Is your jewellery correctly valued
Aug 9, 2011
We are regularly asked ‘how much should I insure my ring/necklace/bracelet/earrings for?’
The truth is if you’ve not had it valued for a while it may be worth much more than you think.
Research by a major insurer shows that the cost of some items of jewellery has more than doubled over a 10 year period largely due to the rising value of gold, silver and gems which have increased by over 70% in the past 10 years.
These rises mean that it is vital that homeowners check the valuations of their jewellery to ensure that they are adequately covered and that should they lose such items they would receive either an equivalent replacement or an appropriate cash value.
Emma Crossley, Wilby Ltd’s Private Clients Manager, explained “Many of our Private Client’s have valuable items of jewellery which are of significant value to them. Whilst we understand it’s impossible to put a price on the sentiment attached to such items we would encourage all clients to ensure that they have up to date valuations of their jewellery, even if it is only a few years old.
Whist many of the policies we source offer enhanced levels of cover for jewellery it is always important to ensure that these policy limits are suitable for your needs and we are always happy to discuss this on an individual basis to be certain you have the cover you need.”
A reputable jeweller who has an NAG (National Association of Goldsmiths) registered valuer will be able to tell you what your pieces are worth and you can then make sure they are insured for the right price.
For further information, or to discuss this further, contact Emma Crossley
