance Company.

For more answers to your questions about appraisals and jewelry insurance, visit our Falls Church location. You can also complete our online form to hear from a knowledgeable jeweler on our team.

Recommended Associates

Dominion Jewelers recommends the following companies for insurance & appraisals: