If you’re thinking about applying for a collateral loan, it’s important to understand the value of your jewelry or gold – before you borrow money against it.
You might love your gold necklace or diamond ring but that doesn’t mean it is as valuable to others. An appraisal will give you a better idea of what your jewelry or gold can bring in the form of a loan before you even walk into the pawnshop.
What is an Appraisal?
A jewelry appraisal is a document that states how much a particular piece of jewelry is worth. The typical appraisal fee ranges from $50 to $150.
Appraisers look at the condition and quality of the jewelry, its gemstones, and the metals from which it is made. Their appraisal will assess the quality of diamonds and the weight of the gold, silver or other precious metals found in the jewelry.
All of these components impact the value of your jewelry.
Online Tools that Help Value of your Jewelry
There are many online tools that claim they can calculate the value of your jewelry, but consumers should approach these with caution.
These online calculators can provide a quick reference for the value of jewelry, but they aren’t scientific.
Appraisers need to see your jewelry in person to verify the weight, purity, cut or karat of your piece. Most of these online calculators are just estimates and don’t take into account the quality behind the gemstones or weight of the precious metals.
If you are in need of a loan, Provident Loan Society can provide an appraisal for your jewelry – on the spot. Their appraiser can also tell you how much money you can borrow against the item.
To learn more, you can stop by one of their five locations throughout New York City.
About the Author
Christina Iemma is a New York native studying Communication Arts at St. John’s University. All of the opinions and views expressed in this article are her own.