Tips to Prepare For a Jewellery Insurance Valuation
Jewellery valuation is a complex process which requires a specialist skillset and knowledge of the jewellery market. A typical fine arts or jewellery valuation involves inspecting each item to analyze the quality and find out the value based on current market conditions. While two items might look identical to the untrained eye, each possesses qualities that can affect the final valuation. Different markets may immensely vary and this factor is taken into consideration by the valuer.
If you want valuation certificate but not sure where to start and how to get them, no need to worry. Here is a list of few things you can do:
1. Choose The Items You Wish To Get Valuation For
While you are not required to legally issue a valuation certificate for every jewellery item you sell, you can choose when it comes to selecting the one for jewellery valuation for insurance purpose. Generally it is best to get valuation certificate for jewellery priced over £1000 as well as antique and as pre-owned jewellery.
2. Pick A Type Of Valuation
Depending on the purpose of your request, there are several values that can be applied to an item. Valuation for insurance is the most sought after report though we will be happy to advice you if you’re not sure what type of valuation meets your needs best such as:
- Valuation for Insurance Replacement
- Probate
- Capital Gains Assessment
- Divorce Settlement
- Sale Between Parties
- Fair Open Market Valuation
Each of these types has a different approach to calculate the value and ascribe a different value.
3. Photograph Your Jewellery
High resolution photograph of each of your jewellery item being assessed always helps. Capture the different angles of the item to record its unique qualities. Keep these images in your file for future reference and share them with your valuer as well.
4. Go For A Registered Valuer
You must hire an experienced and skilled valuer who can issue the official valuation certificate. Just make sure you collect the copy of their seal and their NAJ (National Association of Jewellers) membership certificate.
5. Schedule Follow-up Valuations
Trends come and go, markets evolve and even gold can tarnish over time. Renewing your jewellery valuation every 2 to 3 years ensures that your certificate reflects these changing market conditions and general wear and tear. In turn, it will help you adjust your prices accordingly and ensure you’re not paying excessive premiums if prices decrease.
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