Jewellery Valuation, Everything You Need To Know

Your jewellery isn't just an accessory, it’s a collection of memories, milestones, and valuable investments. Whether it’s a dazzling new engagement ring, a treasured family heirloom, or a growing jewellery collection, ensuring your pieces are accurately valued is essential for protection and peace of mind.

Here are our Top 10 Jewellery Valuation Tips to help you protect your precious pieces:

1. Establishing the purpose of the valuation

The term 'valuation' can cover a wide variety of purposes. You may need a full valuation report for a variety of reasons, for example:

• Insurance – to ensure your items are covered for loss, theft, or damage

• Probate (HMRC) – for legal and tax purposes after a loved one passes

• Divorce Settlements – to fairly divide assets

• Family Disputes – to determine value for inheritance or other purposes

This is not an exhaustive list of reasons you may need a valuation, but if you are unsure if you require one, please get in contact with us and we would be happy to advise further.

2. Check your insurance policy 

Not all jewellery needs to be separately listed on your insurance. Many policies automatically cover items under general contents insurance, typically up to £1,500 per item. However, for high-value pieces, you may need specialist jewellery insurance—consider providers like TH March, who specialise in jewellery cover.

Also, check whether your policy includes accidental damage protection—this can be a crucial safeguard.

3. Expertise is important, ensure they are IRV registered

Your valuation is a legally binding document, so it is important for it to be carried out by a qualified professional. The document should include  a detailed description of the item, along with a photograph of your piece of jewellery and an accurate value.

Did you know? In the UK, anyone can offer jewellery valuations, but not all are qualified to do so.

Look for an Institute of Registered Valuers (IRV) certified expert. IRV members undergo rigorous training in diamonds, gemstones, and jewellery assessment, ensuring accurate, detailed valuations.

In-house valuers are also worth looking out for, as they will not have to send any items away and typically have a faster turnaround. 

4. Looking for a quick value estimate?

Are you simply looking for a diamond ring valuation? This is a question we get asked a lot and unfortunately the answer is not straight forward as there are many types of valuations. 

The value of the same item varies depending on the purpose:

• Insurance Value – how much it would cost to replace it

• Market Value – how much you’d get if selling it

• Probate Value – its worth for legal or tax assessments

Before requesting a valuation, consider why you need it. This can help a professional guide you to the most suitable service. 

5. Cutting costs can cost money

If a company is able to offer rock bottom charges, it is usually an indication that corners are being cut somewhere to keep prices down. It might be tempting to go for the cheapest valuation service, but cutting costs can cost you later.

A low-cost valuation may indicate: 

• Inexperienced valuers

• Lack of proper testing

• Insufficient or incorrect details - which could lead to rejected insurance claims

A high-quality valuation covers expertise, specialist equipment, and insurance protection while your jewellery is assessed. Investing in a professional service now can save you thousands if you ever need to replace your item.

6. Be prepared to leave your jewellery with the valuer

It’s natural to feel anxious and even sad about leaving your treasured pieces with a jeweller, but a proper valuation takes time and will need to be done in controlled laboratory-style conditions to make sure it is accurate.

The process involves:

• Detailed gemstone analysis

• Precise measurements

• High-resolution photography

• Market pricing research

Be wary of online or “while-you-wait” valuations, many insurers do not accept them due to their inaccuracy so we’d recommend you check with your insurer before being caught out with a potentially incorrect and invalid valuation..

7. Keep valuation updated

To keep your policy valid, it’s important to make sure it’s up to date. Jewellery values fluctuate over time, so insurers often require re-valuations every 2-3 years.

Why?

• Precious metal & gemstone prices change

• Insurance policies may have new requirements

• Under-insuring means you may not get full replacement value

Some jewellers may offer a discounted re-valuation if they originally assessed your item, always ask!

8. Get your jewellery checked regularly 

It’s not just about jewellery being stolen or lost, sometimes jewellery gets damaged. It’s good to get in the habit of getting your jewellery checked, to make sure everything is secure. If you have a particularly valuable piece, it may be stipulated in your policy how often you need to get the jewellery checked by a professional. 

Insurance companies may also specify for high-value items that the check of the security of the setting and condition of an item of jewellery is documented in a letter by a member of the Institute of Registered Valuers for the insurance to be valid. It’s also great for your own peace of mind.

 9. Avoid online insurance valuation services

Online-only jewellery valuations have become more common, but they produce valuations far from the required standard. Without proper grading and testing, done using at least 10x magnification, gemstones can be misidentified, values miscalculated, and key details like measurements and laser inscriptions overlooked. 

This can lead to inflated insurance premiums or insufficient coverage. Due to these inaccuracies, most reputable insurers no longer accept online valuations. Always opt for an in-person assessment by a qualified professional.

10. Choose a company you can trust 

When choosing a company for your jewellery valuations here are some things to think about:

• Customer reviews 

• Professional associations they belong to e.g. Institute of Registered Valuers 

• Does the company make you feel comfortable 

At Hatton Jewels, we're registered members of the Academy of Experts in jewellery and a member of the Institute of Registered Valuers (IRV), with our team having a vast wealth of experience in jewellery and valuations, offering a comprehensive and accurate valuation service. 

If you require a valuation of your item of jewellery, whether that's an insurance valuation for your engagement ring or for an antique Diamond tiara. 

Call us on 0203 116 0069 or email us on info@hattonjewels.com to discuss with one of our friendly team. Let our experts ensure your jewellery is accurately valued and fully protected.