diamond ring valuation and insurance

alanhunt1

Its contents insurance renewal time and my wifes diamond solitaire (1 carat platinum )needs inspection/valuation as last one is over ten years old (last valued £5000) I will have to renew the premium today and amend the value when i get a report later.
therte is a valuer in my area which will clean/inspect for £110 while u wait but the local h samuel will only charge £55. but they will have to send it to birmingham and take 2-3 weeks. how secure is this if it were lost?
what would the best option be? Im well aware that its not nessecary the cheapest that is best for such a precious item.

lisyloo

I am certain that they would have some insurance (you'd need to check the level) however as a woman I would be devasted if the actual ring my husband gave me on my wedding day was lost.
It is irreplaceable and therefore this is one of those time that money saving is just not appropriate. The "while u wait" option has the advantage that it's pretty impossible for them to lose something if they are doing it "there and then".
£110 over 10 years is nothing and removes almost all the risk (short of am armed robbery).

InsideInsurance

To be honest I am surprised how cheap both of the quotes are, many jewellers will charge a proportion of the value of the ring - obviously gives them an incentive to be optimistic but hits your pocket today.

As to whilst it being in transit, that will depend on H Samuels T&Cs, in general they would be liable for it but I would be highly surprised if they dont limit that liability in their terms. There is a possibility your home insurance will cover it but normally it is restricted to whilst it is on your person, airports or bank vaults etc.

I must admit the wife always has a fear that the stone from her ring would be switched by an unscrupulous jeweller so always gets the ultra magnifying lens out to check the certificate number on it after having it cleaned/ polished/ valued etc.... think the fear of armed robbery is less.

alanhunt1

thanks
well both the quotes are IRV registered - well h samuel send it to a registered person

bouncydog1

Personally in this instance, I wouldn't even think about getting a valuation where the ring had to be sent away - apart from the worry of it going missing etc. I like my jewellery either on my person or in the safe at home - not "somewhere in transit" whether insured or not!

I would seek out an appropriately qualified jeweller and get them to do the valuation. Our local jeweller is very reputable and in addition to a written valuation also photographs the item from several angles in close up so all of the detail can be seen. We are provided with a copy and the valuation is also kept by them and registered with a third party. At least then in the event of a claim we have back up to provide evidence of the value. We also provide a copy to the insurance co.`

Ch1ckenlady

I agree with the last reply - I'd never allow my jewellery to be sent away to be valued. Too many opportunities for it to go astray.

I had my jewellery valued by a local, independent jeweller, who carried out a detailed report with photos for a % of the value.

scottishminnie

I definitely would opt for the "while you wait" option. It seems remarkably cheap - I had diamond earrings and my engagement ring valued earlier this year and the cost was 2.5% + £30 administration fee for each item which came in at a whopping £285 so I would be taking their quote quickly before they change their mind.

alanhunt1

Its worth going on the IRV (institute of registered valuers) website and looking up a registered member in your locality. most will now offer a fixed fee rather then a percentage of value- much fairer of course.