1. “Article” means the items specifically described on the Form.
“Form” means the Take In Form to which these terms and conditions are attached and any attached schedule;
“Gemstones” means any stones in the Article and is not a reference to the quality or character of those stones.
“Services” means any service provided by Us to the Customer including the Valuation.
“the Customer” means the owner of the Article and/or their agent.
“the Law” means the applicable law in the State in which the Services are provided.
“Us”, “We” and “Our” means the business receiving the Article, the valuer conducting the Valuation, and their respective agents and employees.
“Valuation” means this Form and the certificate of valuation provided on the basis of the information contained in the Form.
The plural includes the singular and vice versa.
2. The “Visual Description” of the Article reflects the visual appearance of the Article left with us, and the Customer acknowledges that a more accurate description cannot be made until a suitably qualified person assesses the Article.
3. The Customer understands that cleaning may change the appearance of the Article.
4. The Customer’s details and description of the Article may be kept by us and used in the preparation of the Valuation and/or to undertake the Services and for future updates of the Valuation.
5. The Valuation is only for use by the Customer and for the purpose the Customer specifies on the Form. It is not intended or permitted to be used or relied upon by anyone else unless indicated in writing.
6. The Customer acknowledges that they are aware the specified purpose of the valuation may affect the method used to calculate the value of the Article.
7. Unless specifically requested in the Form and noted in the Valuation, the Gemstones will not be removed from their settings and therefore stated identifications (including treatments), grades and weights may be hampered by the setting.
8. Any limitations encountered will be acceptable if duly noted on the Valuation or otherwise advised to the Customer.
9. We are not responsible for any failures or delays in performing the Services that are due to events outside our reasonable control.
10. The valuation will be as at the date specified and no allowance will be made for variations in currency and commodities markets that may occur after that date. Allowance for any such variations should be considered prior to relying on the Valuation after the date specified.
11. The Customer waives any and/or all rights they may have to bring any legal action against s under any circumstances for any errors or omissions, negligence, loss and/or damages no matter how caused resulting from any of the Services, in preparation of the Valuation, or relating to the Valuation. This clause is not intended to exclude any legal rights that the Customer may have which cannot be validly contracted out of pursuant to legislation.
12. All Valuations will take into account and be based on a combination of the following (unless specifically requested otherwise):
(a) The local geographical market in combination with the market specified on the Form.
(b) Replacement with an article of similar commercial standard (not necessarily identical).
(c) Complete quality assessment of the Article.
(d) Current exchange rates and commodity fluctuations and their impact on the reported market.
(f) All government taxes and charges.
(g) Any special conditions relevant to any Article.
13. If any provision of these Terms and Conditions is contrary to the Law or held to be unenforceable, that provision will be deemed to have never been part of the Terms and Conditions, and the remaining terms and conditions will continue to be enforceable.
© National Council of Jewellery Valuer
This certificate was prepared to provide an estimate of replacement cost of a jewellery item for the purpose 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, unless second hand is specifically stated.
The values expressed herein are in Australian dollars and include GST. They are based on the appraiser’s best judgment and opinion and are not a representation or warranty that the item will realize that value if offered for sale at auction or otherwise. Nor is it an endorsement of the price that should be paid to purchase.
Every effort has been made to determine the metal identity and fineness of any mountings described in this document as accurately as possible without the use of damaging tests. All gemstones are calculated for weight using presently available local and internationally accepted standard weight calculation practices and formulae. The gemstones have been calculated 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. (unless further examination is requested, and permission given for removal from settings).
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) as 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 daylight equivalent lighting, and 6500 kelvin light source comparing gemstones and colour swatches.
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. The valuer is not responsible for any differences that could appear from repeated examinations or as a result of other methods being applied.
Limitations on liability
The valuer, 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 the valuer and associated employees, contractors and/or agents, and in any event the valuer and associated 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 such damages.
Markets and resultant values may vary significantly for differing geographical and marketing areas. Appraiser’s bona fide opinions as to the value of jewellery items may often vary significantly, and methods of calculation of this report vary from valuer to valuer. Therefore, differing opinions are not necessarily an indication of error, more likely they are an indicator of differing provenance, the market referenced from and prevailing conditions.
This certificate of assessment is to be used solely for the purpose stated and only by the person to whom it is issued. The certificate is null and void if any details have been omitted or in any way tampered with.
This report may NOT be used for Marketing, Advertising or Reselling. Neither the valuer nor associated employees, contractors and/or agents accept any responsibility for any commercial transactions involving this document. We owe no duty of care to any third party that becomes aware of this document and chooses to act on it in part or in whole with or without our knowledge. It is understood that there is no agreement/obligation to purchase or sell any of the listed articles.
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 would 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 replacement estimates (new or second hand), disposal estimates, and determination for probate, private sale, divorce settlement and estate division. The functions of a valuation include but are not exclusive to retail availability (new or second hand), auction reserve, non-forced sale and forced sale, superannuation fund all of which are likely to be representative of differing dollar values.
Within the spectrum of the jewellery industry there are many different markets in which jewellery is bought and sold. These markets are therefore 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 chain stores, and single shop front manufacturing jewellers, noting that each market and its conditions will have its own set of market parameters.
1. Retail Replacement:
An appraisal for “Retail Replacement Value” is usually given as the hypothetical average estimated replacement cost for an item of jewellery purchased at a Retail level in the marketplace specified in the document. This value will vary according to the “market conditions” of when and where the replacement item may be purchased and would most likely vary from one given type or location of market to another.
2. Auction Reserve:
An appraisal for “Auction Reserve Value” is usually given to reflect the estimated 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 and Antique:
An appraisal for “Second Hand Replacement Value” is usually given for jewellery items that have been used and must take into account the “present condition” of the item which will include evidence of wear and tear, previous repair and or abuse. This type of appraisal, especially with Antiques will also reflect the desirability and collect ability of the item in the current market conditions and could vary with differing “purposes”.
4. Non-forced sale:
An appraisal for “Non-forced sale value” is usually given as an estimate of a jewellery items 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 often 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 without time to “trade, bargain or shop for the best price available”. This type of appraisal is often used for the “purpose” of divorce or probate.
Prominently Used Valuation Purposes (Reasons)
1. Insurance replacement:
The purpose of an insurance replacement appraisal is to provide both the client and an 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. Insurance replacement is usually defined as what someone would be expected to be charged to replace a commercially equivalent item from a reputable outlet within the market specified on the document.
2. Divorce Settlement or Estate Division:
The purpose of an appraisal for Divorce Settlement or Estate Division is usually to provide the parties with suitable technical detail and value information to allow for a suitable disposal or distribution of items by all parties involved. These appraisals may reflect specific instructions from the legal community and will sometimes include a range of valuation functions (market levels) as given above for the 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 commercial “retail” situation and will not normally reflect retail market overheads.
The purpose of an appraisal for Probate was used in the past to provide information for the determination of governmental taxes and charges payable on a deceased estate as death duties. The Probate Commissioners definition was “an immediate sale to a willing but not anxious buyer”. It represents the lowest value applicable usually by “Forced Sale”. However, it is now more usual for probate to be used as a valuation for Estate Division as presently there are no Probate Taxes.
5. Superannuation Funds:
Valuations for superannuation funds will be governed by the status of the fund, if the fund is continuing then the valuation figure should represent a “replacement” value, but if the fund is being wound up the valuation figure should represent a potential “disposal” value.
6. Technical Merit Quality Assessment Report:
The Technical Merit Quality Assessment report is used to identify and describe gemstones, precious metals and other jewellery components. This qualitative type of report does not include a statement of value. The report can form the basis on which the function and purposes of a valuation certificate with a dollar value could ultimately be determined.
If you would like to contact us to understand more about this Agreement or wish to contact us concerning any matter relating to it, you may do so via the contact form, send an email to email@example.com or write a letter to Po Box, 970, Bowral, NSW, 2576, Australia.
This document was last updated on January 10, 2024