Your jewellery is priceless, so it’s crucial to make sure it is appropriately and accurately valued, whether it is your brand-new engagement ring, diamond bracelet, a treasured family heirloom, or your entire jewellery collection. A jewellery valuation expert can assist you in letting you know the accurate value, whether you’re looking to get a probate jewellery valuation, need an online antique valuation, or just want to protect the jewellery in a divorce settlement.
Let’s take a look at the top eight factors that make jewellery valuations so important:
A Quick Policy Check
Some goods will automatically be covered under the general contents insurance, amounting up to a decent settlement, depending on your specific policy. You might not need the piece itemised on your insurance if it is below the given limit. Additionally, make sure your insurance covers accidental jewellery damage.
If you own a lot of valuables, it can be wise to choose jewellery valuation specialists like Prestige Valuations.
Asset division, insurance, probate, or sale. Every valuation serves a distinct function and gives you a different value. If you’re undecided, consult a knowledgeable jewellery valuer who can understand your needs and guide you accordingly.
Know Your Item’s Worth
Are you merely seeking a simple jewellery valuation? There are various valuation methods, and each one would assign a significantly different value to the same thing. The amount you would receive if you were looking to sell an item differs greatly from the amount you would need to pay to insure the same ring or to declare it for probate. It’s crucial to consider what you hope to accomplish by learning its value. This might assist a specialist in pointing you in the direction so that you get to know the accurate value of your jewellery.
Reducing Expenses is Risky
The cost of a jewellery valuation service will reflect the number of years of experience, credentials, knowledge, and professional tools necessary to be able to effectively evaluate and value an item. You do not want any disparities in the evaluations made in the valuation to become apparent after something has happened to an item if you are insuring precious and heirloom jewellery, as this can cancel your insurance.
Update Your Valuations
Make sure your insurance is up to date in order to maintain its validity. Some insurers may have a frequency requirement for revaluing jewellery due to market volatility. It is often recommended every two to three years. It is always worth asking because some businesses may offer you a cheap re-valuation service if they have evaluated the same item within the last three years.
Regular Jewellery Check
In addition to theft and loss, jewellery can occasionally sustain harm. Get into the habit of having your jewellery examined to ensure that everything is safe, including the settings. If you own a particularly precious piece, your insurance may specify how frequently you must get the jewellery examined by an expert. For high-value pieces, insurance firms may further stipulate that a member of the Institute of Registered Valuers must verify the security of the setting and condition of the jewellery in a letter for the insurance to be legitimate.
Beware of Frauds
Recently, there has been an upsurge in jewellery valuations conducted entirely online without any guarantees. These under-experienced valuations fall well short of the necessary standards, misidentify gemstones, and assign incorrect values. No matter how wonderful an image may be, grading is always necessary for determining correct values and is done using a minimum of 10x magnification. Therefore, grading cannot be done if a company does not have the necessary experience for it. Due to the blatant inaccuracy of these valuations, they are no longer accepted by a sizable number of insurance companies. Items and gemstones cannot be measured, verified, or have laser inscriptions confirmed, which could result in you paying excessively high insurance premiums for an item or leaving you unprotected should anything happen to the item.
Your Jewellery is Safe
Although leaving a prized possession in the care of a jewellery valuer may be difficult, the time it takes to perform all the necessary tests and assessments on each component will ensure that the results are correct. Your item is completely safe at Prestige Valuations for the entire time it is on their property.