Jewellery valuation for insurance (top tips). If you wonder how to get your jewelry valued, we listed the best tips further down in this article. Discover what jewellery valuation is and how you can get your diamond ring valued.
Before we proceed to unveil the top tips for jewelry valuation for insurance, let’s answer a few questions related to your valuable assets.
What is a Jewellery valuation?
Jewelry valuation is the process of obtaining information from specialists regarding your jewelry, whether they are made from precious metals such as gold and silver or rare gemstones such as diamond.
A professional jeweler is able to tell you whether your jewelry is made from precious metals and rare gemstones such as diamonds after inspecting the items closely and running specific tests.
Good to know how to recognize the purity of your gold jewelry
Gold jewelry usually has an inscription hallmark based on the gold purity as follows:
9K gold – 375 hallmark / 14K gold – 585 hallmark / 18K – 850 hallmark / 22K gold – 916 – 917 hallmark / 24K gold – 999 hallmark
22 karat gold jewelry 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 you get a diamond ring valued?
A local jewelry store or pawn shop can tell you your diamond ring’s value within minutes. Is best to ask for 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 or sell it online or at pawn shops.
Get a certified jewelry valuation document to insure your item accordingly
We know that jewelry can sometimes complete an outfit or make you feel special, particularly if they are gold, silver, and diamond. The risk of losing or having 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 insurance money without a little hassle, mainly due to increasing fraudulent cases. Some insurance companies prefer to replace the item rather than pay you the claimed amount. In such cases, it becomes very important that you get jewelry valuation for each of your items by a certified valuer. This will save you from many problems later in case of theft or loss.
What documents will a jeweler give you to be able to get an insurance policy for your jewelry?
The document handed by a jeweler will mention the accurate description of each piece of jewelry, including the metal used, types of diamonds, carats, and other gemstones, if any. It will specify the item’s condition, along with images of valuable goods.
When you hand this document to your insurance company, you can rest assured that you will not to get cheated. You will certainly get the best worth possible, and because of the certified document, the process will also become hassle-free.
Gold prices will always rise; therefore, dealing with a reputable insurance company that will assess your jewelry at the market price is vital. This is why experts recommend getting a jewelry valuation for insurance done every few years.
Who wants to be underinsured and get lesser value than the actual worth of their collection? The answer to this question is no one. However, the insurance company would be 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. Also, jewelry in a divorce settlement must be valued to ensure an amicable settlement.
Read the policy properly
Check your insurance policy, and don’t miss out on any word. Will your policy cover your jewelry when you are out of your home or abroad? What about repair costs? All these details must be clearly stated in the insurance policy. Read everything carefully and ask questions if something is missing out.
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