A recent study by independent claims expert LMG Jewellery Ltd reveals a significant increase in the replacement value of items claimed for. For example:
- The value of gold has increased by over 146% in the last 10 years!
- The diamond market is ever changing and unpredictable with values continually fluctuating up and down.
- Even the lowest-priced Rolex watch is worth £1,400 more than 10 years ago.
LMG also note that in 2023, 43% of claimants did not have any supporting documentation or up-to-date valuations; and of the 7% of claimants that did have a valuation, more than half of these were poor quality and unsuitable to support their claim.
In an insurance claim, if you do not have an accurate valuation or supporting documents to validate the value and demonstrate proof of ownership, it is likely you will not be fully compensated for your loss.
Paula Grenney, Business Operations Manager for The Guild of Valuers & Jewellers says “Most insurance companies now insist that items over a certain value should be specified individually on your policy and regularly valued to ensure the limits are adequate. Without an accurate up to date valuation you run the risk of being under insured in the event of loss or theft.”
Guild Valuer & Bath Valuation Centre Manager, Nick Hadler also notes that “Often I speak with customers who have owned their jewellery for decades, with little to no supporting documents. Following our assessment, they discover the item is worth a lot more than they could have imagined, and after reporting the new value to their insurance company, learn that they are underinsured.”
“I recently valued a diamond cluster ring, where the owner paid less than £150 in the 1960’s. They had quite a shock when they learnt that our assessment to replace in today’s market placed the ring over £3,000.”
When choosing a valuation company or individual to assess your precious items, make certain that they are fully qualified and experienced to do so. Most insurance companies request the valuation is carried out by a Registered Valuer, ensuring they have gone through the relevant training and are qualified to the highest standards. For valuers, appraising jewellery and watches is a complex and fastidious process; yet for you, having your items valued can be a simple, informative and rewarding experience.
The Guild of Valuers & Jewellers specialise in jewellery and watch valuations for the purpose of:
- Insurance
- Probate
- Open Market
- Sale Between Parties
- Family Division
All Guild Valuers are Registered Valuers, trained to the highest industry standards. They offer a Direct Valuation Service in Bath including a same day service, Direct postal valuations and Home Valuations, alongside offering their services through a vast network of nationwide jewellers.
A Guild Valuation includes:
- A detailed description
- Colour images
- Explanatory notes on terms and abbreviations
- An Insurer Notice to pass to your insurance company
- FREE Registration to the central e-register database
- A condition report when necessary
- Accepted by all UK Insurance companies
Don’t let yourself be caught out; losing your sentimental items is hard enough, but having an up-to-date valuation will ensure a straightforward, prompt replacement process. If you are unsure on whether your items require a valuation, first check with your insurance company on their requirements, then contact a professional organisation like The Guild of Valuers & Jewellers who will happily advise you.