Unlocking the Hidden Value: The Importance of Jewellery Valuations
What is a Valuation? Why do I need one?
Whether you inherited a family heirloom or purchased a stunning piece for yourself, it is essential to know its worth. Valuations are crucial when it comes to insuring your jewellery, settling an estate, or determining its value for resale.
Jewellery valuations involve determining the current market value of the item. They take into account factors such as age, condition, and rarity. Without an accurate valuation, you could be underinsured, and in the event of a loss, you may not receive the full replacement value of your jewellery. Additionally, if you're looking to sell your jewellery, having a professional valuation can help you get a fair price and avoid being taken advantage of by buyers.
Jewellery and watch valuations produced by us in the boutique are carried out by our qualified professionals that are members of the Institute of Registered Valuers.
Why are my items not worth what I paid for them?
The value of jewellery and watches is difficult to ascertain. This is because many factors that affect its value. The rarity, type of jewellery or watch, and the condition of each item are all factors considered.
If you need a valuation of your brand new engagement ring for insurance, we need to know the type of cover you are looking for, as well as take market and replacement values into consideration. It's important to update your insurance valuations at least once a year as market prices of precious metals and gemstones fluctuate significantly.
The price at which you can sell your belongings depends on the selling platform you choose. For instance, dealers may offer a different price compared to selling it privately or via an auction. The price variation occurs because dealers have to resell the item, which underscores the importance of knowing the value of your jewellery.
Why should I get a valuation?
If you have come into possession of a vintage watch, inherited a family heirloom such as your grandmother's wedding ring, or have acquired jewellery over time and wish to determine its value, it is essential to obtain a valuation. A valuation, performed by a registered valuer, will provide a detailed description, photographs and an accurate value, eliminating any uncertainty for you or an insurance company if you plan to sell your precious items. Without a valuation, it is impossible to determine the true worth of your jewellery.
A qualified valuer can verify the legitimacy of the valuable metals and gemstones in your collection. If you are considering buying or selling precious gems like diamonds, sapphires, or rubies, you should consult with a certified gemologist who can accurately assess their quality and authenticity. Meeting industry standards, such as those set by the Gemological Institute of America (GIA), is crucial in ensuring that the gems are appropriately classified.
In the past few years, we have had numerous customers experience losses only to discover that their insurance companies only cover the amount stated on their most recent valuation or receipt. This situation can leave customers unable to replace their lost item, rendering their insurance investment useless. Having an updated valuation is vital as it serves as evidence of its value, and could help avoid financial losses in the future.
Inherited jewellery and watches
Inheriting well-preserved jewellery and watches can potentially yield significant value, making it important to determine their worth to make informed decisions about what to do with them. If you inherited these heirlooms through probate, it's advisable to seek guidance from a certified valuer, who can provide an accurate assessment of their value, eliminating the uncertainty and emotional stress during this time.
Besides giving you a reliable estimate, a professional valuation can also help you decide whether selling your items is worthwhile and provide recommendations on where to sell them, either through auction or private transactions. They provide peace of mind, ensuring your precious possessions are appropriately covered in case of damage or loss.
A professional will also be able to spot fake gemstones, metals and counterfeit watches so you can avoid being persuaded into buying something that is not what it appears.
Professional valuers gain invaluable knowledge through their extensive experience handling and appraising precious items. Often, dishonest sellers will set the price of counterfeit items based on the value of a genuine item or even offer a price below its actual value to lure buyers with tempting deals. It's important to remember that if an offer seems too good to be true, it most likely is.
Not only do valuations provide peace of mind and protection against loss, theft or damage, but they also enable you to make informed decisions regarding the insurance, sale or inheritance of your jewellery. At Baker Brothers, we understand the importance of accurate and reliable valuations, which is why we employ certified valuers to ensure the most accurate assessments of your precious possessions. If you have any questions or would like to book a valuation appointment, please don't hesitate to contact us at 01234 630821 or email us at [email protected]. We look forward to helping you protect and preserve your treasured jewellery.
