Just as the insurance industries are subscribed to ACORD Standards (Association for Cooperative Operations Research and Development) jewelry industry is also sub-classified into different bodies and standards based on its criteria. These standards are most useful from the insurance point of view. There was a need of a standard that could be used throughout United States to evaluate jewelry.
When people purchase jewelry, they also purchase insurance for their precious jewelry, which requires documentation or appraiser for each jewelry item. The insurance company uses these documentations to evaluate the jewelry’s insurance coverage. It was found, previously, that many jewelry appraisals outlined inaccurately, which when was claimed, the insurance companies ended up paying more amount than the actual price of that jewelry, and hence there were constant demands for a standardized to set.
JCRS Solution:
Since 1987, JCRS has fulfilled the jewelry appraisal requirements for customers, which met the insurance industry standards as well. This organization programs, services and develops numerous products. This standard has become more prominent since 2005, as it has become a part of the insurance industry’s trust.
ACORD/JISO:
ACORD is one of the standards that are used by jewelers, certified appraisers and insurance professionals. This standard is further subdivided into ACORD 78 (JISO 78), ACORD 79 (JISO 79), ACORD 805 (JISO 805), ACORD 806 (JISO 806), ACORD 18 (JISO 18) and ACORD 154 (JISO 154). The primary goal of this standard is to improve customer satisfaction and help insurance industries in effective insurance procession solutions.
Fair Trade Jewelry: Fair trade jewelry is the new awareness, on how the jewelry could affect other people on the planet. Ethical jewelry of fair-trading is based on the standards, that could be purchased from local craftsmen or artisans; such as the handmade jewelry of older tradition that is processed at the village. The term fair trade means the metals and gems, used in the local jewelry, are mined ethically or for a concern of environment.
