March 5, 2002
J-BAR Establishes Standards and Practices
The Jewelers Board of Appraisal Review released its new set of standards and practices to provide "basic yet absolutely necessary" information to jewelers who do appraisals, but may not belong to any established appraisal organization, says Cecilia L. Gardner, executive director and general counsel for the Jewelers Vigilance Committee, of which J-BAR is a division. The board was announced last summer ( "JVC Debuts J-BAR for Appraisers").
Gardner says the standards and practices are a first step toward bringing attention to the concepts which should apply to appraisal practice. J-BAR's document provides minimum standards based on legal compliance and sound business practices. The standards also facilitate compliance with Federal Trade Commission guidelines, which address deception and misrepresentation.
J-BAR plans to provide easily accessible appraisal practice education and to act as a clearinghouse for resolving disputes involving appraisal issues. The group will begin its trade outreach in the next few months, gathering data on those wishing to be affiliated with it. A new resource book the group will publish this fall will include J-BAR standards, appraisal organization standards and codes, dispute resolution services, suggested appraisal forms, sample legal protection language, member biographies and listings, organizational information and a glossary of related terms.
Below is J-BAR's standards and practices document:
STANDARDS AND PRACTICES FOR JEWELRY AND GEMSTONE APPRAISALS
All J-BAR appraisers undertake to become familiar with and comply with all laws and regulations applicable to the jewelry industry. Because J-BAR appraisers understand that they take responsibility for the appraisal documents they author, they have agreed to the following standards and practices in performing appraisals of jewelry and gemstones:
J-BAR Appraisers Shall:
S.1 Perform only those types of appraisals for which the appraiser has demonstrated appropriate knowledge, skill and competency.
S.2 State within the appraisal its specific intended use.
S.3 Provide detail that fully and accurately identifies the characteristics of the gemstone or jewelry (including, but not limited to: weight, clarity, color, cut, and type, including gemstone treatments) using recognized and common terminology.
S.4 Perform appraisals based on physical inspection unless otherwise clearly disclosed within the appraisal.
S.5 Maintain appropriate and accurate supporting documentation pertaining to and identified within the appraisal performed.
J-BAR Appraisers Shall:
P.1 Ensure that they have the knowledge, skill and competency to perform the appraisal for which they have been engaged and that all qualifications are disclosed to the recipient of the appraisal services.
P.2 Ensure and disclose that all appraisal work is performed free of any conflict of interest, including but not limited to financial interest.
P.3 Provide the date, name of the appraiser and a legible signature of the appraiser on all appraisal documents.
P.4 Describe any unusual or irregular environmental conditions, limitations or restrictions which may have had an influence on the outcome of the appraisal.
P.5 Make reasonable efforts to educate self and staff on the skills and knowledge necessary to perform accurate and credible jewelry appraisals.
For more information, contact J-BAR, a division of JVC, 25 West 45th Street, Suite 400, New York City 10016; (212) 997-2002, fax (212) 997-9148.