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Why are jewellery valuations so important?

As the price of precious metals and gemstones is constantly fluctuating, it’s important that you are insured for the correct value in the event of a claim.

The graph below shows the price of gold over the last 5 years and, as you can see, 2021 is significantly higher than 2017.  Therefore, if you haven’t had a valuation in the last 5 years then you may be underinsured.


* the price of gold in the UK on 16th April 2021 was £1291.87p per ounce.


Underinsurance can creep up on us all and before we know it 10 years have passed since we last had our jewellery re-valued.  A couple of examples of items underinsured are shown below –


2ct diamond platinum ring     2014 valuation £48,000           2020 valuation £60,000
South Sea pearl necklace       2014 valuation £17,000            2020 valuation £25,000
Gents Rolex Datejust             2014 valuation £6,850              2020 valuation £10,050
Cartier Panthere ring             2014 valuation £14,000            2020 valuation £24,300


Not only does a valuation ensure you have an up to date written document assigning a monetary value to a piece, it also describes the item in detail which usually includes weight, size, quality, any visible & measurable facts and a photograph of the item.  All of these things can prove invaluable in replacing an item should it be lost or stolen.  It can also assist in its recovery by the police.

When carrying out valuations, jewellers often discover damage to settings, chipped stones or damaged clasps which the client was unaware of.  These problems can then be rectified before a gemstone falls out of a ring, due to a cracked claw for example, or a tennis bracelet is lost due to a damaged safety catch failing.  This prevents upset for the client and a claim occurring.

In respect of the luxury watch market, the replacement cost of some brands is changing on a daily basis, particularly Patek Philippe, Rolex and Richard Mille as these are in such demand.  If you own one of these brands, please research its current replacement cost and adjust your insurance accordingly.

Please remember that specified pieces of jewellery are only insured for the amount shown in your policy schedule.  It is your responsibility to ensure the values are kept up to date.

If you would like me to recommend a number of registered Jewellery Valuers, please feel free to contact me on 07966 240530.

By Clare Bingham – Private Client Manager



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