Jewellery valuation for insurance – top tips
Jewellery valuation for insurance – top tips. If wonder how you can get your jewellery valued, we listed the best tips further down in this article.Discover what is jewellery valuation and how you can get your diamond ring valued
Before we proceed to unveil the top tips for jewellery valuation for insurance, let’s answer a few questions related to your valuable assets.
What is a Jewellery valuation?
Jewellery valuation is the process of obtaining information from specialists regarding your jewellery, whether, they are made from precious metals such as gold and silver or rare gemstones such as diamond.
A professional jeweller is able to tell you whether your jewellery are made from precious metals and rare gemstones such as diamond after inspecting the items closely and running specific tests.
Good to know how to recognize the purity of your gold jewelry
Gold jewelries usually have an inscription hallmark based on the gold purity as following:
9K gold – 375 hallmark
14K gold – 585 hallmark
18K – 850 hallmark
22K gold – 916 – 917 hallmark
24K gold – 999 hallmark
22 karat gold jewellery is quite rare because of its soft composition and 24 karat gold is only used for gold bars and investing coins, according to this article.
Wondering how do you get a diamond ring valued?
At a local jewellery store or pawn shop, they can tell you the value of your diamond ring within minutes. Is best to ask a second and third opinion before validating the true value of your item.
Where can you sell your diamond ring for the most money?
To get the maximum value for your diamond ring, you can take it to an auction house, sell it online or at pawn shops.
Get a certified jewellery valuation document to insure your item accordingly
We know that jewellery sometimes can complete an outfit or make you feel special, particularly if they are gold, silver and diamond.
The risk of losing or have it stolen is real and it can happen to anyone, but as long as you have an insurance policy for your items, there is nothing to worry about.
To get the true value of your pieces in case of any untoward incident, it is essential that you have a certified jewellery valuation document. It will ensure that you get the best out of your claim.
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Jewellery Valuation by Experts
These days it is not an easy task to claim the insurance money without a little hassle and the reason for that is mainly due to increasing fraudulent cases. Some insurance companies prefer to replace the item, rather than paying you the claiming amount.
In such cases, it becomes very important that you get jewellery valuation for each of your items by a certified valuer. This will save you from a lot of problems later in case of theft or loss.
What documents will a jeweller give you to be able to get an insurance policy for your jewellery?
The document handed by a jeweller will mention the accurate description of each piece of jewellery, including the metal used, types of diamonds, carats and other gemstones if any. It will specify the condition of the item, along with images of valuable goods.
When you handle this document to your insurance company, you can rest assured to not get cheated. You will for sure get the best worth possible and because of the certified document, the process too would become hassle-free.
Gold price will always rise, therefore, dealing with a reputable insurance company that will assess your jewellery at the market price is vital. This is the reason why experts recommend getting a jewellery valuation for insurance done every few years.
Who wants to be underinsured and get lesser value to the actual worth of their collection? The answer to this question is no one. But the insurance company would be more than happy to pay you in cash or cheque if the amount is less than the actual value. So, now you can understand the importance of valuation.
Jewellery in divorce settlement too must get valued to ensure amicable settlement.
Read the policy properly
Check your insurance policy and don’t miss out on any word. Will your policy cover your jewellery when you are out of your home or when you are abroad?
What about repairing cost? All these details must be clearly stated in the insurance policy. Read everything carefully and ask questions if something is missing out.