Question 1

Can I have same day service?

Accepted Answer

Yes, by appointment only.

Question 2

How often do I need to update my appraisals?

Accepted Answer

We reccomend updating every 4 to 5 years. It is important to have your jewelry checked and verify the item is still in original condition with no damage occured. It is also important to ensure the stone(s) are tightly set in their mountings and proceed with repair or tightening as needed.

Question 3

Is there parking nearby?

Accepted Answer

Yes, the building has valet parking and there is ample parking lots within walking distance.

Question 4

How long do most services take?

Accepted Answer

Typically 1-2 business hours.

Question 5

What is the difference between an insurance and retail replacement cost?

Accepted Answer

They are the same. Insurance appraisals typically reflect the retail replacement cost, meaning the amount it would cost to replace the jewelry with a similar item from a jewelry store.

Question 6

Why does the appraised price differ from when I want to sell?

Accepted Answer

There are many different levels of valuation. While your report aims to assign a value to your items, they serve very different purposes and often result in vastly different numbers. It is important to properly communicate what type of valuation you need.

Question 7

What is Fair Market Value (FMV)?

Accepted Answer

Fair Market Value indicated to what a buyer would pay and a seller would accept for the item in an open marketplace. This value is generally lower than an insurance appraisal because it reflects the item's resale value rather than its replacement cost. These types of reports are primarily used for resale and estate disbursement.

Question 8

When should I get an appraisal?

Accepted Answer

• before you apply for a policy, this will avoid underinsuring or over-insuring
 • before selling your item
 • while doing estate planning so you can accurately value assets for distribution or tax calculation purposes

Question 9

How much do appraisals cost?

Accepted Answer

Costs will vary depending on what services you need. Check our price list (https://www.pgslaboratory.com/pricelist)for details.

Question 10

Where are you located?

Accepted Answer

We are located in Downtown Chicago at 5. S Wabash inside the Mallers Building. To get to the lab, you will take the elevator to the third floor and take a right. Suite 315 will be at the end of the hallway on your left.

FAQs