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What’s My Jewellery Worth?

Published Wednesday 21st December 2022

What’s My Jewellery Worth?

Jewellery is a store of wealth. Gold, silver, and other precious metals hold (or increase) their value over time.

Therefore, knowing what your jewellery is worth can be helpful. It lets you calculate the total value of your asset portfolio. It’s also invaluable when making insurance claims because it tells adjusters the value of your items.

But how, exactly, do you figure out what your jewellery is worth? Let’s take a look.

Jewellery valuation report

The best way to determine your gold or silver jewellery price is to get them valued professionally. Expert valuers inspect your items and then use their judgement to estimate their worth. They will then report their findings to you in a valuation report.

Every report in the UK should come with

  • A full description of the valued item
  • Photographs of the item
  • Details recording the composition and quality of the jewellery
  • A statement explaining why the valuation is necessary (usually for insurance or tax purposes or when making a sale)
  • A letter of transmittal, which is similar to a cover letter
  • Notes about the condition of the jewellery buyers should know
  • The current market price

How a valuation is calculated

Professional valuers calculate the value of silver and gold jewellery by combining several factors, including the quality, composition, age and defects of items. Valuations begin by looking for evidence of provenance. Pieces may have stamps, indicating when jewellers made them and the materials they contain.

The next step is to test the metal. For instance, genuine solid gold reacts to unique chemical tests, whereas other metals don’t.

Next, valuation experts will weigh the metal. This process lets them determine whether it’s solid gold, gold-filled, or gold-plated.

If valuing a diamond ring or precious stone, they will also look at the setting, clarity, cut, and colour. The whiter, larger and purer the diamond, the more it’s worth.

Valuers will also consider the age of the jewellery, its rarity, and its historical value. Some jewellery is more fashionable as antiques or collectors’ items than others.

Lastly, valuers will consider the condition. Pieces that look the same as when they first went on sale are worth more.

Jewellery Evaluation Questions

Professional valuers ask the following questions of each piece of jewellery they evaluate:

  • How old is it?
  • Is it solid metal, plated, or filled?
  • What is the quality of any precious stones it contains?
  • Is there any damage?
  • How many carats are the metal and precious stones?
  • Who made the item?
  • Is the item rare, collectable or historically significant?

Insurance Implications

A professional jewellery valuation is critical for insurance purposes. Knowing what items are worth helps when claiming for loss, theft or damage.

Under-insuring items will reduce how much money you receive in the event of a loss. Many jewellery owners forget about the impact of inflation and how it can increase the value of their jewellery over time.

Furthermore, insurers may disagree with the value of lost or stolen jewellery, leaving you out of pocket if you make a claim.

Having a professional valuation report eliminates these risks. It clearly describes the jewellery, its value, and how much an insurance adjuster should pay to replace it.