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How do you value gold jewellery for insurance?

The simple answer is you pay a professional to provide a detailed valuation for you. Valuers can be found in specialist jewellers, pawnbrokers or high street jewellers and there are even postal options available. With all of these, be prepared to have your jewellery sent away for valuation for up to 2-3 weeks. Others may well do the valuation by appointment.

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Are you having your gold jewellery valued for insurance purposes?

If so it is advisable to check with your insurer first, as some insurers only accept valuations from professionals accredited by either The National Association of Goldsmiths (NAG) or the Institute of Registered Valuers (IRV).

A detailed gold jewellery valuation should include:

  • Photographs of the piece
  • 2 copies of the valuation certificate
  • A detailed description

Prices vary quite dramatically in this field, with many valuers offering a flat fee plus VAT whilst others calculate a price based on approximate value. The price of gold fluctuates considerably and so it is a good idea, if you are insuring valuable gold jewellery, to have your valuation renewed every 3 years.

If you find a good local valuer, very often they will reduce the price for pieces they have previously valued. Occasionally high street jewellers will run valuation days, as incentives to attract customers into store, where you can bring your gold jewellery to be valued free of change.

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Is it possible to calculate the value of my gold jewellery?

Yes and no. You can certainly work out the value of the gold. You do this by dividing the current price of gold (this is often in US$) by 31.103 (the number of grams in a Troy Ounce). Multiply this number by the percentage of gold to alloy (i.e. 9ct gold is 37.5% gold, 24ct gold is 100% gold) and then multiply by the weight in grams.

However, there is a great deal more to a good gold jewellery valuation, than the value of the gold. Extenuating variables include:

  • Notoriety of a piece. Is it a regarded brand for example; Channel, Bvlgari, Graff, Van Cleef and Arpels, Cartier
  • Antique, collectable and historic value
  • The condition
  • Desirability and beauty
  • The addition of any precious gems
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Do you need to get gold jewellery valued for insurance?

This very much depends on the value of the jewellery and your insurer. At Highworth Insurance we can offer a home and contents policy which will provide all risks cover on a worldwide basis. Very often items worth less than £5,000 are automatically covered, with no requirement to specify.
We can also provide stand-alone jewellery insurance policies, with cover available up to £1,000,000. This can be restricted to western Europe or the UK only or worldwide depending on your requirements.

To find out more about specialist jewellery insurance, how do you value gold jewellery for insurance, and the best way to cover your valuable possessions, feel free contact our specialist advisors at Highworth Insurance.