Have you recently thought of getting your jewellery valued for insurance?
Or looking to sell some heirloom jewellery? Regardless of the reasons, to ensure you get the worth, a jewellery valuation can be very helpful.
For simple jewellery, things are easy. They don’t cost much. But for a special piece like a custom-made engagement ring, the value can change depending on a lot of factors. So, for a rare diamond or antique material, it can affect the valuation.
What does jewellery valuation mean?
A jewellery valuation is a report that is developed by an educated jewellery appraiser that contains every possible detail of the piece.
Whether it’s an insurance jewellery valuation or probate valuation, it confirms the existence of the piece offering a considered ‘value’ for a particular purpose.
Valuation of jewellery is done due to many reasons. For instance, if you have a piece that you want to sell, or you want a piece of precious jewellery to be insured or report the value of your jewellery to HMRC.
The research, analysis and certification provided by the expert make sure that the set value is justified, accountable and can be relied upon by insurance companies or any legal authorities.
Why do we need a jewellery valuation report?
Some of the most common reasons why people opt for valuation of jewellery are:
Jewellery valuation for insurance
A jewellery valuation for insurance purposes is needed so that in an event of loss, you can process the claim and get facilitated with the help of the information from the valuation report.
A well-informed case will ensure you get back the replacement value of the jewellery.
A well-researched and justified valuation report like those provided by reputed companies like Prestige Valuations will give a complete description of your items to the insurer. Thus, after an accident, you are not facing any unsatisfactory compromise with someone who doesn’t know the value of your jewellery.
Jewellery valuation for divorce settlements
During a divorce, a lot of complications arises between the two parties. A family division valuation of all the prevailing assets will help to determine how the properties must be divided.
This gets particularly necessary when the decision involves other forms of value like a family heirloom engagement ring or furniture.
If you are willing to sell some family heirlooms which might earn you a decent value, an online antique valuation will get you fully informed regarding the market value of the item.
The independent assessment can reassure you if the sale is fair with a worthy price or not. You can also get some advice on the best places or clients to make a good sale.
Probate jewellery valuation
This happens when there is a death in the family without a will. A probate valuation will determine the value of the estate along with other assets.
This helps during the Inheritance taxes which the beneficiaries pay for their share. So, if someone isn’t willing to pay the amount, they can sell the items.
What does a valuation report contain?
Valuation reports are usually long with contents about the items that are valued. The more details there are in the report, the easier it is during an event of a claim.
Some of the mandatory things included in a jewellery valuation report are:
- Detailed and accurate description of individual items
- Photographs and assessments of the composition
- A statement regarding the purpose of the valuation (insurance, probate, etc.)
- The current quality of the jewellery
- A letter of transmittal
- Explanatory notes and conditions one should be aware of while reading the report.
Usually, this report is kept by the valuer for six years so that any potential claim can be justified completely.
However, to get a proper valuation, be sure that your jeweller is proficient. For jewellery, watches, silverware, or other certain antique materials special knowledge is required. Sometimes the designs or specifications aren’t usual. They require more work and experienced jewellers to properly conduct the valuation process.