G'day - My name is David Foard F.G.A.A and I'm your resident qualified gemologist appraiser, here to help with your online Gemstone and Jewelry Appraisals
Grandmothers Platinum Wedding Ring
Grandmothers Wedding Ring 2 carat platinum Question: I was burglarized in 2006 and my grandmothers ring was stolen that was handed down to me.
Platinum by Cartier: Triumphs of the Jewelers’ Art
Price: $63.00 USD
Now I am trying to determine the fair market value to write it off on my taxes.
The only thing that I know about it that it was purchased back in the late 1930’s and it was 2 carats total and platinum.
So the IRS is asking fair market value and I don’t have an appraisal to use.
Is there a way to give an estimation of what the ring fair market value is so I can state that on my taxes?
Answer: G’day and many thanks for your query
Firstly let me say just how sorry I am you have had your treasure stolen. The attachment people get from their jewelry is sometimes very emotional - But you can’t buy sentimental value…
Did you ever have a Valuation Appraisal done on this ring? If so you should have all the details needed to replicate a current Valuation at today’s prices because the item hasn’t changed.
Article Continued Below…
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Article Continued…
The size of the gemstone remains the same. The color, cut and clarity are still the same, and the weight of the ring should be the same also.
This means that you CAN get a current Valuation Certificate (used by the Insurance Industry for replacement Values with a SIMILAR article) from any gemologist/Valuer because they would make the same calculations based on the same statistics from an old appraisal.
They would qualify their estimate with legal jargon to cover their backsides - but it can be done.
If you have these statistics - you can do it yourself ONLINE with a low cost system which will recalculate the item at today prices. Our Jewelry Appraisals Online Software System can do just that.
You might also like to add this query to my blog at http://how2valuejewelry.com/ as other may have had a similar problem. Can’t hurt anyway and who knows what answers you may get.
Hope this helps…
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