If you are considering insuring your gold and diamond jewellery, you will first have to get a jewellery valuation certificate. Read the article to know all about jewellery valuation and why you must get it done.
A jewellery valuation, in a nutshell, is the accurate value of your jewellery items. The true worth of a piece of jewellery is determined by a valuation expert. When determining the value, several aspects are considered, including the type of metal, grades of gemstones, origin and the condition of the item and time it was manufactured and other details.
Jewellery appraisal involves a high level of skills
Jewellery valuation requires expertise. One must have valuation, gemological and diamond grading certifications, as well as at least five years of experience in the jewellery sector, to become a member of the Institute of Registered Valuers, or JVA Registered Valuers. Valuations aren't based on assumptions.
When it comes to insuring your jewellery pieces, an appraisal is crucial because it helps in deciding what you will get for your claim.
Although not all jewellery must be appraised for insurance, it is nevertheless necessary to be able to establish the amount you desire to claim at the time of filing a claim. Anything with a lesser worth can be insured without a valuation if you can prove you are the owner using a receipt. Valuation is a must for anything more valuable.
One thing that you need to make sure of is that never keep your valuables at home, it's a good idea to rent a jewellery locker and keep your coveted jewellery secure in it.
You can easily find safe deposit lockers in London near you, so rent one and secure your valuables.
Valuation document
Valuers would typically rate the jewellery in the same way, but the appraisal document might differ in format and text when prepared. Some valuation documents may have many pages describing the piece, its qualities, and how it was manufactured in brief. There is also a complete glossary of words used by the valuer in the description and other relevant comments. On the other hand, another document may just include a few sentences, yet contain all of the information that is required to validate the jewellery item.
A valuation document can serve as a record, providing provenance for precious jewellery items, along with documenting the pieces in detail for insurance purposes. This will come in handy if you ever want to sell the jewellery at auction. It may also create a historical record of a diamond ring or emerald bracelet passed down through the centuries as an heirloom item.
Is it created by a renowned jewellery designer?
The maker of a piece of jewellery will have an impact on its replacement value.
A basic silver bracelet bought from a local store is unlikely to be equal in worth as the same type of bracelet by a well-known jewellery designer.
If you have designer jewellery items, you should review the terms and conditions of your insurance policy to make sure that this is taken into account. If you don't, you can be requested to replace a piece of jewellery from a jeweller with an item of comparable quality as they probably don't have that identical design.
When it comes to acquiring a decent valuation document, ensure that your valuation company provides valuations based on the analysis of the piece personally and not entirely by seeing only the images of the item.
Various companies offer online jewellery valuation services that one can avail of from the comfort of your home.
You can go with the valuation service offered by the Neelkanth Safe Deposit. Apart from the appraisal service, they offer a safe deposit box facility at Croydon and Southall. Safe deposit lockers are available in 18 different sizes and you can choose as per your requirements.
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