The China Appraisal Society ("CAS") has recently released the Guiding Opinions on Jewelry Appraisal Procedures (Draft for Comment) (the "Draft for Comment") to seek comments from the entities concerned by June 20, 2019.
The Draft for Comment is mainly intended for standardizing technical procedures for jewelry appraisal and consists of major contents in three respects. First, the appraised targets are physical assets of jewelry and the importance of work conducted on the spot is emphasized. Second, requirements for professional jewelry appraisers are laid out. Third, the appraisal procedures for "a batch of jewelry", a new concept proposed for the first time, are standardized. Among others, the Draft for Comment states that the appraised targets involved in the jewelry appraisal business shall be physical assets of jewelry that are legally possessed, lawfully circulated, legally disposed of, and legally adjudicated on. Professional jewelry appraisers shall consider the ownership of the appraised targets in law. Furthermore, the Draft for Comment requires that during the ongoing on-the-spot work, efforts shall be made to make clear the quantity and status of the appraised targets, appraise such targets and re-check the appraisal, and analyze and describe their quality and values.