Engagement ring valuation/appraisal advice

Fatal_Swan

I recently had a vintage ring imported from the USA. A bit risky, but I'd done my homework, was happy with the description of it, and had enough details and assurances to make sure I knew pretty well what I was getting. The price wasn't really an issue since it was just the perfect ring and I'm more than happy with what I paid for it. Most importantly, all the important parties absolutely love it, and it's made me quite popular

I'd like to get it valued for insurance purposes, and would appreciate any advice on how/where to go about doing it. The large local independent jewellers get an expert in one day a week to do it there and then, but the price starts at £100 and rises with the value of the item (for the ball-park valuation I think is likely, it would be £140 for example). Does this seems a bit steep? Does anyone have any advice experience that might help me? Cheers!

BOBS

think they normally charge a percentage of actual value - so the more its worth the more you pay

monkeymonkey_3

I got a vintage ring from a local independant jewellers, and the jeweller valued it and sent a valuation in the post about a week after I'd collected it. He didn't charge anything (I presume they factor this into the selling price), but I would advise trying an independant jeweller rather than a highstreet one /chain. Independants are likely to be more affordable and more reliable, I would think.

themull1

I would also go with a small independant jeweller.

leew

Hi,

Just thought i'd add my two penny's worth as i have just had my Ring valued as i too bought it in the US.

I took mine to Safeguard in Birmingham directly last week - they also do the valuations for quite a few of the high street jewellers.

Turnaround was very fast aswell - much faster had i gone with a high street jeweller who said weeks, Safeguard say 7-10 working days but i received a phone call after 4 days saying it had been done, very impressed!

It cost £55 but was good value in my opinion.

roses

My partner paid £90 for an evaluation including a full dossier with photos & they also stampted it and registered it with the police. This was done by a small shop in Hattan Garden.

Fatal_Swan

Thanks for the above comments. The only problem with the independent jewellers is the price they charge, I had no idea if it was reasonable or not. Anyway, I stumbled across a solution by accident - the ring needed resizing too and was a very awkward job due the the way the diamonds were set into it (local jewellers didn't fancy it!), so after some research I sent it off to Hirschfields' expert workshop (http://www.hirschfelds.co.uk/). As it happens they also offer a valuation service, and I found out that their rate is 1% of the total value +VAT (minimum £50 +VAT charge). For a ring valued under £5,000 that works out at half the price of my local jewellers were quoting!

Rikki

Having an up to date valuation by a reputable dealer is vital. Also be aware this should be re-done every five or so years.

I lost my eternity ring three years ago I just had to supply the valuation certificate and they made their valuation adjustments and I was paid no problems.

McKneff

Our independant jewellers charge 1% on any valuations and no minimum charge,
so on a £1000 item it only costs a tenner, always try the independant first.

And remember insurance valuations bear no resemblance to what the items is actually worth.

Selling it second hand is always nowhere near the valuation price.

Fatal_Swan

McKneff wrote: »

And remember insurance valuations bear no resemblance to what the items is actually worth.

Selling it second hand is always nowhere near the valuation price.

Well, if I end up trying to sell the ring sometime in the future, getting the right price for it is going to be the least of my worries