Why do I need my jewellery insured?
In the unfortunate event of loss and needing to make a claim, a valuation acts as a safeguard providing you with accurate information about the specific details of all the components making up each piece of jewellery. It is accompanied by a photograph to ensure all aspects are covered. Values do change and can do so quite considerably over a relatively short period of time. Being under insured is a common problem we hear of continually because clients believed their jewellery was covered under their general contents insurance. Most insurance companies require a written valuation for items over $1000.
What is involved in having my jewellery valued?
We offer a service where the valuation is primarily done in situ, in a location convenient to you or at our offices. Items are appraised using a full range of gemmological equipment and current market research involving gemstone trends and prices. Exchange rates and gold values are incorporated into the final valuation amount and each piece is photographed and forms part of the final report.
What type of valuation do I need?
This is the most important part of the valuation process, establishing what type of valuation is required. The relationship between valuer and client is critical in creating a relationship of understanding. The following types of valuations can be performed.
• MARKET
• INSURANCE
• PROBATE
• MATRIMONIAL
• LOSS ASSESSMENT
Market – The valueat which an item would change hands between a buyer and a seller in a second hand market such as auction where neither party are under any compulsion to buy or to sell.
Insurance – The full cost, including GST, to either replace an item or the cost to have that item manufactured or remade in the current retail market.
Probate – The value of an item which can be realistically achieved on a second hand market, when it forms part of an estate of a deceased person.
Matrimonial - The value required by the courts for the purpose of matrimonial settlement. This is a market value allowing for appropriate marketing and without time restraints of what is fair and reasonable in a second hand market if a price needed to be realised.
Loss Assessment – The value of an item after it has been lost. The item is appraised from either photograph or a previous valuation and is the retail replacement value.
How often do I need my jewellery valued and updated?
This is largely dependent on the individual insurance company as to their specific requirements. We would suggest updating every few years and no more than five years apart.
Why use a registered jewellery valuer?
The National Council of Jewellery Valuers represents experts in their field. We are trained as gemmologists, diamond graders and technicians. Regular updates are essential and ongoing training is required. A jewellery valuation is a technical report requiring expertise in all of the above areas.
How much does it cost?
We charge $220 per hour or $66 per item (inc. GST). Depending on the complexity of the valuation we cannot provide exact quotations until actual inspection of the items.