FREQUENTLY ASKED QUESTIONS

aquamarine and diamond necklet

Why do I need a valuation?

There are a number of different types of valuation; insurance, probate, post loss assessment, family division, loan security or private sale. Of these types insurance valuations make up a very high percentage of the jewellery valuers work.

The information included in a valuation document should provide all the information necessary so that, in the event of loss or theft you have all the information needed to prove ownership if the item is recovered or to assist your insurance claim if it isn't.

Without a valuation you will probably have problems establishing a valid and provable claim and ultimately could lose out financially.

How often should I have my items revalued and what will it cost?

Insurance companies usually require that valuations are updated every three years to ensure that values are accurate and that you are not under or even over-insured. This variation can be due to the fluctuations in precious metal, diamond and gemstone prices as well as market exchanges rates.

Revaluation also gives the opportunity for the appraiser to check the items for wear and tear that may have occurred in the intervening period. Valuations of this type attract a preferential discount of 25% off the standard valuation fee if previously carried out by Gordon.

Why do I have to submit my previous documentation?

Factual details can be gleaned from documents, certificates and till receipts which enable the appraiser to produce a more thorough and accurately researched document. Of course we may not agree with the previous appraisal but at this at least gives us the opportunity to be able to explain, how in our opinion, we have reached our conclusion.

What is a Registered Valuer?

A Registered Valuer is a Member or a Fellow of the Institute of Registered Valuers, which is regulated by the National Association of Jewellers.

Fellow of the Institute of Registered Valuers

To become a Registered Valuer takes years of training and experience. All Registered Valuers need to have Gemmological and diamond grading qualifications as well as having passed the CAT or Professional Valuation Diploma.

Members of the Institute of Registered Valuers can become Fellows by completing a Continuing Professional Development Plan and submitting sample valuations for monitoring purposes. A pass is only achieved by attaining a minimum of 85% in the Institutes Monitoring Exercise.

Why does a valuation cost so much?

To become an independent valuer takes years of experience and training and only then is he or she is qualified to value jewellery, watches or silver.

All items have to be weighed, photographed and tested. In gemstone set jewellery the stones are measured and weights estimated. The colour and clarity of the stones is also noted as well as any hallmarks or stampings.

By necessity, there has to be a considerable investment in equipment, reference material and time to produce a well-researched document. Therefore providing such a document deserves a professional fee.

Remember, if the worst happened a ‘cheap’ valuation could prove to be more costly!

 
Copyright Northern Valuations 2016