Comments for GemLabLog

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Giz

Giz — Fri, 28 Jan 2011 07:11:00 +0000

I was very interested to read your article as a valuer of one whole year! (Although i have been in the industry for over 12 years). The information is really valid and to be honest i think there is a much larger problem . I was taught in valuation under the “new” rules and to be honest if I wasn’t selling jewellery i could not fund my career as a valuer. I have made many trade and public enemies in my short career. The system for valuation definitely needs to change, the problem is clients are NOT happy with appropriate valuation. I have phone call after phone call from people disappointed because their ring hasn’t gone up in value in the last 5 years and trade angry because I wont value to price lists. The truth of the matter is that industry and consumers want over inflated valuations. Industry needs to be educated firstly so that they can educate their clients after all an over inflated valuation equals higher insurance premiums! I don’t believe that segregating sellers from valuers is going to fix the problem. The industry needs people with experience in both fields so we know what we are dealing with and can make a change on the ground. Many clients are very receptive once I give them information regarding why valuation is different now, but at the end of the day i am just a rookie and my word only goes so far, because the wonderful person who had 25 years experience valuing, knows exactly what they are talking about because they valued their piece higher than I did. It is going to take a very long time to change valuation in Australia but i really think it starts with education of the industry as whole, which your piece really highlights, Thank you so much for such an informative blog.

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Paul Nilsson

Paul Nilsson — Wed, 26 Jan 2011 09:07:41 +0000

Thanks Adrian
Its good that clause is in the AIJV code because there are times where it would be needed. At GemLab we use a disclosure statement for situations such as valuing jewellery for insurance that belongs to a staff member or even the family of a staff member.

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Tweets that mention All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? | GemLabLog -- Topsy.com

Wed, 26 Jan 2011 08:18:59 +0000

[...] This post was mentioned on Twitter by The A.I.J.V. and Paul Nilsson, The A.I.J.V.. The A.I.J.V. said: Why is there no Sales Disclosure in Jewellery Valuations? asks New Zealand AIJV member, GemLab Jewellery Valuations. http://bit.ly/eaXpLf [...]

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Adrian Smith

Adrian Smith — Wed, 26 Jan 2011 07:40:40 +0000

Hi Paul, Congratulations on shining a light into a rather dark corner of our industry. As usual, you are leading the way with Valuation Ethics in your part of the world. The AIJV does not need to address this issue directly as it is a condition of AIJV membership that members do not sell jewellery. However, we do address the problem in more general terms. Section 1e from the AIJV Code of Ethics: Members will decline valuation assignments where it could be suggested they have a conflict of interest that could affect their judgement or values. Alternatively they must disclose the nature and extent of the conflict in full to the client and in a prominent manner in their Valuation Report.

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Jill Towers

Jill Towers — Wed, 26 Jan 2011 03:25:51 +0000

Hello Paul,
Yes, I too have disclosure that is given.
Each of my valuations has a cover sheet with all the details for the client relevant to the article valued.
1. Purpose and Function
2. Basis of Value – for the various markets, also mentioning that actual retail prices may vary from this value due to fluctuations in the economic factors.
3. Rose of the Appraiser: This report is not an offer to buy or sell the item at any price. Unless otherwise stated I have examined every item in this report. I have no past, present or future interest in the items in this report.
4. Documentation. (regarding photographs and colour representations, nomenclature)
5. Identification and Quantification of Materials.
6. Appraiser’s Standards of Performance. In accordance with our own Valuers Society here in N.Z. (I do need to update this for AIJV as well.
7. Disclaimers: re treatments and those that may need further higher analytical testing.
8. Sales Tax component.
I believe the cover sheet is a professional looking addition to the valuation.
Cheers, Jill

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Paul Nilsson

Paul Nilsson — Wed, 26 Jan 2011 02:54:25 +0000

Thanks for that Thom
I knew that somehow the States would have this sort of thing covered.

Comment on All Fogged Up – Why is there no Sales Disclosure in Jewellery Valuations? by Thom

Thom — Wed, 26 Jan 2011 01:51:57 +0000

Here in the US we have the Uniform Standards of Professional Appraisal Practice (USPAP), which governs primarily real property appraising, however, has also evolved over the decades to include personal property. Every major appraisal organization subscribes to USPAP and requires their members to follow USPAP standards. Below is a sample of a certification statement (they can vary) that addresses the issue(s) raised in this blog.

Regards – Thom

CERTIFICATION OF APPRAISAL PRACTICE
I hereby certify that, to the best of my knowledge and belief:

? The statements of fact contained in this report are true and correct.
? The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and they are my personal, impartial, professional analysis, opinions, and conclusions.
? I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect the parties involved.
? I have no bias with respect to the property that is the subject of this report or to the parties involved in this assignment.
? My engagement in this assignment was not contingent upon developing or reporting predetermined results.
? My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
? My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPSP) 2008 – 2009 Edition, published by the Appraisal Foundation and the Code of Ethics of the National Association of Jewelry Appraisers (NAJA).
? I have made a personal inspection of the property that is the subject of this report, unless otherwise clearly stated.
? No one provided significant personal property appraisal assistance to the person signing this report.