Abstract: Valuation approaches in jewelry appraisal are discussed in the paper. The purposes and types of appraisal, as well as valuation level are presented. The most important valuation approaches, the costing approach and market comparison approach, are analyzed in detail. The main contents and cautions in each step from acceptation of item，description and identification, gemstone grading, calculating jewelry cost, taxes and markups, to presenting the appraisal report, are systematically summarized.