What you need to know about jewellery valuation
Having your jewellery valued is one of the wisest decisions you can make. Whether it is a wedding ring that your spouse bought for you or a diamond necklace you inherited from your grandmother you need to have it valued regularly. If you are wondering what jewellery appraisal does the answer is simple, it helps you determine the value of your jewellery depending on its type, cut, clarity and purity.
Top reasons for having your jewellery appraised
Selling and Buying
It is common for individuals to buy fancy diamond rings or gold necklace for their loved ones. However, without knowing the real value of the jewellery you are buying you can easily get scammed by greedy precious stones dealers. A legitimate valuer will tell exactly how much the jewellery is worth depending on its characteristics. If you also need to sell your jewellery or use it as collateral for a loan you need a jewellery expert to help you determine the exact value to avoid being misled by dealers.
Insurance purposes
Insurance companies are usually sneaky and always look for ways to reduce the payout amount in case of a claim. Some insurance companies have a set limit of the maximum amount a person can claim on the unspecified items in case of theft, fire, flooding or any other kind of damages. However, by having your jewellery valued by a professional you will have all the details including the type of gemstones value, your name, and pictures of the jewellery and other supporting documents that can help you file a claim for your jewellery in case need arises.
Tax purposes
If you have inherited your jewellery, you need an expert to help you determine its fair value instead of just a replacement cost. Experts recommend that you get a jewellery valuation every couple of years to ensure all your assets are up to date.
Catalogue
Most jewellery dealers catalogue all the items they sell and have in stock. This help to curb theft or avoid being lured into dealing with stolen jewellery. While cataloguing does not prevent theft, it can help to trace your jewellery if the thief tries to sell it to a reputable dealer.
How to find the right jewellery valuer
Although having your jewellery valued comes with tones of benefits you need to ensure that valuation is done be the right jewellery experts. Here are a few tips on how to find the right jewellery experts.
Recognised by your insurance company
Given how strict insurance companies are and there is no regulation on who can be a valuer it is essential that you check with your insurance company to see the valuers they recognise. This will help you avoid complications in case you want to file a claim.
Ensure there is no conflict of interest
While most jewellery dealers have in-house valuers always ensure that the dealer has no conflict of interest. The dealer can overvalue or undervalue your jewellery so as to make a profit from the dealing.
A member of jewellery dealers’ council
Although there is no government interference when it comes to dealing with jewellery the dealers have an association that helps them recognise each other and regulate the market. This helps to avoid scams that could ruin their credibility. If the valuer is not a member of such associations it could be a red flag that they cannot be trusted.
Do not sit on your precious jewellery without knowing the items’ worth; get an expert to perform an appraisal on them today to be certain of their fair value.
