1. First and foremost get your jewellery valued! I know its sounds like a no brainer but people tend to put this off. Burglars don't work to schedules and its no good getting a jeweller to try and estimate what something was worth after its stolen. With the emergence of online insurance purchasing theres not a broker there to remind you to have your valuation done. Its easier to get it done first before you shop around for the best quote.
2. Get it done by an expert. Not everybody who works in a jeweller is an expert. Would you get the guy who stacks the shelf in the plumbers suppliers to fit your new boiler? A search on google will help you find the most qualified valuers in your area. Try to find one who is affiliated to, or a Fellow of a trade body such as the Retail Jewellers of Ireland or The National Association of Goldsmiths. He should have, at the very least, a Gemmological qualification such as the FGA or equivalent.
3. Valuations should be typed. If somebody is not prepared to go to the trouble of typing your valuation then its probably not worth what he's charging you.
4. A valuation needs to be detailed. A lot of the cheap valuations generally consist of a one line description such as Solitaire diamond ring. Descriptions need to be incredibly detailed, containing description, size and grade of gemstones, descriptions of settings including dimensions and weight and descriptions of any hallmarks, stamps or engravings.
5. A valuation needs to be well written. Throwing a lot of detail into a description without any thought to the reader is another sign of a valuation written by an amateur. A description, while detailed, also needs to be written in such a manner as a complete novice could read it and know exactly what it describes.
6. Get the items photographed. This is belt and braces stuff, The detail should be in the description but a picture tells a thousand words. Especially with jewellery recovered by the Gardai. Having good photos taken will help them get your jewellery back to you. Or if you're having it replaced, the jeweller has all they need to produce a facsimile. Where possible ask the valuer to photograph them for you as he'll know how to do it properly and may be able to link the photos and description together.
7. Get the valuer to check the settings. A good valuer will do this anyway. Its just a case of checking that all the gemstones are secure in their settings, theres no damage to the item or wear and tear that may make the item unwearable. A lot of all risks policies will insist a jeweller gives a condition report before they insure something. Ask the valuer to do one while he is valuing the item and save yourself two journeys.
8. Valuations need to be local. Its no use asking the guy in New York to give you a valuation with the ring you just bought. You have to have it valued locally. Even valuations in Euros done on the continent are of no use as local VAT rates, markups and market prices differ. Insurance replacements are supplied locally therefore the valuation has to be based on the local market. So as soon as you get it home, get it valued and get it insured.
9. Get your valuation updated regularly. A client of a friend of mine told him him he had his wife's engagement ring valued five years ago so he reckoned it was not due to be revalued for another while. Thankfully my friend put him straight on this and called me in. Insurance companies used to be very good at reminding you but not anymore. Get your jewellery revalued at least every two years!
10. A few words about insurance. Although I'm a valuer and not an insurance broker I do get asked for my advice. All I'd say is for items you wear every day, don't scrimp... get all risk insurance. If you have items less than EUR1000 in value they can be listed under house contents but have them valued anyway so at least theres a record of their existence. I'd also consider having a safe installed. It gives you peace of mind and can reduce your premiums.
David Dupuy is the owner of Irish Jewellery Valuation Services and JewelleryValued.com. He is one of Ireland's leading jewellery and watch valuers. He is a Fellow of the Gemmological Association of Great Britain and The National Association of Goldsmiths.
He can be contacted on (01) 6400308 or david@irishvaluations.com
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