Disclaimer - Jewellery-Valuation

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This certificate was prepared by Jewellery Valuation to provide an estimate of replacement cost of a jewellery item for the purposes stated. Any other use of this document is invalid and may mislead others who might rely on it. The intended method of replacement is with a new item of similar quality and design.
The values expressed herein are based on the appraiser’s best judgement and opinion and are not a representation or warranty that the item will realise that value if offered for sale at auction or otherwise. Nor is it an endorsement of the price you should pay.
Every effort has been made to determine the metal identity and fineness of any mountings described in this document as accurately as possible without use of damaging tests. All gemstones are estimated for weight using presently available and internationally accepted standard weight estimation practices and formulae. The gemstones have been estimated for weight whilst in and within the inherent limitations imposed by the setting and have not been removed from the setting for physical weight determination.
Diamonds and gemstones are described and graded using the prescribed internationally accepted grading nomenclature of CIBJO (the World Jewellery Confederation), the Gemmological Institute of America (GIA) and are supported by the National Council of Jewellery Valuers in Australia (NCJV) and the Gemmological Association of Australia (GAA). All examinations are conducted using currently available desktop grading and identification equipment as required. Grading takes place whilst the diamonds and gemstones are contained in their settings (unless further examination is requested and permission given for removal from settings) and under colour corrected light daylight equivalent lighting.
Opinions of quality and grade may vary upon examination by another qualified gemmologist. They may also differ in the future due to changes and improvement in techniques and equipment. Jewellery Valuation is not responsible for any differences that could appear from repeated examinations or as a result of other methods applied.

Limitations on Liability
Jewellery Valuation and its employees, contractors and/or agents shall not be liable for any loss, damage or expense, for any error in or omission from, or the issuance or use of this certificate even if caused by or resulting from the negligence or other fault (except fraud or wilful misconduct) of Jewellery Valuation and its employees, contractors and/or agents, and in any event Jewellery Valuation and its employees, contractors and/or agents shall not be liable for special or consequential damages or for any error in or omission from, or for the issuance or use of this report, or for any error in or omission from this report caused by the acts of others, even if advised of the possibility of damages.
Markets and resultant values may vary significantly for differing geographical and marketing areas. An appraiser’s bona fide opinions as to the value of jewellery items may often vary significantly, and methods of calculation of valuations vary from Valuer to Valuer. Therefore differing values are not necessarily an indication of error, more likely they are an indicator of differing provenance and market conditions. This certificate of valuation is to be used for the purposes stated by the person to whom it is issued. The certificate is null and void if these details have been omitted or in any way tampered with.
Purpose and function
All jewellery valuations can be separated into appropriate usage by definition of the purpose, that is, the reason for which the valuation will be used, and the function, that represents the commercial level of the market in which the valuation will operate. The purposes of a valuation include but are not exclusive to insurance replacement, determination of probate, private sale, divorce settlement and estate division. The functions of a valuation include, but are not exclusive to retail replacement, auction reserve, second hand replacement, non-forced sale and forced sale which may be representative of different dollar values.

Market conditions
Within the spectrum of the jewellery industry there are many different markets in which jewellery is bought and sold. These markets are reflected in the variations of jewellery valuations. Examples of these markets are the antique market, international and national brands, and include local market distinctions such as internet purchase, large shopping centre chains, single shop front manufacturing jewellers, noting that each market condition will have its own set of parameters.
Commonly Used Valuation Functions
1. Retail Replacement: An appraisal for ‘Retail Replacement Value’ is usually given as the average estimated replacement value for an item of jewellery purchased at a retail level in the marketplace. This value will vary according to the ‘market conditions’ of when and where the item is purchased.
2. Auction Reserve: An appraisal for ‘Auction Reserve Value’ is usually given to reflect the fall of the hammer price of an item without buyer or seller premiums. This value may vary according to market conditions in different geographical regions as well as the differing types of clientele which may attend a specific type of auction.
3. Second Hand: An appraisal for ‘Second Hand Replacement’ is usually given for jewellery items that have been used and must take into account the ‘present condition’ of the item which will also reflect the desirability and collectability of the item in the current market conditions and will vary with differing purposes.
4. Non-forced sale: An appraisal for ‘Non-forced Sale Value’ is usually given as an estimated of a jewellery item’s reasonable and realisable second hand value which may be obtained where there are no time constraints involved for the items resale in the market place. This type of appraisal is usually used for the ‘purpose’ of private sale or Estate division.
5. Forced sale: An appraisal for ‘Forced sale’ or ‘Immediate sale’ is usually given as an estimate of the value of a jewellery item where immediate disposal is required with no time to ‘trade, bargain or shop’ for the best price available.

Commonly Used Valuation Purposes
1. Insurance replacement: The purpose of an Insurance replacement appraisal is to provide both the client and the insurance company with details of all correct technical and descriptive information to allow both parties to reach agreement on the basis for an insurance cover. These appraisals are the most common reasons for the issuance of a jewellery appraisal.
2. Divorce Settlement or Estate Division: The purpose of an appraisal for Divorce settlement is to provide the client with suitable technical detail and value to allow for a suitable distribution of items by all parties involved. These appraisals may reflect specific instructions from the legal community and will sometimes include a range of the valuation functions given above for purposes of comparison.
3. Private Sale: The purpose of an appraisal for Private sale is to provide the client with an estimate of value where the jewellery item is to be traded between two private parties in a market other than a normal ‘retail’ situation and will not normally reflect market overheads.
4. Probate: The purpose of an appraisal for Probate was used in the past to provide information for the determination of probate payable as taxation and charges on a deceased estate for government taxation. It represents the lowest value applicable usually by ‘Forced Sale’. However, it is now more usual for this purpose to use a valuation for Estate Division as presently Probate does not apply.

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