I recently had a situation that moved me to the core. Sometimes we have strong connections with our customers and this was one of them. The couple had been in multiple times over the last few months. Then the wife passed away suddenly. She had been battling cancer, unbeknownst to me. It was a shock and a reminder that it’s not always rainbows and sunshine in the jewelry business.
In our careers in jewelry we follow families and their heirlooms through the whole circle of life-from birth to first communion, to birthdays and graduations, to engagements and marriage, through divorces, and eventually to death. These heirlooms hold the stories of generations. It sometimes gets lost in the day-to-day operations in the store, but stories like these help bring us back to what is most important. It’s the connections we make with the ones we love and those who have touched our hearts along the way.
When it comes time to pass jewelry to loved ones, we can offer some advice that comes with years of collective experience. Take your jewelry to someone you trust to have it cleaned and inspected. If you have someone in mind that you would like to pass it to, have necessary repairs done so it is ready to be enjoyed by the new owner. Repairs now will save your heirs unexpected costs later. Write down any family history surrounding the jewelry-why it was purchased, who the original owner was, and what the gems are, if known. Collect any original sales receipts or previous documentation you may have for each piece.
If no current documentation exists, consider having your jewelry appraised. There are many types of appraisals but no matter what type or how old, the appraisal will still give some indication of value and identification. Keep this paperwork with each piece so someday when the jewelry is passed down, your heirs will know which pieces have importance. They will understand if it is sentimental, monetary, or both. It may not always be necessary to have appraisals done, especially if you don’t plan on insuring your jewelry, or if the value of the item doesn’t warrant the cost of an appraisal. You can inventory everything yourself. Make lists and take photographs (with something to show scale such as a ruler or coin) and write down any family history for the pieces. Gather all of these things and keep in a safe place.
Consider gifting jewelry to the next generation before you pass. This can give you the opportunity to see them enjoying the piece. It also gives them the opportunity to ask you questions they might have. We see so many children and grandchildren that inherit jewelry. They often express that they wish they had the opportunity to ask questions about the history. It is no longer possible once their loved one is gone.
Another consideration: Jewelry that is broken or beyond repair can be traded toward repairs or appraisal paperwork for pieces that will be passed down. This can help the next generation in two ways. The first is mitigating the cost associated with care and maintenance and the second is having already completed some of the sorting and decision-making that otherwise is left for the next generation.
Olufson Designs is ready to help you plan for your valuables’ care and future. The costs associated with estate consultation and sorting are $50-$150/hr. and appraisal fees are $150/hr.