There are a few different reasons to get jewellery valued, but the most common is for insurance purposes.
Home and contents insurance requires you to list items that are valued over a specified figure. This figure changes from company to company, but a good rule of thumb is if a single item of jewellery is worth more than $1500, it should be itemised on your insurance policy.
The team at Village Jewellers says; “First and foremost, a valuation proves the existence of an item, along with the value.”
Pieces below $1500 should be listed on an inventory. This is a list that describes the item, and gives the jewellery a value. Even if a piece is only worth $20 – if someone steals your entire jewellery box, which contains 30 items of $20 jewellery, it adds up rather fast.
For pieces valued at more than $1500 Viallage Jeweller provides a more formal report. This involves photographing the jewellery, its value in today’s market and concise technical information that would be used to re-create the piece, if it was lost or stolen.
The information can also be used to identify the jewellery so it could be returned to you, if found. Modern diamonds now have minute identification marks on them, which are registered. So lost and stolen jewellery can be traced back to the owner.
At Village Jeweller a full valuation is $65 (as at May 2016 and subject to changes) and includes a clean, checking for wear and tear, and a written report. Customers receive two copies of the report, one for your records and one to send to the insurance company. Village Jeweller also keeps a copy for seven years.
Wear and tear can be repaired at the time (at an additional cost), and it is important to note that insurance companies will not pay out if a loss is caused by failure to maintain jewellery. For example, if the claws holding your solitaire diamond in are worn and give way, resulting in the loss of the diamond, the diamond will not be covered.
Once you have had a valuation done, Village Jeweller advises to re-check the item every three years. If you are on their system, re-checking is free of charge.
If it is necessary to re-value a piece, due to the gold, gemstone prices, currency, etc, fluctuating, the new valuation will be $45 (as at May 2016 and subject to changes).
We can also create inventory lists for you, for your less valuable pieces.
Valuations are also used to help people decide whether they want to sell an item, or if they would like to consolidate several different pieces into a new piece (see our blog on heirloom jewellery).
Beneficiaries of a deceased estate use jewellery valuations to determine fair distribution. This is called a probate valuation. Each piece is valued individually, so an equal division between beneficiaries can be worked out.
The best advice Village Jeweller can give is, if you’re going to be upset if you lose it, get it valued.