When selling jewellery, you will often come across a confusing market. There is a lot of vital information that you should have beforehand to make the right choices and a tidy profit. Most people will choose to get an appraisal before they sell gold jewellery Toronto so that they are sure they get the best value for their pieces. This is a prudent step, but there are different appraisal types available, and they might not all work for you. Moreover, different appraisals have varying values. Here are tidbits on the types of appraisals for jewellery.
Insurance appraisal
This is the most common appraisal type and is often done on pieces with sentimental value. Essentially, the value of your jewellery in an insurance appraisal is equivalent to that of a similar piece in an appropriate market at retail price. This appraisal will not help you much when you choose to sell gold jewellery Toronto.
Resale appraisal
This appraisal determines your piece’s fair market value when you want to sell gold jewellery Toronto. The fair market value denotes the price at which a piece would change hands between a willing seller and buyer when they both have a reasonable knowledge of all facts concerning the transaction. The resale appraisal is your best choice when selling your gold for cash.
Estate appraisal
This is done to determine the fair market value of a piece when its owner has died. It is mandated by the government for taxation of a deceased’s assets. Though it might help you have a rough estimate of how much your piece is worth, you should not completely rely on an estate appraisal when selling your pieces for cash.
The above types of appraisals will primarily include a description of the jewellery in question. In addition, they will detail its metal type, weight, treatments, grades, among other relevant parameters. Before settling on an appraiser, verify his/her credentials to avoid getting fleeced.
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