Different Types of Jewellery Valuations You Need to Know About

A jewellery valuation is the procedure through which qualified professional jewellery experts, with their extensive knowledge and experience, determine the market value of your jewellery. You will receive a report or document proving the piece’s given value. This process is crucial and provides significant support during times of need. Jewellery is a precious asset that can help you in many ways. Hence, evaluating your jewellery from a professional valuer is a mandatory step. Some professionals also offer their consumers the service of bespoke jewellery in London, along with valuation services.

In this article, we will examine various types of jewellery valuations that you should be aware of. Many companies, such as Prestige Valuations, provide you with experts who are not only experienced in the valuation of jewellery but can also assist you with other services, including jewellery repair, remodelling, watch valuation, handbag valuation and more. Always remember that valuable assets require proper care and maintenance. As their value fluctuates in line with the market, checking on them periodically is not just a wise step, but a responsible and proactive one.

Let’s now take a look at the different types of jewellery valuations that you should be aware of.

The evaluation of Jewellery for Insurance Purposes

The world remains a perilous place. Every day, there are reports of thefts, vandalism, home invasions, and other crimes involving your valuable goods. In addition, incidents such as losing or destroying jewellery can occur. It is manageable for a low-cost one. But what about valuable jewellery, such as a family relic or an engagement ring? Insurance is not just a precaution, but a necessity to be ready for these scenarios. You must also have the proper paperwork for a jewellery assessment to claim your insurance. Insurance companies have fairly rigorous policies. The request for reimbursement will be invalid until you provide an updated, legitimate valuation report, and you will not receive any replacement value. Therefore, always choose organisations that not only help you evaluate your jewellery for insurance purposes but also provide you with other services, such as jewellery repair and restoration, if required.

Probate Jewellery Valuations

This is not a good situation. When a close family member dies without a will, a probate jewellery valuation is carried out. Unfortunately, many of us have found ourselves in challenging circumstances over the past few years due to the pandemic. When a person dies unexpectedly and has a substantial amount of property, it can be difficult to distribute it among the beneficiaries. Probate valuation helps determine the selling price of assets. It is not the same as valuing an insurance claim. Rather than considering a replacement value, probate evaluation includes the jewellery’s market value. Probate valuation is a time-consuming and paper-intensive process.

Jewellery Valuation for Charitable Donations

This is commonly referred to as a qualified evaluation. A competent assessment or valuation is an evaluation of a possession or collectable that aids in claiming tax deductions for non-cash contributions. Of course, the valuation must be performed by a certified specialist. Art valuation is sometimes performed for charity causes. If a work of art is valued more than £10,000, a qualified valuation is required. This document should be linked to your tax return to be eligible for the tax deduction. The sum varies depending on the country’s rules. Not just for artworks, you can also evaluate your jewellery for charitable donations.

Jewellery Valuation in Divorce Settlements

Marriages can fail for a variety of reasons. And a lot of them are heartbreaking divorces. It is critical to establish the fair market value of your estate, including jewellery, during a divorce. During a divorce, jewellery becomes part of the woman’s property under the Married Women’s Property Act of 1882. Joint purchases and family heirlooms, on the other hand, are common property between the pair.

Summing Up

These are some of the types of jewellery valuations which you should be aware of. Apart from providing services for jewellery valuations, many experts in the UK also offer custom-made jewellery services, jewellery repair and remodelling services, as well as services for antique valuations and more. For instance, many organisations not only assist with jewellery valuations but also provide bespoke jewellery services at different places.

Thank you for taking the time to read our article, “Different Types of Jewellery Valuations You Need to Know About.” We hope it provided you with valuable insights into the various types of jewellery valuations and helped clarify which one best suits your needs—whether for insurance, resale, probate, or personal peace of mind.