Jewellery Valuation

ScottishMum

H
Not sure if this is the correct board or not, but where do you think the best place is to get an antique ring valued??

I dont like these buygold adverts/websites as I dont believe I would get the correct valuation for it.

Thanks
Mhairib

avantra

We got our jewlery valued for insurance purposes by a Jewllery shop of the old kind. Really small place in Cheltenham that been in the business for yonks.

They send it to a valuer all insured (We reviewed the policy in details) and charge a percentage of the final value, so beware if your ring is worth a lot.

We paid 2.5% which is a lot in my book :eek: but the wife insisted we do this every 20 years or so.

At list we have a leg to stand on if the worst happen and we need to claim from the insurance.

gmgmgm

Any decent jeweller should be able to give you a rough guide- for proper insurance purposes, you'll need to engage with a jeweller you trust.

NB many insurance policies state you need to re-value expensive items every x years.

gem_man

Hi Mhairib,

If you are keeping this item in your possession and want a Valuation for Insurance Replacement then the gold buying fraternity and online jewellery valuation routines are definitely NOT the way to go.

A really good thorough, accurate and detailed jewellery appraisal and valuation will, in the long run, save you money and should the worse happen it will save you a lot of stress, delay and hassle too.

My advice would be to see if there is an Independent Jewellery Valuer in your area and approach them in the first instance. Most do not charge a percentage of value but base their fees on a per item or a time-taken basis. This means they will be able to tell you what the fee will be before they start and quite correctly, do not have a vested interest in the value placed on your jewellery.

Failing that, a good retail jeweller, one that perhaps holds stock along the lines of the item you already have, would be my next suggestion. Many progressive-thinking retailers engage an Independent Valuer to do the valuations for their clients, although many still do their own and some are very good valuers in their own right.

The important thing to bear in mind here is that a good valuation may be expensive in the first instance but will contain all the details and photographs necessary to ensure a trouble free settlement in the event of loss. Additionally, most Independent Valuers charge only a nominal sum for revaluing the item (I recommend every three years) since all the hard work has already been done the first time around. Many retailer also follow this policy, but sadly many do not.

Remember that values can come down as well as go up, so it is important that your valuation is kept up to date and reflects what is actually happening in the market. To have it done once and let the Insurance Company index link the sum-assured is a big mistake. Your premiums, over time, will steadily rise at an ever increasing pace as the index linking is compounded year after year. The regular revaluations bring things back in line and keep costs under control.

I hope this has answered your question. If you have difficulty finding an Independent, send me a private message and I will see if I can recommend someone in your area.

Kind regards
Adrian

dander

Just to add that, as with any antique, the insurance valuation will usually be a fair whack more than you can actually sell it for. If you are wanting to sell, there's no point paying for an insurance valuation and expecting to get that price - in that case it would be worth talking to a local auction house and asking for an appraisal or going into a local jeweller that sells second hand.

totalsolutions

Weight the gold and that's the market price. Once melted its all the same no price on sentiments and workmanship.