For valuables such as a piece of jewellery, a gemstone or a pearl necklace, an insurance estimate should be made at the time of purchase. The insurance value is usually slightly above the purchase price. Insurance appraisals that take place at a later date are often as complex as inheritance appraisals, as a result, the replacement value is used. It is advisable to have insurance appraisals reviewed after a few years, as values can change according to supply and demand or due to other market situations.