We know jewellery can be highly sentimental and irreplaceable, but valuations for insurance purposes can give you the security and peace of mind in case something does go wrong.
Through no fault of your own, jewellery can be lost, damaged or stolen. This is why it’s absolutely necessary to value your jewellery for insurance purposes.
Firstly, what is a valuation?
A valuation is an assessment of your jewellery to determine its replacement value at the current market rates. Valuers take into consideration the materials used, diamonds or gemstones set, as well as the time and cost to replicate the piece.
It will detail the metals used, the overall weight of the item and the characteristics of any diamond or gemstone, including their cut, colour, clarity and carat. These will be accompanied by images to show proof of the item.
The valuation provides an examination and expert-written opinion of the authenticity and quality regarding your item, enabling your insurance company to cover you in the event of a loss.
Why is a jewellery valuation required?
Any item you feel could be valuable is worth insuring. If you unfortunately did need to make a claim, your insurance company would want to see a valuation to prove you owned the item and its worth.
It’s important to know that having dated or ill-informed valuations mean an insurance company might pay undervalued amounts or even outright reject the claim.
What’s the process?
A deep inspection is carried out for any damage or defects and insecure stones, providing a thorough check and informing you of any issues found before proceeding. Once cleaned, we’re able to assess the condition to determine its quality and value.
A detailed description is provided of the item including the size of any stones if applicable, their weight, colour, clarity. We then establish the replacement value on the current market prices, taking into account the cost of remaking the jewellery and replacing any stones to match as close as possible. Your item is then photographed for proof of ownership. We will email you a PDF and make a hard copy which can be picked up in person or sent by post. Our jewellery valuations usually take no longer than five days to complete.
Any piece of jewellery we create will include a valuation for insurance purposes which you will be able to take to your insurance company.