What is a jewellery valuation?
A jewellery valuation is more than just a document with a description and a price - it is the result of a detailed process completed by a knowledgeable jewellery appraiser.
A valuation provides a complete description and verification of what the jewellery actually is, in the form of a printed document. It confirms the existence of the jewellery and gives a carefully considered determination of its correct ‘value’ for a particular purpose. Jewellery valuations can be needed in many different circumstances, for example, if you want to sell your jewellery, or you are insuring your jewellery or reporting on the value of your jewellery to HMRC.
Jewellery valuers should be trained, experienced, and continually work to improve their knowledge and expertise. At Shaw Jewellers, our valuers will professionally examine and appraise your jewellery, then determine the correct monetary value for the appropriate market, at that point in time, and specified purpose, function, and intended use.
The research, detailed notes and analysis prepared by your valuer ensures that the figures calculated are fully justified, accountable and most importantly, respected and trusted by insurance companies, police and tax authorities, ensuring your confidence in the service.
What is included in a jewellery valuation?
Your valuation will be bound in a report, which will include:
- Individual detailed and accurate descriptions
- Photographs and assessments of the composition and quality of your jewellery
- A clear statement of the purpose of the valuation
- A covering letter, called a letter of transmittal
- Explanatory notes and limiting conditions you should be aware of when reading the valuation, called notes to the schedule
All the research and notes created during the valuation process are required to be kept by the Valuer for six years following the work in order to ensure that the valuation process remains fully justifiable long after its original completion.
Why would I need a jewellery valuation?
The most common reasons why you need your jewellery valued are:
- For insurance
- Family division or divorce
- For sale of your jewellery
How is a jewellery valuation calculated?
The valuation can be described as a figure generated from market-based research of the item as a whole. It may or may not include allowances for defects or wear and tear, depending on the nature of the valuation completed.
To ensure consistency and to maintain the highest standards of accuracy a Registered Valuer will record at a minimum 12 mandatory pieces of information for every item. Every aspect of the item needs to be scrutinised, assessed, identified, measured, weighed, photographed and finally valued.
The appropriate market has to be meticulously researched in order to arrive at the correct monetary value, regardless of whether it is a low-value item, an item with great sentimental value to the owner, or a very highly prized, rare, and unusual piece.
For more about what a jewellery valuation entails, visit The National Association of Jewellers, from whose website we have included some of the above.