--- title: The Cost of Replacing Jewellery date: 2026-08-25T15:20:00+01:00 author: Bob Andrews canonical_url: "https://www.assetsure.com/jewellery/high-value-jewellery-insurance/replacing-jewellery-costs/" section: News --- Our Customers Love Us! High Value Jewellery Insurance [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) [Home](/) › [Jewellery Insurance](https://www.assetsure.com/jewellery/) › [High Value Jewellery Insurance](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/) › [The Cost of Replacing Jewellery](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/replacing-jewellery-costs/) # The Cost of Replacing Jewellery If you bought a piece of jewellery five or ten years ago, would it cost the same to replace today? In many cases, probably not. We tend to think about inflation in terms of everyday spending – the weekly shop, energy bills or the cost of filling up the car. But rising prices can also affect jewellery. And because the value of a piece may depend on gold, other precious metals, gemstones and the work involved in making it, the change in replacement cost won't necessarily mirror the UK's headline inflation figure. For anyone with jewellery insurance, that's worth bearing in mind, particularly if a piece hasn't been valued for several years. ## What does inflation have to do with jewellery? The Bank of England describes inflation as the rate at which prices rise. One of the main measures used in the UK is the Consumer Prices Index (CPI), which tracks changes in the cost of a representative selection of goods and services. In June 2026, UK CPI inflation was 2.6% (according to the Bank of England's July 2026 Monetary Policy Report). To put that figure into context, a 2.6% increase on £5,000 would be £130, taking the price to £5,130. But that doesn't mean a £5,000 piece of jewellery will necessarily cost £5,130 to replace. ### Gold prices don't follow inflation Gold is perhaps the clearest example. Its price is determined by the global market and can rise or fall for many reasons. During 2025, the London Bullion Market Association (LBMA) Gold Price recorded 53 new all-time highs and its annual average price was 44% higher than in 2024. A sharp rise in the price of gold can affect the cost of replacing jewellery, particularly pieces containing a substantial amount of the metal. We look at this in more detail in our blog: [How the price of gold can affect your jewellery insurance](/jewellery/jewellery-insurance/how-the-price-of-gold-can-affect-your-jewellery-insurance/ "How the price of gold can affect your jewellery insurance"). Of course, not every piece is made from gold. Platinum and silver prices also change, while diamonds and other gemstones have their own markets. Currency movements can play a part too, particularly where stones or materials are bought internationally. ### Is the price you paid still relevant? Your original receipt shows what you paid, but several years later it may not reflect what an equivalent jewellery piece would cost today. A ring bought for £5,000 several years ago, for example, might now have a different replacement value because the cost of its materials, stones and manufacture has changed. Inflation, material prices and exchange rates are among the reasons for having jewellery valued regularly. Simply index-linking an old valuation may not always be enough, as precious stones and metals don't necessarily follow general inflation. ### When did you last have your jewellery valued? *If you can't remember, it may be worth checking.* At Assetsure, we typically suggest reviewing jewellery valuations every two years, although what is appropriate will depend on the item and your jewellery insurance policy. A professional [jewellery valuation](/jewellery/jewellery-insurance/getting-a-jewellery-valuation/ "jewellery valuation") looks at the actual piece rather than applying a general percentage increase to an old figure. Depending on the item, this can include its precious metal, gemstones, design, quality and the current cost of replacing it. Ultimately, inflation is only part of the story. Gold and other precious metal prices, gemstones, exchange rates and the cost of skilled workmanship can all affect replacement costs. Keeping valuations under review can help you check that the amount shown on your [jewellery insurance](/jewellery/ "jewellery insurance") policy still reflects what the item could cost to replace today. *Disclaimer: This article is for general information only and does not constitute financial or insurance advice. Insurance cover, limits, exclusions and valuation requirements vary. Please check your policy wording or contact your insurer or Insurance Advisor.* ## Latest News & Advice [![What is worldwide jewellery insurance](/assets/uploads/images/_800x405_crop_center-center_none/world-insurance-news-banner.webp)](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/what-is-worldwide-jewellery-insurance/) ### [What is worldwide jewellery insurance](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/what-is-worldwide-jewellery-insurance/) Worldwide jewellery insurance is designed to protect insured jewellery outside the UK as well as at home. It can extend your protection when you travel, although exactly how that cover works will depend on the policy.... [![Jewellery & Social Media](/assets/uploads/images/_800x405_crop_center-center_none/social-media-news-banner.webp)](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/jewellery-social-media/) ### [Jewellery & Social Media](https://www.assetsure.com/jewellery/high-value-jewellery-insurance/jewellery-social-media/) Jewellery and social media, does visibility increase risk? As social media use has grown it has become recognised that online visibility can increase the risk of theft for jewellery owners.... [![How to Choose the Right Necklace Length](/assets/uploads/images/_800x405_crop_center-center_none/necklace.jpg)](https://www.assetsure.com/jewellery/insurance-for-jewellery-collections/how-to-choose-the-right-necklace-length/) ### [How to Choose the Right Necklace Length](https://www.assetsure.com/jewellery/insurance-for-jewellery-collections/how-to-choose-the-right-necklace-length/) The devil is in the details when it comes to picking out the perfect necklace. These statement pieces of jewellery can be hard to purchase, particularly if you are buying online and can’t try them on beforehand. While we know you’ll look great in any type of necklace, we’ve put together a guide to help you pick the most flattering necklace length for your neck, face, and body shape so you can select a new necklace with confidence.... [More News](https://assetsure.com/news) ## Why choose our specialist insurance cover? ### Extensive Cover Our policy provides "All-risks" cover as standard. This means events such as loss or damage are covered with fewer exclusions and warranties. ### Worldwide Cover You are covered anywhere in the world for trips up to 60 days. ### Single Pieces or Collections We can insure single items of jewellery such as rings, earrings & pendants or whole collections. For smaller items you can insure on an "Unspecified basis" ### Protect your no claims bonus This is a "stand-alone" policy, any claim will not affect any no claims bonus you may have under your home insurance ### Excellent friendly claims service We are here to help you if you need to make a claim. We will liaise between you and the insurers to help settle your claim as quickly as possible. ### Members of BIBA We are members of the British Insurance Brokers Association,the UK's leading general insurance intermediary organisation. 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