I’m delighted to say I have been asked to be one of the main speakers at the inaugural conference to be held by the newly formed Jewellery Valuers Association when conferences get back on track in October and as we ease out of lockdown. As an independent organisation, run by some of the most experienced valuers in the industry, it will strive to ensure the public are offered only the best quality valuations. I’m incredibly impressed by the work that has been put in to form an organisation which brings together those of the highest standing in the jewellery valuing community.
So, it may be at this point you think “Well, a valuation is a valuation…isn’t it, and a valuer is a valuer?”. The answer, sadly, is no. In the last couple of weeks, I met with a client who had an extensive collection of jewellery and her previous valuer had undervalued many of those pieces, especially those that had some age to them. In one instance, a brooch that should be insured for replacement purposes for £9,000 was actually valued at £3,000! And the timeframe between that valuation and my contact with the client was most certainly not enough to warrant that difference. Imagine if the owner had lost that brooch? She would not have been any the wiser but that is most certainly not the point. Ultimately, either by choosing another piece or receiving a payout, she would have been significantly under recompensed. There are many other instances of this – paperwork that doesn’t give assessments of diamonds, gemstones that are rare and from particularly desirable geological origins which have not been identified and watches that don’t have the model number listed which is crucial for identification.
Most insurance companies advise valuations should be updated every three years or so - this is especially important in the current market where we have seen the price of gold and palladium skyrocket. Alongside a shortage of rare unheated gemstones as well as strong demand on the secondary market for particular watch models and good pieces of period jewellery means leaving the updating of a valuation for longer may lead to you being underinsured.
As a valuer who is recommended by multiple brokers and insurers across the country, I am proud to be a founder specialist member of the JVA and look forward to helping my clients ensure they are properly insured. Please feel free to contact me to discuss your insurance requirements.