Churchill magazine

How to value your jewellery and get insurance

Updated on: 24 September 2020

A selection of jewellery is seen coming out of a jewellery box.

Jewellery is often among our most treasured possessions. If you own particularly valuable pieces, then it’s natural you’ll want to do whatever you can to keep them safe. This is where jewellery insurance can offer peace of mind and reassurance.

How do I insure my jewellery?

The first step in getting the right insurance for your jewellery is to have it valued. This will help you take out the right level of cover for your item or collection (not too low or too high) so that you get adequate compensation should the worst happen. It’s important for you to know that your precious items are insured for their full value and that you’re not overpaying on your premium.

The value of items such as diamond pendants does vary greatly from one item to the next, so you need an accurate valuation in order to give you the correct level of cover. The basics of what goes into a valuation are covered below.

If you do need to make an insurance claim, you may need to prove the value of the goods lost. A valuation will help you to do this and will also prove that you own the items.

What is a valuation?

A valuation gives you an informed opinion on how much your jewellery is worth financially. Professional valuations are supplied by trained experts who have a high level of knowledge about products and markets. They give you a monetary figure that represents the price you could get by selling your items at that point in time. Giving your insurer this information will make sure you get the correct level of cover.

What factors affect the value of my jewellery?

There are several factors which can affect the value of your jewellery, including size, quality and setting.

Diamonds and gold are particularly subject to wide variations in value. Diamonds, for example, will vary in value according to:

  • Shape

  • Colour

  • Clarity

  • Size

  • Imperfections (or lack of)

Gold items will vary in value according to:

  • Purity

  • Weight

  • Style

With so many factors at play, it’s advisable to have an expert value your items.

Where can I get my jewellery valued?

There are professional services that will value your jewellery for you. Look out for membership of a professional guild or union as these indicate quality services.

To be sure you’re getting the best service, always ask about the qualifications and experience of the person valuing your jewellery.

A good valuation provider can give you more than expert insight into the monetary value of your items. They can also advise on how to look after or repair any items that need a little tender loving care.

Many High Street jewellers can also advise on valuations.

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