How to ensure your jewellery is correctly insured

Many people won’t realise that if they have an expensive piece – or collection – of jewellery, it is necessary to ensure that it’s appropriately insured either as part of your contents insurance, or as a standalone jewellery valuation.

A jewellery valuation should be carried out by a professional valuer, someone who has experience in these types of appraisals. You must ensure they provide you with a value based on its composites, quality, and authenticity – this is what will ensure they’re protected to the highest level.

WHAT DO YOU NEED FROM THE VALUER?

  • The value of the item(s)
  • A description of the item(s)
  • Photographs of the item(s)
  • Data on the items and judgemental assessments
  • The type of metal it’s made from
  • Diamonds – carat, colour, clarity and cut
  • Gemstones – quality, origin and carat weight
  • Provenance and age – antique, period, modern and contemporary
  • Whether they’re a fashion and contemporary signed pieces

HOW WILL OBTAINING THESE HELP IN THE EVENT OF A CLAIM?

In the event of a claim, be that loss, theft, repair or replacement, the documentation is what will ensure you get the correct worth for your item. Jewellery often holds immense personal value, so getting the appropriate amount for repairs or replacement will make all the difference,

LINKS TO CURRENCY

The jewels that make up special items – gemstones, diamonds, and gold and silver bullion – are globally traded in the US dollar, so any fluctuation will impact on the value of the item(s). This makes it imperative to seek a re-appraisal every four years.

One tip I give my clients is to make sure photos are taken of the pieces in situ, and to ensure they have a digital copy of proof of ownership, to keep alongside a copy of the valuation.

If you have questions about jewellery insurance, or are unsure if your current content cover also considers your precious item(s), I would be delighted to discuss it with you further.

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