5 Things to Look Out for When Getting Jewellery Valued
It’s important to get all jewellery valued professionally for all manner of reasons, but primarily for insurance purposes. Few people realise that it is the responsibility of the claimant to prove to insurers the value of any piece they are claiming for in the event of loss or theft.
It’s useful to know that there are various types of valuation, including Insurance Valuation. Jewellery will also need to be valued in the event of; Private Sale, Divorce/Family Division, Probate and even Capital Gains Tax.
Getting your jewellery valued need not be complicated, but it is important to have it done properly. Here are five things to look out for when getting jewellery valued:
Always use a Registered Valuer
Look for a Valuer registered with a regulatory body such as The Institute of Registered Valuers scheme. This is the official valuers network for the National Association of Goldsmiths. You can also try the Association of Independent Jewellery Valuers. This network only specialises in valuations from independent businesses. All registered valuers will have undergone formal training in gemmology and various specialist areas and of course have all the correct equipment to carry out a professional valuation.
Make sure they are certificated
When getting jewellery or watches valued always insist on a valuation by either a IRV or GVJ registered valuer. Do not accept a valuation that has been done ‘on behalf’ of the valuer or the retailer as this may not carry any weight in matters of legality.
Where to get a Valuation
- Return to the retailer where you purchased the piece. Most jewellers outsource professional valuations so check with the retailer, but be prepared to wait 3-4 weeks for your valuation.
- Attend a valuation day. Many high street jewellers hold regular valuations days. These can be very popular so remember that you may need to make an appointment in advance.
- The Guild of Valuers and Jewellers will undertake valuations either by post or in certain circumstances the valuer may visit your home.
What to Expect
Professional valuations involve; cleaning, weighing, measuring and most importantly photographing your items in order to provide you with a comprehensive valuation portfolio. This should include a detailed description, hallmarking information and a condition statement, together the professional estimation of value on the current market and the relevant insurance qualification.
How much will a Valuation Cost?
Valuers charge differently depending on the type of valuation required, discuss fees with your jeweller before committing to a valuation. Valuers can charge based on time, percentage worth or per-item.
Remember once you have your valuation keep it somewhere safe, ideally with the bank or solicitor and get it updated every few years.
Category: High Value Home, Jewellery.
Tags: engagement ring insurance, ring insurance, watch insurance