Do you value jewellery for insurance, probate etc?

Jewellery is one of our most personal and valuable possessions. Whether it is a family heirloom, an engagement ring, or a piece bought as an investment, its true value is not always obvious. Whatever the reason, knowing the true value of your jewellery is important. This is where a professional jewellery valuation can help you. It provides a clear and accurate estimate of your jewellery’s worth for insurance purposes so that you are protected in the event of loss or damage.

Valuing jewellery is not just about numbers. It protects you financially and legally in many situations. This article explains why jewellery valuations are necessary. It also describes how Heidi Kjeldsen carries out this service.

What Is a Jewellery Valuation?

A jewellery valuation is a formal written report by a qualified Independent Registered Valuer of the National Association of Jewellers expert. It describes your piece in detail. The report explains the materials used, the type of metals, weights and grades of stones, the quality of craftsmanship, and the condition of the piece. It then gives an estimated monetary replacement value for the item.

The valuation value depends on the purpose. For example, a valuation for insurance will show the replacement cost. This means how much it would cost to buy a similar new item today. A probate valuation is used when a person dies, and will usually be based on the resale or market value. This is often less than the replacement cost.

Other valuations may be required for selling, dividing assets during a divorce, or for legal disputes. Having a professional valuation makes sure that you understand the value clearly and fairly.

Why Do You Need a Jewellery Valuation?

There are several important reasons to get your jewellery valued professionally:

• Insurance:
  If your jewellery is lost, stolen, or damaged then your insurance claim will depend on its declared value. Without a proper valuation, you risk being underinsured and may not get enough money to replace the item. A professional valuation guarantees your insurance covers the correct up to date replacement cost.
• Probate and Estate Planning:
  When someone passes away then their belongings must be valued for legal and tax reasons. Jewellery is part of the estate and needs accurate valuation to help executors and solicitors divide assets fairly. This valuation also determines any inheritance tax due.
• Divorce or Family Settlements:
  Jewellery is also a part of asset division in divorce or family inheritance cases. A professional valuation ensures both parties understand the true worth of the items. This helps prevent disputes and ensures a fair distribution of property.
• Resale or Auction:
  If you want to sell your jewellery then knowing its market value is essential. It helps you set a realistic price to attract buyers. This will be less than a new replacement value as the items are second hand, have had a life and purchasers are buying a risk that settings may be worn or stones not as they seem.  

Who Does the Jewellery Valuation at Heidi Kjeldsen Ltd?

At Heidi Kjeldsen, valuations are carried out by highly qualified experts. We work with an Independent Registered Valuer (IRV). This valuer is a Fellow of the National Association of Jewellers (NAJ). The NAJ is a respected professional body in the jewellery industry. Membership means the valuer meets strict standards of expertise and ethics.

The IRV provides an impartial and expert opinion. Their valuations are especially important for:

• Very valuable or high-value items
• Historical or antique jewellery
• Watches which Heidi does not deal in but nevertheless may be valued
  

For other pieces, Heidi herself can issue a document stipulating the New Replacement Price, for some items if she believes this is suitable for you, especially if she has made the item then insurers will accept this. 

What Does a Jewellery Valuation Cost?

The cost depends on who carries out the valuation and the type of items involved.

• Independent Registered Valuer (IRV):
  The first item costs £100.00, with £60.00 for each additional item. This includes a detailed portfolio report.
  For very high-value items, a premium fee of 1% of the value plus the £100 or £60 if more than one item is being valued.
• Valuation by Heidi:
  Heidi charges £50.00 for the first item and £40.00 for each subsequent for documents detailing the New replacement Price. 

How Does the Valuation Process Work?

You will need to book an appointment at our showroom on Mill Street, Oakham. You may discuss your needs during your visit and decide which valuation type suits your items best.

The NAJ Valuer will carefully inspect each jewellery piece. They assess the metal type and purity, examine gemstones for quality and size, and look at the overall craftsmanship. The condition of the piece is also checked including any damage or repairs.

They provide a detailed report using specialised tools and equipment. This report includes photographs, descriptions, and the estimated appropriate replacement value of your jewellery. You will receive the report within a few weeks after your appointment.

Why Is Professional Valuation Important?

Using a qualified and independent valuer has many benefits:

• Accurate and Fair Value: A professional valuation reflects current market conditions and provides a trustworthy estimate.
• Proper Insurance Coverage: This makes sure that you are neither underinsured nor paying for excessive coverage.
• Legal Certainty: Valuations by accredited experts are accepted by solicitors, executors, and courts.
• Transparency: Clear valuations help avoid misunderstandings in family or legal matters.
• Selling Confidence: Sellers may be guided by professional valuations, resulting in realistic resale values.
  

How Often Should You Update Valuations?

Jewellery values can change due to market forces. Precious metals and gemstone prices fluctuate over time. Jewellery condition can also change through wear and tear. Experts recommend updating valuations every three to five years. If you have altered or repaired pieces then consider an earlier revaluation.

Conclusion

A professional jewellery valuation is essential for anyone who owns valuable jewellery. It gives you a clear understanding of your jewellery’s worth whether it is for insurance, probate, resale, or family reasons. At Heidi Kjeldsen, we offer expert, fair, and clear valuations through our Independent Registered Valuer and Heidi can provide estimates to replace which are valuable too.

Book an appointment today at our Oakham showroom to protect your jewellery and your interests. We will help you value your pieces with the precision and care they deserve.