We all have home contents insurance and for many people the need to have an up to date valuation of jewellery, watches and silver is a stipulation of cover; the one thing that we all hope is that we will never have the need to make a claim.
Thinking about the possible theft or loss of your favourite jewellery or silver is hardly pleasant, but the possibility cannot be ignored. Dealing with the aftermath of a burglary can be very distressing and for most it is a time to hope that the insurance company will put everything right. And most will.
In order for your insurance company to adequately settle your claim the onus is on you as the policy holder to provide the specific information required. Failure to do so can seriously and adversely affect how your claim is settled; you may find that you are under insured or a cap has been set on the maximum amount payable for the loss of jewellery which may not cover the value of the items lost. In the event of a claim, and with specific regard to jewellery, all insurance companies will expect you as the policy holder to:
Above all, it is important to understand that it is not the insurance company’s responsibility to know the value of the items you are claiming for.
In today’s world an up to date valuation is an absolute must. Valuation standards and practices have tightened dramatically in recent years – the simple one line descriptions seen on old valuations are simply not acceptable these days.
A modern valuation for insurance contains a wealth of information including detailed descriptions including accurate weights and measurements as well as digital images and an informed value calculated and arrived at from the correct perspective.
They can. Whether it will be acceptable to your insurance company though is a different matter entirely. Increasingly these days only valuations carried out by a Member of the Institute of Registered Valuers* will be considered good enough and, in some cases, only a valuation undertaken by a Fellow of the Institute will be acceptable. We are very lucky to have Karra Ellison as our valuer; she has many years experience valuing, is very highly qualified and she is a Fellow of Instiute of Regitered Valuers. To see more about Karra: https://www.naj.co.uk/find-an-irv/detail/178009
*The Institute of Registered Valuers was established in 2008 having grown from a working party set up by the National Association of Goldsmiths in 1987. Its objective was to establish and maintain the highest standards in jewellery and silver valuations. Members of the institute must have years of experience working in the jewellery industry. They must have the highest gemmological and diamond grading qualifications, they must hold a Certificate of Appraisal of Jewellery and have passed the rigorous practical examinations in order to meet the standards required by the Institute. Members are continually assessed to ensure that their work is up to standard and the very best are offered Fellowship of Institute.
Yes, always. Unlike some jewellers who routinely post to third party valuation specialists, Valuations are carried out once a month and on the premises at our shop in Alresford. Please get in touch with us to book a valuation date.
We realise that you want to be without your property for the shortest possible period and it is our aim to keep your items for a maximum of three days. We will ask you to leave your items with us a day or so before the appraisal.
Yes. Why do we need grading reports & supporting documents? There are limitations when assessing mounted diamonds which are always graded loose and unset. Diamonds that are set in jewellery can take on the colour of their surroundings and inclusions and imperfections can be hidden by claws; The highest grade that an IRV valuer can attribute to a mounted diamond is ‘F’ colour/VS clarity. If your diamond has previously been graded a better colour than ‘F’ and a clarity better than VS then it is important that we know as your stone will be significantly undervalued otherwise.
The photographs and preparatory work will be carried out on the specified day with the items ready for collection shortly afterwards. In the days that follow we will complete the necessary research aiming to have the full and complete schedule ready in 3-4 weeks.
Unfortunately our valuation service does not currently extend to home visits.
Our Valuation Fees can be found here: D Barker & Son Valuation Charges 2023
We undertake valuations for the following purposes:
We will assist in identifying items from a large collection of jewellery that are to be included in a formal valuation but I am afraid that we will not value items ‘on the spot’. It is not good practice to give a verbal ‘off the cuff’ valuation. The number of treated/synthetic/imitation gemstones that are in circulation for example makes instant appraising inadvisable – it is not good for you to receive an appraisal based on incomplete or suspect information and frankly it is a potential hornets’ nest for us too. Jewellery valuation requires a systematic and considered approach to ensure accuracy; it is not like the ‘Antiques Roadshow’ where the expert waxes lyrical and plucks figures seemingly from thin air – what the viewer does not see is the meticulous preparatory work carried out before the cameras roll. Sorry to disappoint but you did ask!
When you leave your jewellery for appraisal your valuer will need to know the purpose for which you require the finished valuation. Items of jewellery are valued differently for different purposes. You might wonder about the gap between the insurance value of an item and the amount you would get, as a private individual, if you chose to sell the pieces. Consider the following:
This type of appraisal will show the full retail replacement value, ‘as new’ or ‘as antique’ of your jewellery, VAT inclusive, taking in to account the nature, quality,and design of the pieces and the sort of shop likely to provide comparable replacement in the event of a loss. It is, therefore, a representation of the highest value of your goods.
If you are an executor of an estate one of your responsibilities is to declare to HMRC the total value of that estate at the time that the deceased passed away. This includes property, any investments and chattels such as jewellery, silver and watches. Unlike an insurance valuation which indicates the full retail replacement value, this assessment concerns itself with the amounts likely to be realised if those items which form part of an estate were to be sold. In other words, we assess the items to arrive at what would be considered to be a fair market value. HMRC scrutinises this type of valuation much more thoroughly these days and we take great care to ensure that the values we attribute to each item can be substantiated, evidenced and that they bear comparison. The old fashioned method of basing values on low auction estimates is not accepted as good practice these days.
Usually it is necessary to assess items that are specifically mentioned in a will or a letter of wishes; we recommend that you seek proper legal advice if you are unsure as to how best to proceed.
Please note that this information is provided for general guidance only and should not be read as substitute for the law.