Disclaimer and Limitaitons

When we "CGIDLABS" conduct a jewellery appraisal inspection of the selected jewellery in our office of Canadian Gemological Identification Labs or House calls. The objective of this appraisal is to estimate the replacement cost of the listed item for use in establishing insurance needs unless stated otherwise.

The estimated appraised value is in Canadian Dollars unless stated otherwise on the document and is effective as of the inspection date. This appraisal is to be used only for the function of obtaining insurance coverage unless stated otherwise [Fair Market Value, Probate or Liquidation Value]. Any other use of this report (such as for selling the property or for income tax deduction purposes) renders it null and void.
Replacement cost stated reflects the additional expense of sales tax, which might be incurred in purchasing replacement item. This summary report is intended for your use only. Use of this report by others is not intended.

In summary, when the replacement cost of the appraisal items is in the appraisal made use of the cost approach and the sales comparison approach to estimating worth.

In the cost approach, the marketplace is researched to estimate replacement cost, i.e. the amount of money it would cost to replace the subject property or to acquire a suitable replacement property. Three different types of costs were considered depending on the type of antique, jewellery, or object of value being appraised:

1. Replacement cost is the cost necessary to replace the items being appraised with NEW items of like kind, quality and utility. This definition assumes that an exact substitute can be found for the property being appraised. Replacement cost is used primarily for items that are still being manufactured and/or are still available on the open market.
2. Replacement cost used (comparable) is the cost necessary to replace items being appraised with similar items of property of like kind, age, quality, and utility having similar wear and tear, decay or defects and obsolescence as the items being appraised. Replacement cost used (comparable) assumes that exact duplicates cannot be found for property being appraised. Replacement cost used (comparable) is useful when estimating values for antiques, collectibles or works of art by deceased designers.
3. Replacement cost is defined as the total cost to construct an exact replica, using the same materials and construction techniques as the original, by a qualified artist.
4. This cost approach is used for unusual items which cannot be purchased new or used within a reasonable amount of time and which are capable of being replaced with a reproduction. For items for which replacement items could not be found for sale in the marketplace, the sales comparison approach to valuation was used to estimate replacement cost. In the sales comparison approach, the market is researched to locate comparable items, which have sold in the recent past in order to establish market value, which can be used as an indicator of anticipated replacement cost. Markets explored were retail markets such as jewelry and international auction houses. If a market used in the development of the value conclusions was other than balanced, it will be so noted.

In general, values are estimated by consultation with and/or of several types of resources including specialist dealers, auction sales results, retailer catalogs, recognized price guides, invoices or other personal observations.

Unless otherwise stated herein, the value expressed is based on the general expertise and qualifications of the appraiser "Michael Simonian" as to the appropriate market and valuation methods for the items involved. Where particular detailed valuation information is relied upon, it will be so stated in writing.

In general, unless otherwise stated herein, the jewellery appraisal is based only on the readily apparent identity of the item appraised. In my opinion no further guarantee of authenticity, genuineness, attribution of authorship is necessary.

The appraised values are based upon the whole interest and possessory interest of the client, undiminished by any liens, fractional interests or any other form or encumbrance or alienation. However, this appraisal is not an indication or certificate of title of ownership. The identification of the interest of the client has been represented to me by my client. No inquiry or investigation will be made nor is any opinion to be given as to the truth of such representation.

The value conclusions expressed herein are based on the appraiser's best judgment and opinion and are not a representation or warranty that the items will realize those values if offered for sale at auction or otherwise. The values expressed are based on current information on the date the report was made. No opinion is expressed as to any past value, nor unless otherwise expressly stated, as to any future value.

I certify that to the best of my knowledge and belief:

1. Statements of fact contained in this report are true and correct. The opinions are based on a full and fair consideration of all the facts available at the time of the appraisal.
2. The reported analyses, opinions and conclusions are limited only by the reported critical assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions.
3. I have no undisclosed past, present or contemplated future interest in the appraised items or in any proceeds to be derived there from, and I have no personal interest or bias with respect to the parties involved.
4. Neither employment or compensation for the appraisal were contingent upon the reporting of a predetermined value that favors the client, on the amount of the value estimate on the atainment of a stipulated result, or on the occurrence of an event. The appraisal is Non Biased.
5. I have personally inspected the listed property that is the subject of this report.
6. Unless noted elsewhere, no one provided significant professional assistance to the person signing this report.

With the exception of my client, possession of this report or its copy does not carry with it the right of publication, nor may this report be used for any purpose by anyone other than my client or authorized users without my previous written consent.

If this report is reproduced, copied or otherwise used, it must be done so in the report's entirety including the cover document and all attachments. Furthermore, no change to any item in this appraisal shall be made by anyone other than me.

Should, in conjunction with this appraisal, additional services of the appraiser be requested by the client, their agent or attorney, or the courts (such as added time for researching for other value purposes, pretrial conferences, court appearances, court preparations, etc.) compensation for same shall be at the customary hourly rate charged by the appraiser at that time and shall be paid by the client immediately upon receipt of a statement for said work.

I regard all information concerning this report as confidential. I retained a copy of this document along with my original notes, and I will not allow others to have access to these records without your written permission unless ordered by a court of law.

Photographs of the items can be found in the body of the report and my professional profile demonstrating my qualifications to conduct this appraisal are available upon request.