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A jewellery valuation provides an expert opinion on the value of a piece of jewellery and its place within the current market. Be it a family heirloom, wedding ring or another piece of seemingly valuable jewellery, a jewellery valuation will provide invaluable advice about the best course of action to take to retain the most value from your piece.
With an accurate, expert opinion, a jewellery valuation can clearly highlight the worth, ownership and value associated with a piece of your jewellery. Here are a few reasons why it pays to get a jewellery valuation.
Types of Valuations
1. Insurance replacement
The most common type of jewellery valuation is for insurance replacement. If a piece of jewellery is damaged, lost or stolen, most insurance companies require a valuation to determine the item’s insurance value and any applicable premiums. When performed correctly, this type of valuation provides the jewellery owner with proof of ownership, detailed description and value – all pieces of information your insurance provider is likely to require (as per their PDS’).
2. Estate jewellery valuations
A jewellery valuation will be able to clearly verify the value of someone’s estate for the lawyer’s benefit, making the will process as smooth and painless as possible. Within an estate valuation, the valuer will be cognisant of the types of metals or gems used in the piece of jewellery, the value of the item within the market, the condition of the piece and, if applicable, the certification of the jewellery’s stone against Australian standards.
The valuation process for estate jewellery is similar to that of a second-hand or private sale, in that these types of valuations rely heavily on the piece’s market value – whereas valuations for insurance purposes are less concerned with the jewellery’s situation in the modern market.
Valuation Approach
A jewellery valuation is an exact process that requires extensive experience, knowledge and concentration from your valuer. Professional jewellery valuations involve cleaning, weighing and photographing the piece of jewellery to provide the owner with a comprehensive valuation portfolio. This portfolio will include a detailed description and condition statement that complement an overarching estimation of the jewellery’s valuation within the current market – and, if applicable, qualification for the piece’s insurance claim requirements. Once you have your valuation, it is important to store it somewhere safe, and to have it updated every few years.
The cost of a jewellery valuation will depend on your jeweller’s fees. Jewellery valuers can charge based on time spent, or percentage worth per jewellery item.
Where To Get A Jewellery Valuation In Perth
For insurance purposes, it is extremely important to undergo a jewellery valuation in your primary city of residence. For Perth citizens, it’s a no-brainer – Allgem Jewellers has the expert knowledge and experience to provide detailed and accurate valuations of jewellery. Conveniently located in Hay Street Mall in the CBD, our services involve the valuation of custom jewellery, gemstones and more. Contact our professional master jewellers to book in for your next jewellery valuation.