It's Time to Re-Appraise Your Jewelry and Silverware and Other Fine Arts
- Mutual Assurance Society
- 3 days ago
- 5 min read
Fine jewelry and sterling silverware aren’t just beautiful—they are often some of the most valuable items you own, particularly as the prices for gold and silver have skyrocketed in the past five years. Whether an engagement ring, a family heirloom, or a special gift, these treasures deserve the same kind of protection as your home or car.
This is where appraisals come in.
A professional appraisal tells you what your jewelry and silver items are worth in today’s market. This information is essential for insurance, estate planning, resale, and even tax purposes. But many homeowners don’t realize that appraisals need to be updated regularly.
This guide breaks down everything you need to know—in simple terms—about when to update appraisals for fine jewelry and sterling silverware, why it matters, and how to do it.
What Is an Appraisal?
An appraisal is a professional evaluation that documents the value of your personal valuables, including:
Fine jewelry (rings, necklaces, watches, earrings)
Sterling silverware (flatware sets, serving pieces, tea sets, bowls, trays, etc.)
Antique silverplate or silverplate made by a collected/well-known maker (such as Sheffield) or silverplate with historic value (provenance would need to be established)
The value is based on:
Materials (gold, platinum, silver, gemstones)
Weight and purity (such as sterling silver content)
Craftsmanship and brand or maker
Condition and age
Current market prices
The appraisal is not a rough estimate—it’s an official document you can use for insurance, legal, and financial purposes.
Why Appraisals Are So Important
1. Proof of Ownership
Appraisals serve as documentation that your jewelry and silverware belong to you. This is especially important for inherited silver sets or gifted jewelry.
2. Accurate Value
The value of gold, silver, and gemstones changes over time. Sterling silverware is especially affected by fluctuations in silver prices and collector demand.
Note: The price of gold has risen from $1518.41 per ounce in January of 2020 to $5089.86 at the time of this post. That is a 235% increase in value. Silver has also seen an increase in value of 311.91% since January 1, 2022, going from $26.36 per ounce to $108.58 per ounce today.
3. Insurance Protection
If your jewelry or silverware is lost, stolen, or damaged, your insurance company relies on your appraisal to determine reimbursement. An outdated appraisal means potential financial loss.
4. Estate and Resale Planning
Whether you plan to pass down a silver flatware set or sell antique jewelry, knowing the true value helps with fair distribution and smart financial decisions.
What’s Included in an Appraisal?
A proper appraisal report for jewelry or sterling silverware should include:
Detailed description of each item
Metal type and purity (such as sterling silver .925)
Gemstone details (if applicable)
Weight and measurements
Clear photographs
Condition assessment
Estimated value
Appraiser’s name, credentials, signature, and date
Purpose of the appraisal (insurance, resale, estate, etc.)
Insurance Appraisal vs. Resale Appraisal
Insurance Appraisal
Shows the replacement cost—what it would cost to replace the item today at retail prices. This is common for jewelry and silverware insurance policies.
Resale Appraisal
Shows the fair market value—what you could realistically sell the item for, which is usually lower.
Sterling silverware often has:
A melt value (based on silver weight)
A collector value (based on brand, pattern, and condition). For example, Tiffany's original pattern, Japonica, was the precursor to its most popular pattern today, Audubon. Because of its rarity and maker, this pattern sells for far more than its silver content value. Discontinued patterns like these for silver, crystal, and china are worth having appraised.
A good appraiser will explain both.
How Often Should You Update Appraisals?
General Rule: Every 2–5 Years
Most experts recommend updating appraisals for fine jewelry and sterling silverware every two to five years.
This keeps your valuation aligned with:
Precious metal prices
Jewelry and silver market trends
Inflation and replacement costs
Situations When You Should Update Immediately
Even if it hasn’t been a few years, you should get a new appraisal if:
1. Precious Metal Prices Change
Silver and gold prices can rise sharply. This directly affects the value of sterling flatware and gold jewelry.
2. After Repairs or Restoration
Polishing, re-plating, resizing, or restoring antique silver or jewelry changes value.
3. After a New Purchase
Always appraise new jewelry or silver sets right away for insurance.
4. When You Inherit Items
Many families are surprised by the value of inherited silverware or estate jewelry.
5. Before Selling or Donating
An updated appraisal ensures fair pricing or accurate tax deductions.
Factors That Affect How Often You Should Appraise
Market Fluctuations
Silver prices can change significantly year to year.
Type of Item
High-end jewelry, antique silverware, and branded sets (like Tiffany or Gorham) should be appraised more frequently.
Insurance Requirements
Some insurers require updated appraisals every 2–3 years for valuables.
How to Find a Trustworthy Appraiser
Look for appraisers certified by:
GIA (Gemological Institute of America) – for jewelry
ASA (American Society of Appraisers) – for jewelry and silver
Avoid appraisers who are also trying to buy your items. Independent professionals provide unbiased valuations.
What to Bring to an Appraisal
Cleaned Items
Clean jewelry and silverware allow accurate inspection.
Documents
Bring:
Previous appraisals
Receipts
Brand or maker information
Any gemstone certificates
Questions
Ask about:
Insurance coverage
Replacement vs resale value
How often to update
Storage and care tips for silver and jewelry
What Happens During an Appraisal?
The appraiser will examine your items using:
Magnifying tools
Scales for metal weight
Gem testing instruments
They’ll assess:
Material quality
Condition
Market demand
Replacement cost
Time & Cost
Most appraisals cost $50–$100 per hour, or $50–$150 per item. Silverware sets are often priced as a group.
How to Organize and Protect Appraisals
Keep Digital and Paper Copies
Store originals safely and keep scanned backups.
Update Your Insurance
Send new appraisals to your insurance provider.
Final Thoughts: Protect More Than Just Jewelry
Sterling silverware is one of the most commonly overlooked household valuables. Many homeowners don’t realize that a simple silver flatware set can be worth thousands of dollars, especially with today’s silver prices.
Paintings, antiques, porcelain, oriental rugs, and other fine arts should be appraised and protected as these items are typically not fully covered in a homeowners policy.
By keeping appraisals updated for both fine jewelry and sterling silverware, you ensure:
Proper insurance coverage
Accurate estate planning
Fair resale value
Peace of mind
As a rule of thumb, update appraisals every 2–5 years—and always after major market or life changes.
It’s one of the simplest ways to protect some of the most valuable items in your home.
Sources: Noble.com, Integrity Gem, Bullion-rates.com, Gold Avenue.com, Macrotrends.com, GoldPrice.org,
Comments