Client: Mrs. Sally Sample Report Date: April 18.

2020
3001 Sample Blvd Inspection Date: May 10, 2019
Carlsbad, CA 92008 Effective Date: May 10, 2019

Dear Mrs. Sample,

At your request I examined the jewelry you submitted and have provided an opinion of the Replacement Value New
and/or comparable at the retail market level for insurance coverage using the sales comparison approach to value.
The markets considered are well established ecommerce and/or brick and mortar retail jewelry stores with a good
reputation. The secondary estate retail markets have been researched when the items are not modern or no longer in
production. The opinions and conclusions in this report are based upon my personal, impartial, and unbiased
professional analysis. Use of this report is only intended for Mrs. Sally Sample.

There are 4 items in this report and it is valid only in its entirety. The value conclusions are subject to limiting
conditions that are set forth in the body of the report. As of the effective date of May 10, 2019, it is my
professionally researched opinion that the replacement value of the jewelry listed in this report is $98,300.00
excluding tax.

The report is provided to you in secure PDF format for ease in delivery to your insurance representative, and will
permit you to make additional copies as you require. This report may not be published in any medium without the
express written consent of the appraiser. Photographs are included with the original report for your reference and to
aid in identification only. The items are generally enlarged to show detail. Color reproduction is limited due to
differences in lighting, computer monitors and individual color printers. I am required to maintain your appraisal file
for five years under normal circumstances and may dispose of them after that time without prior notification.
Updating the information contained in existing appraisal report is often less expensive than repeating the entire
appraisal process, therefore periodic review of appraisal values is recommended.

This letter is not the appraisal report; it is only a means to introduce the appraisal report which is attached. This
report was prepared in accordance with the 2018-2019 edition of the Uniform Standards of Professional Appraisal
Practices (USPAP) and the Principles of Appraisal Practice and Code of Ethics of The American Society of
Appraisers.

It is assumed that the client agrees to the terms and conditions herein by reason of contracting and accepting this
appraisal report. It was a pleasure to work with you, and if I can be of any further assistance, please do not hesitate
to contact me.

Sincerely,

Kathleen M. Turner
GIA Graduate Gemologist
 APPRAISAL REPORT

REPLACEMENT VALUE APPRAISAL FOR THE EXPRESS PURPOSE

OF INSURANCE SCHEDULING

Prepared
For

Mrs. Sally Sample

3001 Sample Blvd
Carlsbad, CA 92008

Prepared by:
Kathleen M. Turner GG
Graduate Gemologist, GIA
Report Date: 4/18/2020

Sample: 352
Report Date: 4/18/2020 Page 1 of 21
 TABLE OF CONTENTS
SCOPE OF WORK.................................................................................................................................................... 3
Dates ........................................................................................................................................................... 3
Intended Use and Users .............................................................................................................................. 3
Examiner Identification and Inspection Location ...................................................................................... 3
Value Conclusion ....................................................................................................................................... 3
Definitions of Replacement Value ............................................................................................................. 3
Approach to Value.................................................................................... Error! Bookmark not defined.
Market Summary ...................................................................................... Error! Bookmark not defined.
Ownership and Existing Use .................................................................... Error! Bookmark not defined.
PROCEDURES ......................................................................................................................................................... 5
ASSUMPTIONS ....................................................................................................................................................... 5
LIMITING CONDITIONS .......................................................................................................................................... 5
GIA COLOR AND CLARITY SCALES ....................................................................................................................... 6
METALS MARKET (KITCO.COM) ........................................................................................................................... 6
LIST OF LABORATORY INSTRUMENTS ................................................................................................................... 6
CERTIFICATION OF APPRAISAL PRACTICE ............................................................................................................. 7
PRIVACY STATEMENT ........................................................................................................................................... 7
CREDENTIALS ........................................................................................................................................................ 8
DESCRIPTION OF ITEMS ......................................................................................................................................... 9
GLOSSARY .............................................................................................................................................................. 19

This report is valid only in its entirety and for its stated purpose and intended use and was prepared in accordance
with the 2018-2019 edition of the Uniform Standards of Professional Appraisal Practice (USPAP).

Sample: 352
Report Date: 4/18/2020 Page 2 of 21
SCOPE OF WORK
To perform a physical examination, gemological testing, and evaluation of the jewelry listed in this report.
Necessary research and analysis have been performed to arrive at an opinion of replacement value new or
comparable for the purpose of insurance scheduling. Each item has been electronically tested, visually identified for
metal content and thoroughly observed under magnification for value characteristics, quality and condition. I did not
investigate or perform research beyond the generally accepted levels of standard practice within the jewelry
appraisal profession.

DATES
Examination Date: 5/10/2019
Report Date: 4/18/2020
Effective Date: 5/10/2019

INTENDED USE AND USERS

The intended use of this report is for obtaining insurance coverage on the jewelry described. This report is intended
for use only by Mrs. Sally Sample. Use of this report by others is not intended by the appraiser.

EXAMINER IDENTIFICATION AND INSPECTION LOCATION

Kathleen Turner, GIA Graduate Gemologist at Cal Coast Jewelry Appraisers Inc. 3001 Carlsbad Blvd Suite 12.
Carlsbad CA, 92008.

VALUE CONCLUSION
There are 4 items in this report and it is valid only in its entirety. The value conclusions are subject to limiting
conditions that are set forth in the body of the report. As of the effective date of May 15, 2019, it is my
professionally researched opinion that the replacement value new and comparable of the jewelry listed in this report
is $98,300.00 excluding tax.

DEFINITIONS OF REPLACEMENT VALUE

Based on accepted appraisal methodology, definitions of replacement value are:
➢ Replacement value (new): The cost to replace a property with an equivalent, or substitute which is new,
using modern materials, techniques and standards that satisfy the description or use of the replaced property.
It is the present cost of replacing the property with one having the same quality and utility, but in new
condition.
➢ Replacement value (comparable): The price in terms of cash or other precisely revealed terms that would be
required to replace a property with another of similar age, quality, origin, appearance and condition within a
reasonable length of time in an appropriate and relevant market.
➢ Replacement value (reproduction): The total cost to reproduce an exact replica of the property at current
costs, by the same artist, craftsperson or another of equal skill, using the same material and techniques.

Published in Monograph 2, ASA Personal Property Committee Monographs 2010-2013

Sample: 352
Report Date: 4/18/2020 Page 3 of 21
APPROACH TO VALUE
There are three traditional approaches to value that are as follows:
➢ Income approach: Applies to properties that produce a stream of income and is used only if the property has
been or will be used for rental or other income-producing purposes.
➢ Sales comparison approach: Researches, records and analyzes current verifiable sales of articles with
qualities similar or identical to the subject item and adjusts for differences to arrive at an indication of value.
Appraisal standards dictate that any recent sales of the subject property also be considered.
➢ Cost approach: Establishes the total value of an item by considering the consumer’s cost to have a similar,
equally desirable substitute produced, taking into consideration precious metal content, gemstone weights
and qualities, labor, and any other fees. Depreciation may be applied as appropriate.

To form an opinion of replacement value new and comparable for the items listed in this report, I have considered
the sales comparison, cost, and income approach to value. The income approach has not been used because these
items are not currently producing a stream of income. The cost approach has been used when adjusting value for
labor charges on item #1 and when calculating the cost to remake a handmade custom setting on item # 2. The sales
comparison approach to value has been used because there are sufficient comparables available for purchase in the
markets researched as of the effective date of valuation. Each comparable found has been analyzed, ranked and
compared to the subject property.

MARKET SUMMARY
Due to the intended use being for insurance coverage, the market researched is the well-established ecommerce
and/or brick and mortar retail jewelry stores with a good reputation. The market level researched is made up of
average to above average quality jewelry. The secondary estate retail resale market has been researched when the
items are not modern or no longer in production. Comparable items are readily available and most often replaced
through these markets. Specific information on the sources and comparables used are listed with each item. As of
the effective date of this appraisal, according to the Investor’s Business Daily, the US economic performance has
been much stronger and corporate profits much higher than in other developed countries and the US economy is
projected to continue expanding.

OWNERSHIP AND EXISTING USE

Mrs. Sample has stated she has full property interest and ownership rights. It is outside the scope of work to
investigate further. The appraiser assumes the ownership of the subject property is true as stated by the client.
Possession of this report does not provide title to the items appraised. The existing use of the property is for normal
everyday wear and/or locked in the clients safe. The items have been valued at whole ownership and not partial
ownership.

This report was prepared in accordance with the 2018-2019 edition of the Uniform Standards of Professional
Appraisal Practices (USPAP) and the Principles of Appraisal Practice and Code of Ethics of The American Society
of Appraisers.

Sample: 352
Report Date: 4/18/2020 Page 4 of 21
 PROCEDURES
The jewelry and gemstones described within have been analyzed and graded in accordance with prescribed grading
standards using typical gemological methods and precision laboratory equipment.

Jewelry constructed solely of, or in combination with, precious metals (i.e. platinum, palladium, gold and/or silver)
is tested electronically with the Kee Gold Tester, analyzed and described for its type and content of such metal.
Unless otherwise stated, all gemstone weights, grades, and measurements are approximate, and stones have not been
removed from their mountings.

Diamonds are graded with the prescribed grading nomenclature of the Gemological Institute of America (GIA) and
the use of pre-graded permanent master color comparison stones.

Colored stones are color graded using the GIA color grading system, Gem eWizard, GemDialogue, GIA Gem Set or
Color Scan color comparators.

ASSUMPTIONS
Unless otherwise stated, all colored stones listed on this appraisal report have likely been subjected to various
treatments to improve their appearance. Treatments are considered usual and customary practices when properly
disclosed and when done without intent to defraud the consumer. The treatments are mostly stable and do not
require special care. Some treatments are reversible and re-treatable. Prevailing market values are based on these
universally practiced and accepted processes by the gem and jewelry trade. Detection of some treatments requires
sophisticated equipment not found in a standard gemological laboratory. It is beyond the scope of the appraisal to
determine exact treatment methods or the amount of treatment present. When a treatment is detected and considered
not to be usual it will be so noted.

Sources are assumed to be reliable and the appraiser does not assume responsibility for their information. If the
extraordinary assumptions in this report are proven to be inaccurate my opinion of value may change.

LIMITING CONDITIONS
The fees paid for this appraisal do not include the services of the appraiser for any other matter. In particular, fees
paid to date do not include any of the appraiser's time or services in connection with any statement, testimony or
other matters before an insurance company, its agents, employees or any court or other body in connection with the
property herein described. If the appraiser is required to testify or to make any statements to a third party concerning
the described property and/or appraisal, the applicant shall pay the appraiser for all such time and services so
rendered.

Unless expressly stated, the items appraised are in good condition. Any serious deficiencies and repairs are noted.
Ordinary wear and tear is not noted.

This appraisal process does not discover liens, encumbrances, or fractional interests but, if known, they are noted.
The limited owner of this appraisal is the party for whom the work was performed. Possession of this report, any
portion of this report, or any copy thereof, does not include the right of publication without the appraiser's written
consent. No changes may be made to this report by anyone other than the appraiser. The appraiser cannot be
responsible for unauthorized alterations.

Each item described in this report has been photographed and file copies of the photographs as well as a copy of the
report are maintained in the appraiser's files for at least five years after the report date.

Sample: 352
Report Date: 4/18/2020 Page 5 of 21
 GIA COLOR AND CLARITY SCALES

METALS MARKET (KITCO.COM)

Date: 5/10/2019
Gold: $1,286.00
Silver: $14.74
Platinum: $862.00
Palladium: $1,332.00

LIST OF LABORATORY INSTRUMENTS

Binocular microscope Leveridge gauge
Electronic scale Thermal conductivity diamond tester
Touchstone and acids Spectroscope
Electronic metals tester Polariscope
Dichroscope Color Gemstone color descriptive system
Refractometer Chelsea color filter
Diamond light and graded master comparison stones

Sample: 352
Report Date: 4/18/2020 Page 6 of 21
 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 to the parties involved.
➢ I have performed no services, as an appraiser or in any other capacity, regarding the property that is the
subject of this report within the three-year period immediately proceeding the agreement to perform this
assignment.
➢ I have no bias with respect to the property that is the subject of this report or to the parties involved with 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 (USPAP) 2018 – 2019 Edition, published by
the Appraisal Foundation.
➢ I have made a personal inspection of the property that is the subject of this report.
➢ No one provided significant personal property appraisal assistance to the person signing this certification.

PRIVACY STATEMENT
Appraisers, along with all providers of personal financial services, are now required by federal law Gramm Leach
Bliley Act 1999) to inform their clients of the policies of the firm with regard, to the privacy of nonpublic personal
information. As professionals, we understand that your privacy is very important to you and pleased to provide you
with this information.

In the course of performing appraisals, we may collect what is known as “nonpublic personal information” about
you. This information is used to facilitate the services that we provide to you and may include the information
provided to us by you directly or received by us from others with your authorization.

We do not disclose any nonpublic information obtained through our engagement with our clients to nonaffiliated
third parties except as necessary or as required by law. By way of example, a necessary disclosure would be to our
employees, and in certain situations, to unrelated third-party consultants who need to know that information to assist
us in providing appraisal services to you. All our employees and any other third-party consultants we employ are
informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence
within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent
jurisdiction with regard to a legal action to which you are a party.

We will retain records relating to personal services that we have provided to you for a reasonable time so that we are
better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized
access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional
standards to insure the security an integrity of your information

________________________________
Kathleen M. Turner
GIA Graduate Gemologist
5/15/2019

Sample: 352
Report Date: 4/18/2020 Page 7 of 21
 CREDENTIALS

Kathleen M. Turner, GG
GIA Gradate Gemologist

Education American Society of Appraisers (ASA) courses listed below

Gemological Institute of America (GIA)
Uniform Standards of Professional Appraisal Practice (USPAP)
Fashion Institute of Design and Merchandising (FIDM)

Business Owner, Cal Coast Jewelry Appraisers Inc.

Qualifications Graduate Gemologist (GIA) #0010080235 2008

National Association of Jewelry Appraisers (NAJA) 2019
American Society of Appraisers (ASA) Candidate Member
* PG201-000– Introduction to Personal Property Evaluation 8/16/2018
* GJ202-000– Appraising Gems and Jewelry for Insurance 5/9/2018
* GJ203-000– Appraising Gems and Jewelry for Advanced Assignments
10/25/2018
* GJ209-00E– Jewelry Forensics for Appraisers (GIA) 5/7/2018
* GJ210-000– Master Gemologist Appraiser Examination 5/6/2018
* PG204-000– Personal Property Valuation – The Legal and Regulatory
Environment
Appraisal Institute (AI)
* IRS Valuation Symposium 2018
Uniform Standards of Professional Appraisal Practice (USPAP)
* 15-Hour National USPAP Course 2016-2017
* 7-Hour National USPAP Update Course 2018-2019

Courses

AGA * 2018 AGA Tucson Gemological Conference

* 2019 AGA Tucson Gemological Conference
Gem World
* Corundum Treatments & Pricing Workshop 2017
* Colored Stone Grading & Pricing Workshop 2018

Memberships American Society of Appraisers ASA

National Association of Jewelry Appraisers NAJA
Jewelry Appraisers of the World JAW
Women’s Jewelry Association WJA

Sample: 352
Report Date: 4/18/2020 Page 8 of 21
Prepared For: Mrs. Sally Sample Effective Date: 5/10/2019
3001 Sample Blvd
Carlsbad, CA 92008

DESCRIPTION OF ITEMS
ITEM 1 - RING
Ladies electronically tested 14k white gold cast and assembled modern diamond engagement ring with an open-
heart design measuring 10.00 mm at top and tapering down to 5.00 mm at bottom. The ring has a bright polish finish
and is in very good condition. There are no trademarks or identification marks visible. The total weight of the ring is
7.0 grams. The total estimated diamond weight is 1.70 carats. The diamonds are listed as follows:

Main Diamond Attributes

One (1) six prong set round brilliant cut diamond measuring 7.07 x 7.10 x 4.11 mm
(stated). The stated weight is 1.22 carats. The diamond has been graded loose by The
Gemological Institute of America. The GIA report number is 12927367.

Clarity grade: SI-2

Color grade: H
Proportions: Good
Finish: Good
Fluorescence: None (lw)

Legend:
Crystal
Needle
Feather

Diamond Melee Attributes

Fifty-two (52) bezel and bead set round brilliant cut diamonds weighing .005 to .02 carats
each. The total estimated melee diamond weight is .48 carats.

Clarity grade: SI-1 to SI-2

Color grade: G-H
Cut: Very Good

TOTAL REPLACEMENT VALUE - NEW $8,200.00

Sample: 352
Report Date: 4/18/2020 Page 9 of 21
Comparables used when forming an opinion of value for item # 1:

1. Robbins Brothers 1.20ct H SI-2 GIA $5,745.00 per carat x 1.22ct = $7,008.00
2. Blue Nile 1.01 H SI-2 GIA $4,168.32 per carat x 1.22ct = $5,085.00
3. Park Place Gems 14kw .50cttw heart filigree diamond band $1,035.00
4. Sage Designs LA 14kw .97cttw heart filigree diamond band $2,920.00

Value conclusion: The client most commonly shops with well-established brick and mortar
jewelry stores with a good reputation. Comparable #3 is currently listed for sale through a
brick and mortar as well as ecommerce jewelry store. The value and style characteristics of
this comparable closely resemble the subject item. I have added the labor charges of $175.00
to set the center diamond in a 6-prong head. Comparable #1 is currently listed for sale through
a well-established jewelry store with a good reputation for selling engagement rings and is
consistent with the average retail mark-up and research performed for multiple brick and
mortar jewelry stores in the same market level. Diamond and band total are rounded to
$8,200.00.

GIA REPORT ASSOCIATED TO ITEM # 1

Sample: 352
Report Date: 4/18/2020 Page 10 of 21
ITEM 2 - RING
Lady's hand fabricated platinum modern 3-stone sapphire and diamond ring with a cathedral style shank and open
gallery. Ring shank measures 3.20 mm at the top and tapers down to 2.75 mm at the bottom. Identified with
markings "2502 PT 950". Condition is very good with a bright polish finish. The ring weighs 12.0 grams. Gemstone
and diamonds are listed as follows:

Sapphire Attributes
One double prong set round modified brilliant cut untreated natural blue sapphire measuring 11.02 x 10.74 x 5.81
mm (actual). The stated weight is 6.16 carats (stated by Güblin). The sapphire has been graded loose by Güblin on
November 20, 1997. The Güblin Gemstone Report number is 9711061. Origin is stated as Burma (Myanmar). No
indication of heat treatment.

Clarity: Type II, Eye-clean

Color: B 6/5 - medium dark strong blue
Cut: Very Good 60% extinction 40% Window Moderate Bulge
Finish: Very Good
Brilliancy: Good 40-60%
Fluorescence: None lw .

1st Diamond Attributes

One “v” prong set heart modified brilliant cut diamond measuring 6.28 x 5.82 x 3.45 mm
(actual). The stated weight is .76 carats. The diamond has been graded loose by The
Gemological Institute of America. The GIA report number is 8643268. Dated 08/21/1995.
Report is attached.

Clarity grade: VS-2

Color grade: E
Finish: Good
Symmetry: Good
Fluorescence: Faint blue
Depth: 54.9%
Table: 65.0%

2nd Diamond Attributes

One “v” prong set heart modified brilliant cut diamond measuring 5.72 x 6.26 x 3.46mm (actual).
The stated weight is .71 carats. The diamond has been graded loose by The Gemological Institute
of America. The GIA report number is 5333097802. Dated June 19, 2019. Report number is laser
inscribed on girdle. Report is attached.

Clarity grade: VS-1

Color grade: F
Finish: Excellent
Symmetry: Very good
Fluorescence: None
Depth: 61.0%
Table: 55.4%

Total Stated Diamond Weight: 1.47 ct.

TOTAL REPLACEMENT VALUE - COMPARABLE $69,900.00

Sample: 352
Report Date: 4/18/2020 Page 11 of 21
Comparables used when forming an opinion of value for item # 2:

1. Gems NY 6.70ct No Heat Burma Sapphire GIA Comparable color $9,665.82 per carat
2. Bluenile .76ct Heart diamond GIA E VS2 Faint Fluorescence $4,220 per carat
3. Bluenile .73ct Heart diamond GIA F VS1 no Fluorescence $4,318 per carat

Value conclusion: This ring is a modern handmade design with an ultra-fine guild market
level. The sales comparison approach to value has been used to form an opinion of the
sapphire and accent diamonds replacement value at the retail market level. The cost approach
to value has been used to form an opinion of replacement value-new for the handmade custom
setting at the ultra-fine retail market. The value is based on the platinum market and typical
retail markups as of the effective date. I have multiplied the retail per carat price by the
subject weight to form an opinion of replacement value. The sapphire replacement value is
$59,541.46. The two-accent heart diamond total replacement value is $6,359.34. The
calculated replacement value- new for a comparable handmade setting including labor is
$4,000.00. The total replacement value is

$69,900.80 rounded down to $69,900.00

Gueblin report associated with item # 2

Sample: 352
Report Date: 4/18/2020 Page 12 of 21
GIA report associated with item # 2

Sample: 352
Report Date: 4/18/2020 Page 13 of 21
GIA report associated with item # 2

Sample: 352
Report Date: 4/18/2020 Page 14 of 21
Item 3 - Ring
Lady’s platinum die-struck and assembled “mid-century” diamond ring with a tapered knife-edge shank. Ring
measures 9.00 mm at top and tapers down to 2.50 mm at bottom of shank. The total weight of the ring is 5.2 grams.
The ring is in very good condition with a bright polish finish. There are no trademarks. The ring is identified with
markings of 90% Platinum 10% Iridium. Diamonds are listed as follows:

Main Diamond Attributes

One (1) dual prong set Old European Cut diamond measuring 7.31 x 7.53 x 5.02
mm. The diamond weight is 1.76 carats. The diamond has been graded loose by The
Gemological Institute of America. The GIA report number is 5202124191; laser
inscribed on the girdle.

Clarity grade: VS-2

Color grade: I
Finish: Fair
Fluorescence: None (lw)

Diamond Melee Attributes

Sixteen (16) prong set round single cut diamonds weighing .02 to .05 carats. The
total estimated melee diamond weight is .40 carats.

Clarity grade: VS-2 to SI-1

Color grade: H-I
Finish: Good

REPLACEMENT VALUE - COMPARABLE $13,200.00

Sample: 352
Report Date: 4/18/2020 Page 15 of 21
Comparables used when forming an opinion of value for item # 3:

1. 1st Dibs Plat 1.76ct J SI-1 Old European diamond .20cttw melee diamonds $12,000.00
2. 1st Dibs Plat 1.53ct J VS-2 Old European diamond Melee diamond weight unknown
$13,650.00
3. 1st Dibs Plat 1.22ct I VS-2 Old European diamond GIA Report .15cttw melee diamonds
$9,100.00

Value conclusion: The secondary estate retail jewelry market specializing in “Art Deco”
jewelry has been considered due to the age and style of this ring. Comparable #3 is closest to
the subject item in all the value characteristics. The mounting is similar in value and style
characteristics to the subject ring. The main value characteristic of the center diamond is
weight, color and clarity and has been used to calculate the price per carat and multiplied by
the subject carat weight. $9,200.00 /1.21ct = $7,459.00 per carat x 1.76ct = $13,127.16.
Rounded up to $13,200.00.

GIA Report associated with item # 2

Sample: 352
Report Date: 4/18/2020 Page 16 of 21
ITEM 4 - WATCH
Lady's stamped 18K yellow gold diamond wristwatch.

Total Diamond Weight: 0.58 ct.

Watch Attributes
Weight: 65.7 gms
Maker: Ebel
Type: Beluga
Movement: Quartz
Material: 18K yellow gold
Crystal condition: Synthetic Sapphire (very good)
Shape / Size: Round / 24 mm
Crown: Fluted push/pull
Bezel: Diamond
Dial: Mother of Pearl & Diamond
Hour markings: Diamonds
Hands: Gold
Strap/Bracelet: 18K yellow gold brick style
Clasp: Hidden deployant buckle
Condition: Very Good (running)
Model number: 866969
Serial number: 42105875
Comments: Watch has not been opened for inspection.

Diamond Dial Melee Attributes

Twelve (12) bezel set round single cut diamonds weighing .005 carats each. The total estimated diamond weight is
.06 carats. Diamonds are set into the mother of pearl dial.

Clarity grade: VS-1 to VS-2

Color grade: F-G
Finish: Very Good

Diamond Bezel Melee Attributes

Seventy-four (74) pavé set round brilliant cut diamonds weighing .007 carats each. The total estimated diamond
weight is .52 carats. Diamonds are set into the bezel and case lugs.

Clarity grade: VS-1 to VS-2

Color grade: F-G
Cut: Very Good
Finish: Very Good

TOTAL REPLACEMENT VALUE - COMPARABLE $7,000.00

Sample: 352
Report Date: 4/18/2020 Page 17 of 21
Comparable used when forming an opinion of value for item # 4

1. Tradesy 18K Ebel Beluga Worn $5,000.00

2. Bonanza 18K Ebel Beluga Good condition $5,440.00
3. Tradesy 18K Ebel Beluga Excellent condition $6,995.00

Value conclusion: The secondary estate resale market has been considered due to this watch
no longer being manufactured by the maker. Comparable #3 is the same model and make and
is closest to the subject item in condition and value characteristics. Comparable #3 selling for
$6,995.00 and has been rounded up to nearest $10.00 and used when coming to an opinion of
replacement value comparable.

Total Replacement Value for all items, excluding tax is $98,300.00

Signature of Appraiser: ________________________________

Kathleen M. Turner
GIA Graduate Gemologist
Report Date: 04/18/2020

Sample: 352
Report Date: 4/18/2020 Page 18 of 21
 GLOSSARY
Adjusted: A watch that has compensations for temperature, positions, and isochronism.
Appraisal: the act or process of developing an opinion of value.
Appraisal Foundation: Authorized by Congress as the source of appraisal standards and qualifications
Appraisal report : Any communication, written or oral, of an appraisal, review, or analysis; the document that is
transmitted to the client upon completion of an assignment.
Appraiser: one who is expected to perform valuation services competently and in a manner that is independent,
impartial, and objective
ASA: American Society of Appraisers. A non-profit, worldwide organization of appraisers specializing in real,
personal and business property.
Assumptions: Information directly related to a specific appraisal assignment, on which the appraiser bases his
opinions conclusions. If false, assumptions could cause the appraiser's opinions or conclusions to be in error. IE:
sales receipts & price reports, or the portions of a diamond unobservable because of the setting.
Bead set : A setting style where the stones are set flush in the metal, held by beads raised from the surrounding
metal.
Bezel: 1.) The facets around the sides of a gem. 2.) A type of gemstone setting where the metal encircles and is
burnished over the edge of the gem. 3.) On a watch, the rim that covers the edge of the dial and holds the
crystal in place.
Brilliant cut: A type of cutting, especially of diamonds, with 32 facets plus a table placed above the girdle and 24
facets, plus the culet if present, placed below the girdle, in a “starburst” pattern. The brilliant cut can stone
may have a variety of shapes, such as round, oval, pear shaped, marquise or boat-shaped, or heart shaped.
Carat: A unit of weight in gemstones, equal to one-fifth of a gram. Carat weight is one of the “four C’s” in diamond
grading A carat is divided into 100 parts, or decimal fractions, commonly referred to as “points.” The word
carat comes from the seed of the carob tree (Biblical locust) and was used in ancient times as a unit of weight
for pearls and gems.
Clarity: In gemstones, the incidence of inclusions and surface blemishes. One of the “four C’s” in Diamond
grading. There are several clarity grading scales throughout the world. The clarity grading scale used in this
report is that of the G.I.A. Some of the grades are split (e.g. VVS1 and VVS2). Size, position and number of
inclusions determine the distinction between the split grades. The descriptions below assume an expert eye using
a 10X loupe corrected for spherical aberration. The following diagram is not literal and is for illustration
purposes only.

FL: Totally free of any internal or external inclusions.

IF: Free of any internal inclusions.
VVS: Extremely small internal inclusions that are difficult to extremely hard to find.
VS: Very small internal inclusions that are not too difficult to easy to detect.
SI: Small internal inclusions which are very easy to find.
I1-I2: Internal characteristics that are visible to the trained, but unaided eye. May diminish the brilliance.
I3: Large and/or numerous internal inclusions that are easily visible to the naked eye. Brilliance is
diminished.

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Color grade: 1.)The classification of body color in colored gemstones expressed in terms of hue, tone and
saturation. 2.)The classification of body color of cut diamonds. One of the “four C’s” in diamond grading. There
are several color grading scales used throughout the world, the scale used in this report is that of the GIA. The
range is from colorless (“D”) to yellow, brown or grey (“Z”), beyond is termed Fancy. The following diagram is
not literal and is for illustration purposes only.

Condition: The physical description of the property relating to its completeness for performing an identified role.
Impairments could include damage of any kind, loss of components, wear and tear and inappropriate or
unacceptable repairs.
Cost approach: the total cost to the consumer to have a similar, equally desirable substitute produced. Crystal: 1.)
In gemology, a natural shape related to molecular structure. Grouped by symmetry into six crystal systems. 2.)
The covering that protects the watch dial, usually made of mineral glass, synthetic sapphire or plastic.
Cut: 1.) In gems, a fashioned gem, as opposed to a rough or uncut gem. 2.) The shaping and polishing of a
gemstone. 3.) The proportions to which a gem is fashioned. One of the “four C’s” in diamond grading
Diamond: Hardest of natural substances, composed of pure carbon. In jewelry, must have at least 8 cut facets to
be referred to as a ‘diamond’.
Filigree: Ornamental openwork executed in fine gold or silver wire.
Fluorescence: A property possessed by some substance to change invisible ultra-violet rays into visible light.
Useful in identify the origin of certain gems.
Gem: A cut and polished stone or other precious substance such as pearl or amber that is used in jewelry and has
superior beauty, symmetry, rarity and value. The lack of any one of these properties disqualifies the property
as a “gem”.
Gemologist: One who completes recognized courses of study of gem materials and/or passes examinations to
display his competence to identify and evaluate gem materials.
Gemstone: A mineral occurring naturally with the color, clarity, hardness, rarity and availability making it suitable
for use in jewelry.
GIA: Gemological Institute of America
Head: a) The upper portion of a ring consisting of a tapered box or tube having prongs or other means of securing
a stone. B) The case and mechanism of the wristwatch, not including the strap or bracelet.
Income Approach: approach is based on anticipated income produced by the property being appraised and is
almost never used in jewelry appraisals.
Limiting Conditions: Conditions that materially affect the appraisal process and, as a consequence, the value
conclusion. Not being able to personally inspect the property because it has been destroyed by fire is a limiting
condition. Inspecting diamonds while mounted is a limiting condition. Might necessitate making assumptions
and/or extraordinary assumptions.
Market Value: a type of value stated as an opinion that presumes the transfer of a property (i.e. a right of ownership
or a bundle of such rights),as of a certain date, under specific conditions set forth in the value definition that is
identified by the appraisers as applicable in an appraisal. Buyer and seller are typically motivated.
✓ Both parties are well informed or well advised, and each acting in what he considers his own best
interest.
✓ A reasonable time is allowed for exposure in the open market.
✓ Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto.
The price represents the normal consideration for the property sold unaffected by special or creative financing
or sales concessions granted by anyone with the sale.
Melee: 1.) A parcel of round diamonds up to about ¼ carat. 2.) The accent diamonds in a piece of jewelry. 3.) In
rough diamonds, octahedral and irregular octahedral crystals under 1 carat.
Movement: The works of a watch exclusive of the case and dial.
NAJA: National Association of Jewelry Appraisers. A privately owned jewelry appraisal organization.

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New: A property that is unused or that has not suffered any deterioration or obsolescence. “New” does not
necessarily mean, “just brought into being”.
Period: A historical timeframe characterized by jewelry with certain unifying characteristics of style, materials and
manufacture. E.G., Georgian, Victorian, Art Deco, Art Nouveau, Retro, etc.
Personal property: Tangible, movable property.
Prong: One of several wires or claws used to hold a stone in a setting.
Provenance: Intangible value characteristic relating to the origin or history of the property.
Replacement Value: Based on accepted appraisal methodology, definitions of replacement value are:
➢ Replacement value (new): The cost to replace a property with an equivalent, or substitute which is new,
using modern materials, techniques and standards that satisfy the description or use of the replaced property.
It is the present cost of replacing the property with one having the same quality and utility, but in new
condition.
➢ Replacement value (comparable): The price in terms of cash or other precisely revealed terms that would be
required to replace a property with another of similar age, quality, origin, appearance and condition within a
reasonable length of time in an appropriate and relevant market.
➢ Replacement value (reproduction): The total cost to reproduce an exact replica of the property at current
costs, by the same artist, craftsperson or another of equal skill, using the same material and techniques.
Published in Monograph 2, ASA Personal Property Committee Monographs 2010-2013
Sapphire: A gem form of corundum in any color other than red. When used alone, without an adjective such as
“pink” or “yellow”, it usually refers to the blue variety.
Set: Two or three matching pieces of jewelry, such as earrings, ring, and necklace.
Setting: The mount in which a gemstone is set in jewelry. Also applies to the method, either open or closed, by
which a stone is secured. IE: box setting, collet setting, crown setting, flush setting, pavé setting, etc.
Shank: The part of a ring that surrounds the finger, exclusive of the top.
Shape: In gemstones, the general form of the stone, as opposed to “cut” which usually refers to the proportions of
cutting. Some shapes are round, pear (pendeloque), marquise, square, octahedral, etc. Used in conjunction
with the type of faceting on the bottom of the stone, such as brilliant, step-cut, etc.
Single Cut: A small brilliant cut diamond that has been cut with 18, rather than 58 facets.
Value: The consensus among people interested in a property as to what represents a reasonable price for it.
Value characteristics: Factual properties of an item that have an objective relationship to the marketplace. The
may also be elements of quality, or may be such intangible characteristics as provenance or scarcity.
White gold: An alloy of gold mixed with nickel or other white metals to make lower karat gold with a white or
silvery appearance. It was developed in the early part of the 20 th century.

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