Insuring and Valuing Your Jewellery

Most claims that go badly wrong do so for the same reason: the piece was insured for what it cost rather than what it would cost to replace, and the gap had been widening quietly for a decade.

Three documents, three purposes

A certificate describes a stone. A receipt records what you paid. A valuation states what it would cost to replace the piece today, at current retail prices, in the current market. Insurers need the third. The first two support it but do not substitute for it.

What a valuation contains

A proper insurance valuation describes the piece in enough detail to have it remade: metal and carat, the weight and grades of each stone, the setting style, dimensions, any hallmarks, and photographs. Vague descriptions are what insurers use to justify replacing a piece with something that is not really equivalent.

Keeping it current

• Revalue every three to five years, and sooner if metal prices move sharply.
• Keep a copy of the valuation somewhere other than with the jewellery.
• Check whether your policy covers loss outside the home and overseas.
• Tell your insurer after any remodelling — the piece is no longer the one described.

We provide detailed insurance valuations for pieces bought here and elsewhere, and we are glad to review an old one and tell you whether it still reflects what your jewellery would cost to replace.