Jewellery insurance valuations are often one of those things you’ll get around to doing one day.
Often this is because people consider the cost of having an item valued too expensive, especially if they feel their article is close to or under the specified item value for their insurance policy.
However, should the unfortunate happen, and a piece of jewellery is lost or stolen, a jewellery valuation will ensure an insurance claim is processed quickly and without any problems.
As diamond valuers, we all too often see the emotional consequences of precious jewellery being lost or stolen when it hasn’t been valued or individually listed for insurance.
Not only do people lose their treasured item, but they then have to prove to the after-loss assessors that it really did contain the metals and gemstones they are claiming for.
Understandably, insurance companies do have to be careful to weed out fraudulent claims, otherwise premiums would be even higher than they already are.
To avoid added stress should you suffer from an unexpected loss or theft, we recommend that you get all your jewellery items appraised at least once.
Keeping any sales receipts and taking photographs to prove ownership and description may be enough for new items under the insurance specified item value, but anything over that value, or of an antique age, should have a valuation document with it at least once in its life.
The process of valuing jewellery has changed in recent years, and valuations are now a lot more detailed.
With recent drop in precious metal prices, and the fluctuations in exchange rates, values may have changed dramatically on certain items.
We recommend that you get your valuations updated every 2 – 3 years. It also pays to get your items cleaned and checked by a reputable jeweller once a year. This enables them to recommend any necessary repairs to make sure your gemstones are secure in their settings.
To learn more about Donnell Valuation Services, please visit our home page.