When was the last time you had your valuable items of jewellery appraised? Were you aware that jewellery appraisals should be carried out on average every 2-3 years? The specific length of time between each valuation will depend on the individual requirements of different insurance companies but most will insist on a professional and certified appraisal every 2-3 years. This is important to ensure that you are adequately covered for loss, theft or damage of a valuable item of jewellery or a luxury watch.
The Importance of Jewellery Appraisals
The cost of diamonds, gem stones, precious metals including gold and platinum and watches of significance generally rise over time and are very much subject to rapid changes and trends in demand. As commodities, precious metals can increase in value by quite some margin over short periods which is why certain items of jewellery make such great longer-term investments. What you believe to be worth a specific price could actually be a lot higher in today’s ever changing marketplace.
You might be surprised at just how much that diamond ring you’ve been wearing on your finger for the last 10 or more years is actually worth today. The value of such an item may have risen so much that if anything should happen to it, or you should lose it, you may not be able to afford to replace it. That’s why it is so important to have valuable items of jewellery or watches insured and to do this accuaretely, regularily appraised.
Does it Cost to Get Jewellery Appraised?
The answer is yes, but it’s a savy investment and the cost is more than justified when you consider the value of your precious jewellery items. Imagine losing your beloved engagement ring, wedding ring, gold chain or luxury watch and not having the insurance to cover it for a like for like replacement. That’s not to say that the sentimental value can be replaced but at least the material value can be.
Insuring Your Jewellery
When it comes to insurance, many policies offer a non-specified single item option which will cover you up to around £1,000 on your home insurance. For more valuable items however, you need to arrange specific cover. In the event of loss, theft or accidental damage, it is important to know the true value of your collection and how much they would cost to replace, as home insurance is often based on a ‘new for old’ basis.
To be sure you have everything necessary for your policy, you should obtain an independent valuation document to verify the current, true replacement cost of any ‘specified’ items. If you bought the item new and have receipts, this may be enough information to provide with your insurance application. For pre-owned, vintage, antique or inherited pieces that have increased in value, you may have no idea of what they are actually worth and therefore rick being under insured without obtaining a current professional valuation certificate.
The Value of Jewellery
While the appraisal value doesn’t necessarily reflect the price you could achieve if you were to sell the item privately, it does give you an insurance valuation price for the cost of replacing such an item with a brand new ‘like for like’ option . Most of the time a jewellery appraisal is necessary to ensure that you don’t undervalue the item. If you declare what you think it’s worth rather than what it is actually worth, you may find yourself under-insured and in breach of your policy, therefore forfeiting any entitlement.
Should the worst happen, and you don’t have an appraisal, it’s unlikely that you can prove the value of these individual items to the insurer that you use. If you are making a specific claim for an item of jewellery, it’s unlikely the insurance company will pay out without an official appraisal and photographs of the item.
Our Jewellery Appraisal Service
At The Goldmarket, we offer certified jewellery appraisals and valuations. We charge £100 for any single item with further items charged at £30 each, regardless of value. This could include the following:
- Diamond rings
- Gold chains
- Diamond earrings
- Luxury watches
- Vintage pocket watches
- Wedding rings
- Bespoke items
- Vintage/Antique items
Pop your items into us, we will give you a receipt and prepare your valuation certificate within a matter of days. This valuation certificate can then be submitted with your insurance application to ensure that you are adequately covered and can have peace of mind. We have years of experience in certifying jewellery and, as N.A.J accredited Jewellers, have helped many customers with their insurance claims over the past 25 years.
Why take the risk?