Valuation and Appraisal Services
Why Do You Need a Jeweller's Valuation ?

Insurance
Your jewellery should be adequately protected by insurance.   If you have cover based on a valuation provided some
years ago, it would be prudent to have a re-appraisal undertaken, otherwise if you are unlucky enough to have your
jewellery stolen or damaged the money you receive might not be sufficient to restore the lost items.   A professionally
produced valuation by an N.A.G Registered Valuer will provide:


  • A checklist so that everything missing can be claimed for.
  • Proof of ownership for the insurance company and for the police if items are recovered
  • Enough detail to allow items of similar type and quality to be bought or made.
  • A firm foundation on which to base a claim.

For insurance against loss, your jeweller will quote replacement values.   The valuation is usually based on the cost of
replacing your jewellery with similar items, if you prefer, it may be based on the estimated cost of re-creating articles
exactly to the original designs.   In either case, you may expect a detailed schedule - your valuer would not say
"diamond ring : £500", he will describe YOUR diamond ring in detail.   If you are unlucky enough to suffer a loss, do
insist on a replacement from the jeweller of YOUR choice, unless stated on the contract with your insurance company
(this could be something to think about when insuring your items) you have no obligation to replace your items with
their choice of jeweller.   If you buy a piece of jewellery you will need a valuation in order to obtain insurance cover.   
Ideally, ask the jeweller who sold the item for this documentation.   It is sensible to insure jewellery on an "All Risks"
basis rather than under the same terms as the contents of your house.   Your N.A.G jeweller might be able to arrange
special insurance for your jewellery at special rates.

Probate or Confirmation of Will

If you are the executor of an estate, any jewellery included in that estate has to be valued for probate.   A valuation for
probate is based on the prices which the jewellery would have realised had it been sold at the time of the death of the
owner.   As this does not take into account the current cost of labour, materials or tax but only the current second-hand
market situation, the figures put on jewellery valued for probate will be considerably lower than those for insurance
purposes.   The schedule can be less detailed than an insurance appraisal but will ensure that the items are
identifiable one from another.

Private Sale

Such a valuation will take into account not only the condition, style and quantity of the jewellery but the jeweller's view of
the market possibilities at the time of the valuation.   It will give details of the items and suggest fair selling prices on
the date of the appraisal - probably a figure between insurance and probate value.

Who should Value Your Jewellery

A valuation is an informed opinion based on knowledge gained through training and experience, supported, when
necessary, by the use of technical equipment such as refractometers, spectroscopes and microscopes.   A valuation
cannot be hurried: it takes time for the valuer to examine the items and prepare a written appraisal.   The valuation of
jewellery should be entrusted to jewellers who have the experience, the equipment and the necessary skills - National
Association of Goldsmiths Registered Valuers.


So to Summarise

The three reasons for seeking the appraisal and valuation of jewellery are these:

  • To secure insurance or to update an existing insurance policy.

  • For probate: to facilitate sale or division of property following a death.

  • For private sale: to ensure a fairly priced sale of goods between individuals.

If you have any other reasons, explain these to your N.A.G Registered Valuer who will prepare a
suitable schedule for you.   But please don't tell him that you "just want to know what it's worth",
because the value of an item and the nature of the schedule vary greatly and depend upon your
specific requirements
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