Why are jewellery valuations important?
At some point in our lives, we all are likely to own at least one piece of jewellery having obtained it through inheritance, gifting, marriage, or a personal purchase. Jewellery has value, regardless of whether it is small item or an item of significance – there is a value – and knowing the value of such, is essential.
Every valuation should be carried out by a qualified professional or at the very least an experienced and established valuer. This valuer will first ascertain the purpose for the valuation and should take the time to explain how the valuation will be done, before proceeding. The valuer will then carefully examine the item, identify gemstones and precious metals, assesses craftsmanship and condition, and considers current market conditions.
The valuation report should reflect a detailed description of each piece together with clear photographs. The valuation should have sizes, measurements and wherever possible, information on supporting documents i.e.. Receipts, Laboratory reports, service history reports. This can be a lengthy process and requires the correct tools and can require much research.
Regardless of the purpose of the valuation, the report should ensure that the recipient of such is able to understand the contents and have the confidence that their precious items have been fairly and accurately assessed.
As members of the National Association of Jewellers, we take this role very seriously and will not compromise on the quality of valuation reports that we deliver. We an experienced team and we always aim to deliver accurate, transparent and fair valuation reports, regardless of the purpose of the valuation.
Here we give four examples of valuation:
Insurance Replacement Valuations:
In the event of your jewellery being lost, stolen or damaged, an up-to-date insurance valuation will provide your insurer with the necessary information needed to have the item replaced at the current market value or to have it repaired or restored. It is essential to have such a valuation reviewed as often as every 2-3 years, due to the fluctuation of metals, gemstones and watches. In some cases, as in gold and/or silver coins, we would recommend these reviews to be done much more frequently, as we have seen how volatile the commodity market can be.
Probate and Estate Valuations:
Probate and estate valuations are done in the event of the owner of the valuables being deceased and the estate needs to be valued for probate purposes. Unlike insurance valuations that reflects the cost to replace such valuables, a probate valuation is to determine the realistic price that would be achieved on the open market at that time.
Divorce and Matrimonial Valuations:
In the event of a marriage or civil partnership being dissolved, valuables need to be assessed and accurately valued at the current market value. This enables the courts and solicitors to negotiate and reach a fair settlement for both parties, having an independent and professional valuation and removes all uncertainty during such negotiations
Valuations for Sale:
At times you might want to sell some of the jewellery or valuable you own and there may be various reasons for this. Obtaining a valuation for the purpose of selling jewellery, gives the seller an understanding of the value of such items in the current trading market. It gives clarity and understanding and enables the seller to make an informed decision about how or where the items could best be placed for sale.
Here at David Luton Jewellers, we take this role very seriously and as members of the National Association of Jewellers, we take this role very seriously and will not compromise on the quality of valuation reports that we deliver. We an experienced team and we always aim to deliver accurate, transparent and fair valuation reports, regardless of the purpose of the valuation.