It's important to have an accurate record of the jewellery that you own. Ensuring your goods are correctly valued with an up-to-date appraisal proves your ownership, helps with insurance cover and will aid in having your goods replaced, should the worst happen.
Your valuation will show that on the date stated, the items existed and were examined by the signatory. It will ensure that in the event of a dispute with an insurance company or loss adjuster, a firm foundation exists on which to base a claim. Furthermore, it will ensure that replacements are comparable in quality and value with the original.
Items are usually valued for one of three purposes:
Your property should be adequately protected by insurance. If you have cover based on a valuation provided some years ago it would be prudent, due to the fluctuating costs of gemstones, precious metals and labour, to have a re-appraisal. If you are unfortunate enough to lose your jewellery, have it stolen or damaged, you need to receive adequate cover to replace the articles.
An insurance valuation sets out to describe your items in enough detail to allow similar items to be brought or made in replacement. The value given to each item is based on replacement cost. That is the retail price of replacing an item with a reasonable equivalent.
A valuation of insurance replacement does not reflect the sum likely to be obtained if you, the client, were to sell the goods. That would require a Valuation for Private Sale.
Probate valuation is in respect of goods that form part of the estate of a deceased person.
These values will be considerably lower than those for insurance purposes, as they do not reflect the current costs of materials and labour, rather the price they might reasonably be expected to fetch if sold in the second hand market at the time.
We understand that the period in which you require a valuation for probate can be a very trying time. If you do require this service we will do our best to ensure a quick and trouble-free turnaround.
Private sale valuations reflect the price likely to be obtained by the client in a sale to a person in a private capacity. This valuation will take into account not only the condition, style and quality of the piece, but our view of the market possibilities at the time of the valuation. In effect, a 'fair price' at which to sell a piece.