Churchill magazine

How to value your jewellery

Updated on: 18 June 2021

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, so you can get the right compensation if the worst happens. 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 different jewellery items, like diamond pendants, varies 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.

Once you’ve got your valuation, you can get in touch with your chosen provider to take out a plan. Some insurers have specific jewellery insurance policies, while others will cover your jewellery as part of their home or contents insurance plans.

If you do need to make an insurance claim, you may need to prove the value of the goods lost. A valuation will also help with this and will 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. It’s very similar to getting your house valued if you’re preparing to put it on the market.

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 best to have an expert value your items to make sure everything is considered.

Where can I get my jewellery valued?

There’s a few options out there for getting jewellery valued. One of the recommended places is the Institute of Registered Valuers, who are a regulatory body that offer a directory of valuers. These valuers are part of the National Association of Goldsmiths, meaning they’re reputable and are often relatively local.

There’s also the Association of Independent Jewellery Valuers, who offer a similar list of valuers.

Once you’ve picked someone, make sure they’re registered with one of the above bodies.

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. You can also ask about the qualifications and experience of the person valuing your jewellery – if you’re not comfortable, there are plenty of alternative choices.

A good valuation provider can give you more than expert insights 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.

Finally, don’t forget about high street retailers. Many of these also offer valuation services, and if you return to the place you purchased the jewellery from, they may be able to offer more assistance.

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