Page 10 - AIJV Shirley sample

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Notes to the Schedule
A valuation schedule can be quite a complex document, so to help you better understand what it contains and why, as well as a few of the limitations that are
applicable to the valuation process itself, the following explanatory notes have been compiled for your information. These should be read in conjunction with
the attached schedule.
General Matters
1.
In accordance with the NAG Code of Practice for Valuers, the utmost care and precaution has been taken to present an honest and unbiased report on
the quality and value of the goods contained in this Schedule. File copies of all pertinent information are maintained for a period of up to six years for
upgrading and/or future reference.
2.
The value(s) of the articles(s) specified in this Schedule may reasonably vary from the value(s) assigned to the same article(s) by other Appraiser s. Such
variances do not necessarily constitute error on the part of the Appraiser concerned. In the event of serious dispute, the Appraiser agrees to abide by the
Resolution of Disputes Procedure specified by the NAG Advisory Code of Practice for Valuers. Should any detail and/or value stated within this Schedule
become the subject of dispute and it subsequently transpires that material information relating to that detail and/or value was withheld, the Appraiser
reserves the right to recall this Schedule and make any amendments as may be necessary. In this event, the Appraiser shall be entitled to levy reasonable
additional fees for the extra work incurred.
3.
Unless otherwise stated, all unhallmarked articles contained in this Schedule have been tested by the Appraiser and have been valued accordingly to
results obtained by the application of acids or by the use of an electronic metal testing meter. However, it is illegal to describe such articles as an official
standard of fineness without the required hallmarks (see The Hallmarking Act, 1973).
4.
Articles are valued only with regard to materials, workmanship, scarcity and relevant market forces. Sentimental
„value‟
is not included. Where it is
applicable and unless otherwise stated, the values given in the Schedule include Value Added Tax at whatever rate is in force at the date of the appraisal.
5.
The values stated in the Schedule do not constitute an offer to purchase nor are they intended to suggest figures likely to be raised in the event of a sale
(unless the valuation is specifically for that purpose).
6.
It is recommended that a valuation for insurance is updated every three to four years. Customers are reminded that values do not necessarily correspond
to the prevailing rate of inflation, and the practice of index-linking may prove to be misleading and inaccurate, and may result in either overpayment of
premiums or underinsurance in the event of a claim.
Gemstone Matters
7.
Unless otherwise stated, all dimensions and estimated weights of gemstones in this Schedule have been determined without unsetting the stones and are
therefore only approximate because of limitations imposed by the mount. Generally, such estimated weights are calculated by applying standard formulae to
the measurements taken.
8.
As a Member of the NAG Institute of Registered Valuers, the Appraiser makes use of the guidelines concerning gemstone nomencl ature recommended
by the international governing body CIBJO (Confederation Internationale de la Bijouterie, Joaillerie, Orfevrerie, des Diamant s, Perles et Pierres). Treatments
or enhancements that are considered permanent and do not fundamentally alter the nature of the gemstone such as heat treatment, staining and dyeing,
waxing and oiling, etc. do not have to be specifically disclosed. It is recommended that treatments that are considered unstable and which do fundamentally
alter the nature of the gemstone such as irradiation, glass-infilling, the improvement of emeralds by resins, diffusion treatment and laser drilling, etc. are
disclosed in cases where they have been detected.
9.
Unless otherwise stated, any quality assessments attributed to diamonds in this Schedule have been determined without unsetting the stones and are
therefore to be considered only as estimated because of limitations imposed by the mount. Where stated, colour assessment has been undertaken against
certified comparison stones. The quality assessment system adopted in this Schedule has been based on the diamond grading scale recommended by the GIA
(The Gemological Institute of America).
10.
Unless otherwise stated, any identification, colour or quality assessments attributed to coloured gemstones in this Schedule have been determined
without unsetting the stones and are therefore to be considered only as probable because of limitations imposed by the mount. Where stated, colour
assessment has been undertaken utilising the Gem Dialogue system and/or other internationally recognised and accepted grading systems. Whilst the
Appraiser is reasonably satisfied that all identifications are correct, no responsibility can be assumed if subsequent testing disproves these opinions which are
based on knowledge and experience verified wherever possible by the use of standard gem testing equipment. In the event of serious doubt, it is
recommended that a report be obtained from a reputable independent gem testing laboratory.
11.
Any article contained in this Schedule which incorporates pearls has been valued according to the opinion expressed, i.e. cultured, natural. Unless
otherwise stated, none have been subjected to X-ray identification and subsequent certification to confirm this opinion. In this Schedule, cultured pearls have
been evaluated utilising the grading system recommended by the NAG in conjunction with the Registered Valuer Cultured Pearl Comparison Set or the GIA
Comparison Set.
Insurance Matters
12. The following abbreviations are used to explain the basis of valuation used in schedules for insurance replacement:-
NRV New Replacement Value reflects the average current new replacement cost of a similar article of equivalent quality. It does not, however, allow for
recreating a handmade facsimile of the original. Most modern items will normally be expected to be described under this heading.
SHRV Second-hand Replacement Value reflects the current second-hand replacement cost of a similar article of equivalent quality and in like condition. It
does not allow for recreating a handmade facsimile of the original.
ARV
Antique Replacement Value should enable the owner to obtain a similar antique replacement article of equivalent quality and in like condition, and
is normally ascribed to articles believed to be one hundred or more years old. It does not allow for recreating a handmade facsimile of the original.