If you’ve recently received or bought a piece of valuable jewellery (or maybe you plan on selling some old items), you’ll need to get it valued to make sure you don’t undersell or overinsure.
If you’re not quote sure where and how to get jewellery valued, and what the process entails, read on.
What is Jewellery Valuation?
Valuing jewellery is a process that involves careful inspection of any piece of jewellery, including the metal, the settings, the quality characteristics, the gemstones, and the overall condition of the item.
The valuation is always carried out by a jewellery appraiser. Once they estimate how much the piece is worth, they put the value into writing.
This document, called jewellery appraisal, includes:
- Description (visible, measurable, and analyzable facts)
- Assessments of the composition and the quality of your jewellery
- Purpose of the valuation
- A covering letter, also known as a letter of transmittal
- Explanatory notes on terms and abbreviations
Why do I need to value my jewellery?
The most common reason for jewellery valuation is for insurance purposes. Insurers will ask you to provide a document that confirms the value of your jewellery before they agree to cover you for it.
If your jewellery is lost or stolen or in cases of divorce or family division, the document will serve as proof of ownership.
Did you know: Getting jewellery valued is also sometimes required for tax purposes. In case of probate, the executor will have to include all jewellery the deceased owned for Inheritance Tax calculations.
How to Get Jewellery Valued
To get your jewellery valued, all you need to do is find a registered valuer.
You can take your items to a jewellery store, to an independent jewellery valuer, a company that offers jewellery valuation services, or online.
When looking for a valuer, it’s crucial to make sure they follow industry standards and that they’re credible. This will help you get insurance after the valuation of the jewellery and make sure you don’t get underinsured.
The valuer will be able to tell you the exact price of your jewellery, which is especially important if you plan to sell it.
To help make the valuation more accurate, you should show the valuer all documents related to it, including past valuations.
The valuer will likely ask for the purpose of the valuation.
Did you know: Due to the fluctuations in the market, you’ll need to make sure that the valuation of the item is up to date to keep your insurance policy valid. It’s generally recommended to update the valuation every 2-3 years.
How is Jewellery Valuation Calculated?
Jewellery valuation involves inspecting all parts of the piece of jewellery and researching the appropriate market to determine a monetary value.
Valuers look at every part of the item to identify, scrutinise, assess, measure, and weigh it. They also photograph every aspect of the jewellery and only place a value after they’ve done their research.
Depending on the nature of the valuation, it may not include allowances for wear and tear or defects. The valuation process can also take anywhere between a couple of days to 3-4 weeks.
Where Can You Value Jewellery?
- Qualified jewellery valuers (IRV and GVJ)
- The Institute of Registered Valuers (IRV) is a community of valuers that’s regulated by the National Association of Jewellers. They follow industry standards and offer jewellery, silverware, and watch valuations for insurance and other purposes.
- The Guild of Valuers and Jewellers (GVJ) is one of the UK’s leading professionals specialising in jewellery and watch valuation. You can send them an item by post or ask one of their valuers to visit your home. They’re also members of the IRV, which makes them an excellent choice for Rolex valuations for insurance.
- The Association of Independent Jewellery Valuers is a non-profit organisation that has independent jewellery appraisers and valuers from all over the world. All members are required to follow a strict code of ethics in their work.
- Retailer
You can visit the retailer that you bought your item from (if it still operates) and ask them to make a valuation. If they can’t, they will refer you to a credible valuer.
- Valuation days
Some auction houses and jewellery companies hold valuation days that are open to anyone who wants to get a free appraisal. You might have to pre-book or make an appointment in advance depending on how busy they are.
Goldsmiths is one of the leading UK jewellers that host jewellery valuations in London.
- An auction house
Auction houses are a great place to have your jewellery items valued if you’re looking to sell an antique item. They often employ in-house experts who can value your item and tell you the price you could sell it for.
How Much Will A Jewellery Valuation Cost?
The cost of a jewellery valuation depends on the type of the item, the complexity of the work involved, and the purpose of the valuation.
The fees and charges generally reflect the experience and expertise of the valuer and the time it takes to research the market and analyse the jewellery.
To make sure you don’t overpay for a valuation, you should consider reaching out to a couple of valuers to understand the cost of the work and what you’ll be getting out of the valuation.
How Much Will Jewellery Insurance Cost?
The cost of your jewellery insurance depends on the value of the item and the level of cover. If the item is more valuable, it will cost you more in premiums.
Did you know: If you have content insurance, a valuation might help you save a few pounds. If the item’s monetary value is under £1,500, you won’t have to list it separately.
Bottom Line
A jewellery valuation can help you not only figure out the value of the item but also serve as proof of ownership in case of any disputes. To keep your insurance valid, it’s best to do a regular jewellery insurance valuation every 2-3 years. Regular re-valuations can also help ensure that your items aren’t underinsured and that you don’t overpay for their insurance.
Frequently Asked Questions And Their Answers
Do jewellers charge for valuations in the UK?
Jewellery valuers must charge for the time they spend analysing the item and researching the market, their expertise, and the equipment they use during the valuation process.
How do I get antique jewellery valued in the UK?
You can get antique jewellery valued at an auction house. They have in-house experts who can accurately assess your item’s worth and tell you how much you could sell it for.
What happens if I’ve lost my jewellery?
If you have insurance, you can file an insurance claim and use your jewellery valuation and a sales receipt to make your case.
What if my jewellery is under-insured?
If your jewellery is underinsured, then you’ll likely get less money from your insurance provider.
How often should I have my jewellery valued?
Jewellery valuations should be done every 2-3 years. If you have insurance in place, your insurer might ask you to have it re-valued more often.
Can you value specialist jewellery?
Specialist jewellery can be valued as any other item, but the valuation process usually takes longer. It’s also advisable to find a valuer that has experience with this type of valuation.
Where can I get my jewellery valued?
If you’re wondering where and how to get jewellery valued, the answer is: anywhere you can find a registered valuer. Some may be able to visit your home or accept the items by post, while others might require you to visit them directly.
My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.