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Scope of practice includes
appraisal of single diamonds
to multimillion dollar collections
The Appraisal Report
A professional appraisal report contains these elements:
- A cover document explaining in detail what type of value is being sought and the specific use of the reason. For example the retail replacement
cost is the value sought for an insurance report, while Fair Market Value is the value sought for an appraisal performed for charitable donation.
- The methodology and standards that the appraiser used in the identification and grading of diamonds, colored stones, and jewelry.
- A plotting diagram for diamonds over 0.75 carats and for high-value colored stones.
- A complete and accurate description of the property, which is written in such a manner that the property can be identified (an replaced) without
photos.
- Color photographs of items described in the report.
- A signed statement by the appraiser that he has no financial interest in the property or that such interest is disclosed in the report.
- The appraiser’s professional profile or resume listing the work history, educational qualifications, and appraisal experience
Do not accept an appraisal if:
- It is handwritten or unsigned.
- The fee is based on the value of the property
- The purpose and specific use are not stated in the report.
- The appraiser is not qualified and experienced appraising the item.
- The appraiser is not willing to assume responsibility for his appraisal report. *
- The appraisal report has a statement that reads: “The appraiser and this company assume no liability with respect to any action that may
be taken on the basis of this appraisal.”