A guide to jewellery valuation for insurance

Getting your jewellery valued for insurance is a key step in the process. Without an accurate valuation, you could end up underinsured or unable to claim the full value of your jewellery if something happens to it.

If you don’t have the original receipts, perhaps because the item was a gift or bought years ago, a professional jewellery valuation provides proof of ownership and value, which insurers require for claims.

Our guide covers everything you need to know about getting your jewellery valued for insurance to ensure your items are properly protected.

What is a jewellery valuation?

A jewellery valuation is an expert assessment of their worth, done by a certified jeweller or a professional valuer who is registered with the NAJ. For insurance purposes, having your jewellery valued ensures it’s properly covered in case of loss or damage.

When you get a valuation, you’ll receive a detailed report that includes a description of the item, its materials, gemstones, and weight, as well as its assessed value. Unlike a jewellery appraisal (which is often just an estimate), a formal valuation is an official, legally recognised document that insurers rely on.

Factors that influence a jewellery valuation

Several factors play a role in determining the value of your jewellery:

• age—older pieces or antiques might be worth more
• condition—well-maintained jewellery typically holds a higher value
• metal type—precious metals like gold and platinum significantly impact the value.
• rarity—unique or limited-edition pieces can attract higher prices.
• brand—designer or luxury brands are often worth more
• craftsmanship—intricate designs or high-quality work can add value
• gemstone quality—gemstones are valued based on the Four Cs (cut, clarity, colour, and carat weight)
• market fluctuations—prices of materials like gold, diamonds, and other gemstones can change over time

It’s important to remember that a jewellery valuation reflects your item’s current market value, not necessarily the price you originally paid. Depending on market trends, it's worth may have changed since purchase.

How to get a professional jewellery valuation for insurance

1. Choose a certified jewellery valuer

The most important step when getting a jewellery valuation for insurance is to find a qualified expert, such as a member of the National Association of Jewellers (NAJ). Many jewellers offer in-house valuations, or you can visit an independent valuer.

2. Gather any existing documentation

Remember to bring any relevant documents, such as purchase receipts, previous valuation reports, or certificates of authenticity. These can help your valuer provide a more accurate assessment.

3. Receive your valuation report

The formal jewellery valuation report you receive should include the following:

• a detailed description of your item
• the assessed value based on current market prices
• high-quality images for reference
• official certification or documentation

4. Submit the jewellery valuation to your insurer

Once you have your valuation report, you can submit it to your insurance provider to ensure your jewellery is covered for its current market value. Some insurers may require regular valuations, so it’s a good idea to check your policy terms.

How much does a jewellery valuation cost?

The cost of a jewellery valuation for insurance can vary depending on factors such as the valuer’s expertise, the type of jewellery being assessed, and the level of detail required. Typically, you can expect to pay in one of the following ways:

• fixed fee per item—usually ranging between £50-150 per item
• percentage of the item’s value—some valuers charge a percentage of the item’s worth, usually around 1-2% of its total value
• hourly rate—usually ranges from £75-200 per hour, especially for detailed assessments or multiple items

There could also be additional charges, such as priority service fees if you need a fast turnaround, revaluation fees if your insurer requires regular updates, or home visit fees if you prefer the valuer to come to you.

How often should jewellery be valued for insurance purposes?

To ensure your jewellery is adequately covered and reflects its current market value, it should be revalued at least every 3 years. This is because the market value of jewellery can fluctuate due to changes in material costs, gemstone prices, or industry trends.

That said, some insurance providers may have their own revaluation guidelines, so it’s a good idea to check your policy. Additionally, if you make significant changes to your jewellery, like resizing, adding stones, or repairing any damage, it’s a good idea to get it revalued sooner.

Regular jewellery valuations help make sure your jewellery is adequately insured so you’re not left underinsured in case of a claim.

Specialist jewellery insurance through Ripe

If you’re looking to cover your jewellery, Ripe arranges specialist jewellery insurance with worldwide cover up to £30k. Get an online quote now to protect your items against theft, loss, and damage wherever you go.