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Ring value?

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I was filling a bit more of the form out for BR yesterday and it asked for any valuable jewellry to be listed, I have a ring that was 1900 new but I've been wearing it for nearly a year, where can I take it to be valued? Will a second hand jewellers do it? Or is that not seen as accurate enough? 

Thanks in advance 


Preparing to go bankrupt April 2020
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Comments

  • luvchocolate
    luvchocolate Posts: 3,388 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    That's a tough one..they usually look to take single items of £1000 or more your ring may have increased in value. 
    People have given up engagement rings which is very sad. 
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 5 May 2020 at 9:45AM
    How would the OR discover your 'little white lie'?  That is what I want to know!!

    (Just to add that deceiving the OR is a criminal offence!!)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Silvertabby
    Silvertabby Posts: 10,142 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    edited 5 May 2020 at 9:53AM
    There's a big difference in 'insurance' value and 'sale' value of second hand jewellery.  In the case of the former, it's more like the cost of a similar replacement.  In the latter, it's normally just the scrap value of the gold/gemstone.

    Perhaps take the ring to a couple of jewellers and ask how much they would give you for it?


  • mwarby
    mwarby Posts: 2,049 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    How would the OR discover your 'little white lie'?  That is what I want to know!!

    (Just to add that deceiving the OR is a criminal offence!!)
    If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)
  • Potbellypig
    Potbellypig Posts: 791 Forumite
    Part of the Furniture 500 Posts Name Dropper
    mwarby said:
    How would the OR discover your 'little white lie'?  That is what I want to know!!

    (Just to add that deceiving the OR is a criminal offence!!)
    If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)
    ''I lost it'' ;) 
  • Silvertabby
    Silvertabby Posts: 10,142 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    mwarby said:
    How would the OR discover your 'little white lie'?  That is what I want to know!!

    (Just to add that deceiving the OR is a criminal offence!!)
    If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)
    But if the OR wants the ring to be sold then how much OP paid for it is irrelevant.  It's how much it would fetch as scrap value - and that will almost certainly be considerably less than the original cost.

  • luvchocolate
    luvchocolate Posts: 3,388 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    I think the post about proof of purchase was in reply to the possibility of the ring being *lost *
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Sorry about that.  It was my fault that the 'lost' sentiment came about.  I cannot help.  I am a cockney rebel mate and it's how we live in the ghetto...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Minkym00
    Minkym00 Posts: 791 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    The OR will want it independently valued and will ask their agents to do this. 

    Not sure why there is talk of ‘scrap value’ on a piece of jewellery. It’s not like it loses value like a mechanical item does. 
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Minkym00 said:
    The OR will want it independently valued and will ask their agents to do this. 

    Not sure why there is talk of ‘scrap value’ on a piece of jewellery. It’s not like it loses value like a mechanical item does. 
    Sorry Minkym00

    That was my fault.  Apologies. 
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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