If you are lucky enough to be the owner of fine jewellery items, you will want to make sure that your precious pieces are properly protected, for your own peace of mind. Whether you are treasuring a diamond engagement ring or safeguarding a precious family heirloom, it is good practice to have an accurate idea of the value of each individual item.
Insuring your expensive jewellery
God forbid that anything should happen to your treasured possessions, but if considerable cost were involved in obtaining a replacement for that antique pearl necklace– not to mention the additional heart ache for items of sentimental value – you need to have the appropriate documentation in place so that you’re not out of pocket, should the unthinkable occur.
If you would like to secure your fine jewellery against loss, theft or damage, specialist jewellery insurance is of course available. However, most home contents insurance policies will also provide cover. However, individual items may be limited to a maximum amount you can claim for, so do check with your insurer that you have adequate cover in place and adjust where necessary.
In order to make an insurance claim for your valuable gold, silver or gemstone jewellery, you will need to produce a valuation or valid receipt. When you purchase an expensive platinum ring, emerald earrings or any other precious item, ask the jeweller for a certificate of sale (detailed receipt) and keep this safe.
More than ever, insurance companies insist on professional valuations for specified items and high-value pieces, including watches and fine jewellery. Obtaining an up-to-date valuation is therefore essential to ensure that your insurance policy adequately covers your precious possessions.
If you have items of significant value, designer pieces or antique jewellery, you are advised to obtain a professional jewellery valuation with a certificate. And as the price of gold and silver can fluctuate considerably, it may be worth thinking about getting an annual valuation to keep up to date.
Valuing your precious jewellery
Jewellery valuations are carried out by jewellery experts, pawn brokers and high-street jewellers. Depending on their particular expertise and the exact nature of the jewellery to be valued, some may be able to give you an on-the-spot valuation, others may offer a postal service to send items away for a specialist valuation. It’s best to discuss your requirements first, particularly if you would like to obtain a fully researched document and insurance schedule for each item.
The cost of the valuation service will also vary depending on what sort of documentation you require. Many valuers charge on a per-item basis, based on value, or you may be charged a time-based fee.
Finally, look out for special Valuation Days that are held periodically by reputable jewellery companies for the benefit of their clientele. Professional valuers from national organisations such as the Guild of Valuers & Jewellers, the Institute of Registered Valuers or the Association of Independent Jewellery Valuers will be invited to spend a day at a local jewellery shop, where you can pre-book individual appointment slots to have your fine jewellery items valued in situ by a specialist.
Valuation Days will typically include an expert description and valuation of each item, an extensive portfolio with digital images, proof of ownership certification and registration at an online database. Not only do Valuation Days provide a convenient way to obtain expert valuations for your expensive gold, silver and platinum jewellery, they also offer excellent value for money as well as giving you ultimate peace of mind.
Article provided by Mike James, an independent content writer working together with Sussex-based jewellery specialist Pruden and Smith, who were consulted over the information contained in this post.