Appraisal
A written valuation of a jewel, prepared for a specific purpose.
An insurance appraisal gives the replacement value, the cost of replacing the piece with one of similar kind and quality, which is usually higher than the price at which it would sell. Fair market value, used for estates and donations, is a different figure.
What to look for
Check the purpose of the appraisal, the date, and how fully the piece is described.
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