Recent increases in gold prices mean that you should review your insurance coverages for your fine jewelry, according to McRae's Fine Jewelry. The price of gold has risen over 20% in the past year and almost 100% over the past three years. As a full service jewelry store, we are engaged in the jewelry business, appraising diamonds, watches, jewelry and precious stones of all descriptions. "Whenever we see a change in the industry which would effect our customer, we advise them", says Chris McRae. McRae is the owner of the store and has been a bench jeweler for over 30 years.
Any appraisal is an informed opinion as to the description, quality, condition, and value of an item. An insurance appraisal determines an accurate account, or quality, of your jewelry and a current replacement value. However, do not be surprised if the insurance appraisal does not reflect the original retail price. Often jewelry retail prices are negotiated at the time of the sale, so an insurance appraisal is a more accurate reflection of the actual value of your jewelry.
In the event of loss, a current insurace appraisal offers sufficient protection to recover like quality and value. But you should realize that many items cannot be replaced exactly because of foreign manufacturing, custom design or a variety of other reasons. Antique and unusual items are not considered replaceable so an appraisal represents estimated value for a like item.
You should consult your insurance agent for specific information on your policy and coverages.
For more information about McRae's Fine Jewelry, call (940) 566-1049, or email chrismcrae@verizon.net. We welcome you to our website, www.mcraesjewelers.com. A unique collection of fine jewelry, crafted to last a lifetime.
