Introduction
Valuing is a complex procedure which must be performed by a qualified jeweller. An estimate of value is only an opinion and although opinion may vary, that of an expert is most reliable. This is an important area where you need confidence in your jeweller.
The National Association of Goldsmiths (the UK’s regulatory body) sets rigorous standards and tests for competency.
Only skilled individuals who demonstrate the highest levels of knowledge and integrity in the retail jewellery industry should be a Valuer. The consumer, insurance companies, banks and the courts rely on their judgment.
Every week customers visit me for help and advise with insurance claims, involving lost or stolen jewellery and watches.
A valuation carried out by an experienced appraiser following the National Association of Goldsmiths valuation guidelines is the accepted standard and can give peace of mind when insuring your jewellery. Firstly it is proof that it is owned by you. Secondly the digital photographs can help recover the items.
WHY YOU SHOULD HAVE YOUR JEWELLERY VALUED?
There are two main reasons for valuations.
1. Insurance Replacement Value
A valuation or receipt should be given at the time of purchase. This will take into account the current market prices, costs of labour, materials and creative design.
Once is not enough. I recommend a valuation update every two to three years because the cost of materials and labour changes. The description of the jewellery remains the same. An update of prices and retyping of the document may be all that is necessary.
We will also inspect your jewellery for damage, insecure stones and settings.
2. Probate Value
A valuation for probate differs because it is an assessment of the price of an item between a buyer and seller, without a forced sale and when the timing of the sale is not of essential importance. Because this type of valuation does not involve replacement or renewal of the article and only takes into account the current market situation, the assessed value will be considerably lower than a valuation for insurance.
WHAT EVERY VALUATION SHOULD INCLUDE
1. A full item description, which includes identification, approximate overall dimensions, estimated sizes, weights, cut and quality of all principal stones, using N.A.G. recommended nomenclature, (i.e., Gemological institute of America gem grading scale) all within limits governed by the mount.
2. Smaller stones are described by cut and estimated weight only.
3. All un-hallmarked items are tested and a description of the approximate metal quality given.
4. Details of maker, sponsor mark, hallmark information and gram weight of item are listed, where available. In the case of rings, finger size may also be shown.
5. Digital photographs.
6. The replacement value of the item or similar, including VAT.
7. A copy of the ‘Notes to the Schedule’ explaining in detail how the Valuation appraisal has been completed.
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