MSE News: Get engaged on Valentine's Day? Don't forget to insure your ring

Rate_tart?_sticks_and_stones.....

I recently lost a small diamond from my 30 year old eternity ring. The excess on my policy was £100 and the cost of replacing the diamond was £150. I opted not to proceed with the insurance claim. I then realised that my valuation was over 20 years old. I asked the jeweller if they would give me a up-to-date valuation after they completed the work. They quoted £140 for the valuation. This is in Edinburgh and they said all the jewellers use the same valuer. I'll have to save up for that and lock up my ring in the meantime!

InsideInsurance

Valuations can be done on one of two basis, fixed fee or percentage of value. Depending on how many items you have and how certain you are of their value then one or the other method can be better for you.

Many companies that offer "valuations" actually use third parties and so you may find commonality across many of them. There are associations of valuers and such that will give you the details of actual valuers rather than those that sell the services of others.

From my distant memory I think in London fixed price valuations were around £50 each and valuation based were 2% or so.

rs65

I was getting an engagement ringed re-sized recently and asked him to give me a valuation whilst he had it.

It was either £25 or £35 (all in) - certainly a lot less than £140 and 2%.

gem_man

Following on from InsideInsurance's comment......
It is now unusual for professional Jewellery Valuers to charge a percentage of the value. This is now generally considered to be unethical, and quite rightly so. Some associations, like the AIJV, actually outlaw such this method of calculating fees. I few "old school" jewellers who do their own valuations rather than put their work out to a specialist, still charge a percentage, but their numbers are diminishing.

I know that jewellery valuations can sometimes appear to be expensive but this is because in the past valuations were viewed by the public and jewellers as a courtesy service. Those days have long gone. A jewellery valuation report these days is an important document that the writer is legally responsible for. It takes significant expertise, training and a significant investment in equipment and on-going education.

One should be very suspicious of a £20-£50 valuation, there is a good chance that the contents are not worth the paper it is written on and will ultimately cause the jewellery owner big problems if a claim on insurance has to be made.

I would advise all seeking a valuation to seek out a specialist in this field. The end result will be vastly superior, totally fit for purpose, will be accepted by the insurance company and will ultimately save the owner money.

There are a number of websites that list professionals in your area, mainly supplied by associations dealing with this profession.
There is a new directory that aims to bring together members of all of the various associations and specifically deals with professional Jeweller Valuers, or as they are sometimes called, Appraisers.
Jewellery Appraisers of the World

I hope this helps, and as always, once this thread is closed I am happy to receive private messages from folk looking for a recommendation of a valuer in their area.

Regards to all
Adrian

takman

The costs of valuing a ring mentioned in this thread are higher than I would pay when buying a ring!. I find it incredible that people will pay thousands of pounds to buy something to look at!.

Rate_tart?_sticks_and_stones.....

I was advised by a reputable jeweller in Edinburgh that I would have to pay £230+ for a valuation of my ring (worth less than £2000) and there was no point in shopping around as all the jewellers in town used the same valuation service. Using the links on this forum I contacted a member of the Jewellery Appraisers of the World. I paid £75 and I am now the proud owner of a bound folder containing a detailed description, photograph and additional interesting information about the way that gem stones are categorised and how to interpret hallmarks.

I was also fortunate to find a professional valuer who is based only 2 miles from where I live and he was happy for me to remain while he carried out the valuation. It was fascinating and I was able to look at the diamonds through a microscope - I should add that this is not obligatory and that I fully appreciate that not everyone would find this of interest but I did! Incidentally, by happy coincidence there is one of the best places for coffee and cake in East Lothian in the same building! A win win

I am happy to pass on contact details for the valuer if you PM me.

gem_man

Hi Rate Tart..
I am delighted that you found a solution to your problem.
I know the Valuer you are referring to. Why not show your appreciation by leaving him a review on his profile page on the JAW Directory? It will benefit him greatly I am sure.
Kind regards
Adrian