When we buy expensive jewellery, we are often advised by the stores to get it valued. But what does a jewellery valuation exactly mean? And why it is so important to have a valuation report?
Definition of Jewellery Valuation
In actuality, jewellery valuation is much more than a document. It is a report prepared by a detailed process performed by an expert jewellery appraiser.
A valuation report provides insight on what the jewellery is in a form of a detailed report. Along with giving the jewellery a particular ‘value’ for a purpose, it also confirms the existence of the piece.
The research, studying, detail-ed note and analysis prepared by the valuer ensures that the monetary valuation is calculate-d justly with full accountability. Most importantly, this report is considere-d in legal parameters, by insurance companies, tax authorities.
Inclusion in a Jewellery Valuation Report
A well-drafted jewellery appraisal report has:
- Accurate description of the jewellery in details
- Assessment of the composition and quality of the piece
- A statement on the purpose of the valuation
- A letter of transmission
- Notes regarding the conditions one should be aware of while considering the report.
Reasons & Importance of getting a jewellery valuation
Getting the proper information about its history
When we inherit jewellery from family or friends, we have little to no information about its history. Learning about the information of those vintage pieces will make you appreciate them more. It also helps with decision making regarding gifting it to someone else, selling them or regarding the security requirement needed for the piece.
A full assessment of the current condition
During a jewellery appraisal, the piece is thoroughly examine-d. From the stone settings to clasps and everything else. For vintage jewellery, it is always important to stay on top of things.
Sometimes with old jewellery, it might need repair which isn’t visible easily. However, a microscopic examination can spot any minor damages so that you can get them repaire-d soon.
During settlement process
For jewellery in divorce settlements or property settlements, a valuation report is extremely essential. Divorce is a messy subject that often has a lot of bitter complications, especially with properties. For family heirlooms or joint custodians, it is always better to get the jewellery appraise-d by a professional.
During probation, everything gets value-d, including movable assets. A lot of times, not even the closest family members or spouse knows about everything a person owns.
It is always advisable and a legal necessity in many cases to get a proper probate jewellery valuation. This way a decision can-be made on how much share each beneficiary will-be receiving.
To support an insurance claim
The world isn’t becoming a safer place just like that. There are thefts, burglaries often happening that involves precious jewellery.
Also, accidents can happen at any time. It can get broke-n or you can lose it.
In every scenario, you need an insurance claim. An updated jewellery valuation report is needed to file a proper insurance claim. Nowadays, insurance agencies are becoming stricter with rules. So, unless you get a valid valuation report from a credible company, it won’t be consider-ed.
How to find a credible valuer?
Jewellery valuation cannot be provided by just anyone. You need an experienced gemmologist or specialist with certain certificates and experience to be an appraiser.
If it is best to go for a reliable company like Prestige Valuations rather than finding a certain individual online. These companies are known for their work, have credible sources and experts.
You can get customer support to ask all your questions regarding the process and the expense. You will get a team of researchers meticulously studying and providing a valuation report and correct estimated monetary value of the piece of jewellery.