While owning special pieces of jewellery can remind you of special moments and people in your life, it’s key not to forget that jewellery is also a financial asset and in some cases, a very significant one.
So, making sure your precious pieces are accurately valued is important if you want your jewellery insurance to reflect its true worth. This blog discusses what events and circumstances typically may affect the value of your jewellery, and what could happen if you don’t keep your valuations up to date.
Why regular re-evaluations are so important
It’s easy to think that once you’ve insured your jewellery, you can forget about it. But the value of precious metals and gemstones fluctuate over time meaning a valuation that was accurate a few years ago might be quite different now. For example, factors that can influence changes in jewellery values include:
- Global pricing of precious metals
- The quality and rarity of the gemstones
- Current trends some vintage styles or gemstone colours move in and out of fashion and can be influenced by celebrity jewellery trends
- The craftsmanship and condition of the piece.
This means that if you insured your jewellery based on a valuation that’s now a few years old, it might now be worth considerably more than the figure your jewellery insurance provider holds on file. So, if something happens to your jewellery (such as loss, theft or accidental damage or other event that is covered under your insurance) if you make a successful claim, the replacement or payment value would likely be based on that outdated value, typically leaving you to make up the shortfall.
Re-evaluating your jewellery ensures that your cover keeps pace with the market, protecting both your money and your peace of mind.
How often should jewellery be revalued?
At Assetsure, we recommend having your jewellery revalued every two to three years. It’s often enough to capture market changes without being an unnecessary expense. However, there may be times when you should update your valuation sooner. For example, if:
- Metal or gemstone prices rise sharply
- Your piece is repaired, reset, or remodelled
- You inherit or buy a new item and the accompanying paperwork is out of date
Jewellery is a living part of your personal assets. It’s better to check values regularly than to find out later that your cover no longer fits.
What happens if you don’t update your valuations?
Failing to keep jewellery valuations up to date can lead to what is known as “underinsurance”. For example, if you had a Tiffany engagement ring valued at £4,000 five years ago, today the same ring might cost £6,500 or more to replace. But if your jewellery insurance provider still lists it at £4,000, that’s typically the most you’ll receive if it’s lost or stolen. The gap between the insured value and the real replacement cost comes straight out of your pocket. You should also enquire if your policy has an “Average Clause”. An “Average clause”, if your policy has one will have the effect of reducing your claim in proportion to the amount of underinsurance.
Assetsure policies do not contain this clause, but the maximum amount that can be paid is your sum insured as stated on the schedule of the insurance.
Getting your jewellery professionally revalued
A proper jewellery re-evaluation should always be carried out by a qualified valuer such as a member of the Institute of Registered Valuers or the National Association of Jewellers. A professional valuer uses specialist gemmological knowledge and current market information to work out what it would cost to replace your jewellery today. Your piece will be inspected in detail, with the metal type, hallmarks and gemstone features including cut, colour, clarity and carat weight all recorded.
Each item is photographed, and you’ll receive a report showing its present replacement value for insurance. Keep this document with your insurance papers and share a copy with your insurer. Many jewellers now offer digital records, which makes updating valuations straightforward.
Assetsure works with a long standing valuation partner who provides a quick and easy online service. It’s a useful option if you’re arranging a jewellery insurance quote with us (subject to policy limits and underwriting terms). After you’ve uploaded your information and photographs, a qualified valuer reviews your jewellery and emails the finished valuation certificate straight to you - no need to visit a jeweller in person. You can find out more about jewellery valuations here.
The link between valuations and jewellery insurance
When you insure your jewellery, the insurer uses your valuation to decide how much cover to provide and how much your premium will be. A recent professional valuation makes the whole process smoother and more transparent.
And if you ever need to make a claim, having an up-to-date valuation means there’s clear evidence of what you owned and what it was worth.
When to review your jewellery insurance policy
Updating valuations goes hand in hand with regularly reviewing your jewellery insurance cover, whether you have standalone jewellery insurance or as part of your home contents insurance.
Some home contents policies limit how much you can claim per item unless you’ve listed valuables separately. If your collection has grown or increased in value, it may be time to switch to a specialist policy. (You can read more in our blog here: Mistakes people make with their jewellery insurance).
Specialist jewellery insurance may offer more generous and flexible terms such as worldwide cover, accidental loss protection, and access to a panel of trusted jewellers for repairs and replacements.
Why you should keep your jewellery valuations up to date
Jewellery marks some of life’s most personal moments a proposal, an anniversary, or something passed down through the family. It also holds real financial value, which makes accurate valuations essential.
To make sure your cover stays in line with current market prices, it’s sensible to have your jewellery revalued every two to three years or whenever its circumstances change. Keep copies of your reports, use a trusted professional valuer, and choose an insurance provider such as Assetsure who specialises in protecting valuable pieces.
If you’d like help arranging suitable engagement ring or other jewellery insurance cover, or need advice on keeping your valuations current, please contact us at Assetsure on 0208 0033 190.
Keeping your jewellery properly valued isn’t just about insurance it’s about safeguarding something deeply personal and ensuring it remains protected for the years ahead.
