Insurance Valuation
Currently we are not
doing insurance or probate valuation. We apologise for the inconvenience.
This is the amount it would cost you to replace your
jewellery; in most cases it is considerably more than you would get if you
were to sell it. Most insurers now offer new for old
policies, so all modern jewellery must be insured for the full
replacement value. Older, especially antique, items require
thought. It may not be possible to replace them with new at
a reasonable price, in which case they are valued on the basis of
replacing them with a similar previously owned piece. On occasions
of course an antique piece will be worth more than its
replacement value, so we'd value it for what it would
be worth as an antique. The written valuation makes clear
the basis used to value each item. And if a piece is old, we will
discuss which value is more appropriate.
Answers to your questions
Why do I need a valuation?
Do I need to know what my jewellery is worth?
I bought for less than the normal price,
how will it be valued?
I bought second-hand, for how much should
I insure it?
I am buying jewellery, does an insurance
valuation prove its value?
How often should I get my jewellery valued?
How can I tell if a shop can give a
competent valuation?
What will the valuer need from me?
What will I get for my money?
How much will it cost?
Why do I need a valuation?
In the event of loss, it will establish how much the jewellery
was worth, so it will make your claim easier. A correctly written
valuation will help you establish your ownership of a piece, as it
will be much more detailed than a shop receipt. All too
often, the police recover stolen property but the owners are
unable to prove it was theirs, so the property cannot be returned
to them. Even if your insurance company does not
require a valuation, you may still desire one. If we feel
the cost is not justified, we will advise you, but the final
decision is yours.
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Does it matter if I don't know
what my jewellery is worth?
You could have problems making an insurance claim, even if the
jewellery isn't involved. Insurers require you to
insure everything in the home. If you don't have enough
cover they'll reduce the payment.
Also they often set a maximum value for any one item. If
that is exceeded they may refuse to pay at all, because you'd
have been required to increase security. This could happen
even if the item is not stolen.
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I bought something, it was worth
more than I paid. How will you value it?
The item is worth what you paid for it - and no
more. Suppose you lost a new piece, and claimed from your
insurers. They'd only be prepared to pay the amount you
paid.
However after a year or two, the insurers recognise you might not
be able to replace the piece for the price paid. So if you
bought it cheap, perhaps in a sale, you now need to get it valued
at its full replacement price.
I bought something
second-hand. For how much should I insure it?
If it's modern, the usual insurance rule of new for old
applies. So it should be insured for the full cost of
replacing it with a similar new item. Unlike a new piece
sold below its normal retail price, this applies from the date of
purchase. If it is older, this may not be practical, in
which case you would insure it for the cost of replacing it with
a similar, previously owned, piece. If you had just bought the item, that would be
the amount you paid. Seek advice when arranging to get your jewellery insured to ensure
you get the correct valuation.
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I am buying jewellery, does an
insurance valuation prove its value?
No, in every case you have to trust the seller, let me
explain
If the seller is honest, then a valuation will give additional
information about the jewellery. However the valuation is
normally the cost of replacing the jewellery, which is not the
same as the amount it would fetch when sold.
But what if the seller is trying to con you? There have been many
cases of dishonest sellers using faked valuations, in which case
you will be cheated and may well find supposedly valuable
gemstones are cheap synthetics. Even if the valuation is genuine,
stones may have been changed for lower-quality or synthetic
ones.
It's your money, don't waste it. Sometimes it is better
to pay more to ensure you are dealing with a seller you
can trust.
How often should I get jewellery
valued?
The value of gemstones and gold are affected by supply and
demand and other factors besides inflation, so after a time the
valuation may be incorrect. So the insurance will not cover
the full cost of replacement. Against that, we have to
consider the valuation charge, although we do not charge as much
for re-appraising a piece. Finally it's up to you.
However we would advise you to take the jewellery back every year
to get it checked for loose gemstones, and also to get it
cleaned. That will give you a chance to discuss if a new
valuation is needed.
How do I know a shop can give a
competent valuation?
Many shops offer a valuation service. But to ensure you
get the best possible result, we strongly urge you to use a
member of the
National Association of Goldsmiths (NAG)
or a
member of the Guild of Valuers and Jewellers. They have the
expertise and facilities to produce a competent valuation.
Some businesses offer a postal service. But we believe it
is much wiser to use a local jeweller. Then you can discuss
problems more easily. Also what if the item is lost in the
post? Yes you insured it, but this is a Catch 22
position. You cannot prove what it is worth, as you were
sending it to have it valued!
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What do I need to give the
valuer?
We need to see any documentation which came with the
item. The original receipt, any earlier valuations,
certificates for diamonds etc. Withholding information
could render the valuation useless, and would give problems in
the event of a claim. We do not blindly accept the
information provided, we check everything and make our own
decisions. We will need to keep the jewellery while we are valuing
it.
What will I get?
A written document accurately describing each item (see our examples), plus 1 or 2 photos of each
piece, see samples on this page. Also details of the
jewellery will be added to a national database, which can be
accessed by the police if they recover stolen property.
Your personal details are not forwarded, only a reference which
links to our file.
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What will it cost?
Some shops charge a percentage of the item's value. However we will quote an exact price when you
bring the jewellery to us. We charge £50 for the first item, and £30
for each additional piece.
It's so easy to have valuable jewellery lying around for years, and never wonder what it's worth
until the worst happens. Get a valuation now. You may be quite surprised at how the value has
changed since it was bought - and in the event that it's lost or stolen, the detailed description and
photos will make it much easier to claim on your insurance, or maybe even to recover the original piece.
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Sample valuations
Click on any image to download large picture, in all cases the
size is under 100k
Note for security, some details have been pixelised. Also
for better viewing onscreen, the blank part of the printout sheet
has been cut out.
First we see the description of the ring.
Below the photographs
Finally a notice for your insurance company
