Jewellery is a cherished and high-value item that requires a proper valuation for insurance purposes. But what if the lender asks to review your jewellery’s valuation and finds out that you forgot to update it? If you find yourself in this predicament, it will be difficult to repair the damage it could have on your business. That’s why it’s essential that you know how to properly update your valuations for personal insurance policies.
Jewellery valuation is a tricky thing, and getting your valuations done by a professional who has dealt with your specific type of jewellery before is best.
The first step is talking with your insurance company. It may be that they require you to revalue your jewellery professionally every year. If this is the case, then you have no choice than to obtain a professional valuation annually. If they state that every 3 or 4 years will suffice, you can use one of many methods already available online. Most items are easily valued free of charge by entering the details into an online valuation service. Or else you can try Solitaire Jewellery – Solitaire Jewellery – Jewellery Valuers in Melbourne.
While this may seem like an odd tip, it actually makes a lot of sense to ensure your jewellery remains valued at a flat rate. While you are undoubtedly hoping that the value of your piece will increase, and given that you will inevitably need to get insured – being able to prove its current value is great knowledge should the unfortunate happen, and you find yourself needing a claim.
Try another way
First, decide whether you want to sell loose diamonds or set in jewellery. Ask for a split of the diamond valuation into diamonds value and metal value before reaching a solid figure. The figure given by the jeweller must be original, net (unbelievably high prices are charged if you don’t ask for the price to be expressed with this term) and unadjusted.
Yes, this takes some legwork on your part, but for a piece of jewellery worth tens of thousands of pounds, you would expect it to take a good bit of research to estimate the value. If you can find out what’s inside the piece and the approximate weight in diamonds and metal content, you could have an idea of a value without a third-party valuation.
Search for the tools
The first step is to establish the current value of your piece. Diamond prices will change (usually in line with gold prices), but there are often movements as demand changes, or due to recessions and currency fluctuations within a year. With this in mind, search online for ‘precious metal prices’ as you will need to take this information into account when completing your valuation.
The best way to value a diamond is to get an independent valuation by recognised jewellery experts. This will give you a benchmark figure and let you know what the diamond is worth now today.