Terms and Conditions

To complete the services requested, Gemological Grading Services has relied solely upon the implied validity of any and all documents provided by the client, including: documents of authentication, sales receipts, original or outdated appraisals, certifications and assessments. It is not the responsibility of GGS to investigate or determine the authenticity of said documents provided by the client. GGS will maintain copies of the documents provided by the client in file for up to five years. The client understands that any documents provided subsequent to the completion of the appraisal may result in an extra charge.

General Limit and Conditions of Agreement
The client understands that submitting a stone within a setting can and may limit the process of examination due to the possible obscuring of characteristics that can alter the value of the gemstone. Unless specifically stated, the client’s gemstone was not removed from the supplied setting during the appraisal process. GGS maintains the possibility of a variance in result if a later gemstone appraisal is completed without the setting. Any and all additional limitations to a gemstone inspection by GGS will be noted in the item description.

Record Maintenance and Confidentiality
Gemological Grading Services promises to maintain your certified appraisal document on file in your electronic database for up to five years. GGS recommends the client, as a standard practice, obtain an updated appraisal after five years time to maintain the most current record of a gemstones quality. Any and all information maintained within this file is confidential, and will not be shared by GGS unless specifically requested or authorized by the client, or by force of law.

Liability
GGS maintains that the objective statements of fact within this document are truthful and correct to the best of our knowledge. When appraising our client’s gemstones, GGS has acted solely in the capacity of an appraiser and no other role such as attorney, tax specialist, insurance agent, or accountant.

GGS assumes no liability whatever for any misinformation supplied to us either intentionally or accidentally by the client. Our appraisers are not responsible for unauthorized alterations to the issued appraisal documentation. All database files and documentation pertaining to the appraisal are the property of the appraiser (GGS) and may be discarded after five years if no further appraisal update is requested by the client.

In the unlikely event that a form of a dispute should occur due to any actions performed during this GGS appraisal process, the matter in dispute shall be submitted to the American Arbitration Society for arbitration. GGS liability in this appraisal is expressly limited to the amount of any fees collected, and is restricted to the client. Any attorneys fees incurred by GGS as a result of this certified appraisal process are expressly limited.

Definition of Replacement Value
For the purposes of performing this certified appraisal, Gemological Grading Services defines replacement cost and replacement value by the following guidelines:

A) New Replacement Value: A new replacement value is defined as the more frequently occurring cost required to fully replace the item under evaluation with the most similar or identical item in kind and quality.

B) New Replacement Cost: The new replacement cost is equal to the assumed cost required to replace an appraised item from a particular source known by the client with the item most similar or identical in kind and quality.

C) Comparable Replacement Value: The comparable replacement value of an item under evaluation is the cost required to replace the item with a similar, but not necessarily identical, item in kind and quality. Insurance terms refer to this as Actual Cash.

D) Replication Replacement Value: The replication replacement value is the estimated or probable cost required to create an exact replica or duplicate of the item under evaluation using the same materials, tools, and construction methods that created the original piece. This type of replacement is not an option under the majority of insurance contracts.

Gemological Grading Services Approach to Value
When completing the appraisal process, GSS employs either the Sales Comparison Approach, or the Cost Approach.

The Sales Comparison Approach directly compares the qualities of the item under appraisal to pieces with similar, viewable characteristics. GGS then researches recent sales of such merchandise in order to determine the most current value for items of this nature. Adjustments are made accordingly to account for any variance between the items being compared. This evaluation method most accurately reflects the effect of supply and demand on the current jewelry market.

The Cost Approach immediately determines the minimum retail cost for a consumer to exactly replicate the item being appraised. Factors considered in this method of evaluation are overhead, materials, labor, possible depreciation, and cost of capitol.

The replacement value of your item(s) for insurance purposes depends on current market conditions and the circumstances of the individuals loss. This estimate is typically completed using the Sales Comparison approach or the Cost Approach.

Assumptions
Gemological Grading Services is not responsible for determining the authenticity of documents and information provided for this appraisal by the client. Ownership of the items under evaluation is as stated by the client, and assumed to be truthful. A GGS certified appraisal does not claim to investigate whether or not items under evaluation are the legal property of the stated owner, or whether the documentation submitted with the item is authentic.