If you own valuable jewellery, keeping your insurance valuation up to date is an important part of protecting it.
An engagement ring, diamond ring, wedding ring, luxury watch, family heirloom or other valuable piece of jewellery may have been professionally valued several years ago. But an old valuation may no longer accurately reflect the current cost of replacing the item.
The price of precious metals can change, as can the cost of diamonds, gemstones, craftsmanship and jewellery manufacturing. Your insurance policy may also have specific requirements regarding valuable or specified items.
So, how often should you update your jewellery valuation in Ireland?
The answer depends on your individual insurance policy and circumstances. There is no single update period that applies to every jewellery owner or every insurer. However, if your valuation is several years old, it is sensible to review it and check with your insurer or insurance broker whether an updated valuation is recommended or required.
This guide explains when you should consider updating your jewellery valuation and how to make sure your valuable jewellery is properly documented for insurance purposes.
How Often Should I Update My Jewellery Valuation?
There is no universal rule in Ireland requiring every jewellery valuation to be updated after a specific number of years.
Different insurance companies and policies can have different requirements.
For example, some insurers may require a valuation for higher-value individual items, while others may have limits on the amount they will cover for an individual item unless it is specifically listed or specified on the policy. The Central Bank of Ireland also advises consumers to use correct values when arranging or renewing insurance to help avoid being under-insured.
As a general rule, you should review your jewellery valuations regularly and check your insurance policy to see whether an updated valuation is required.
You should consider arranging an updated jewellery valuation if:
- Your existing valuation is several years old
- Your insurer or insurance broker asks for an updated valuation
- You are renewing or changing your insurance policy
- The cost of replacing your jewellery may have changed significantly
- You have purchased a valuable new piece of jewellery
- You have inherited valuable jewellery
- You have had a piece remodelled or significantly altered
- You have added diamonds or gemstones to an existing piece
- Your jewellery contains valuable diamonds or rare gemstones
- You are unsure whether your current insurance cover is sufficient
- You cannot remember when your jewellery was last professionally valued
For high-value jewellery collections or particularly valuable individual pieces, it can be sensible to review your valuations more frequently.
The most important point is not to assume that an old valuation will remain accurate indefinitely.
Always check your own insurance policy and, if you are unsure, contact your insurer or insurance broker to confirm their requirements.
Why Do Jewellery Valuations Need to Be Updated?
A jewellery valuation is prepared based on the item and the relevant market conditions at the time the valuation is carried out.
Those conditions can change.
The cost of replacing a piece of jewellery may be affected by:
Gold and Precious Metal Prices
Gold, platinum and other precious metals can experience significant changes in price.
If the cost of the materials used to make your jewellery changes, this may affect the cost of replacing or remaking the item.
Diamond Prices and Availability
The diamond market can change over time due to supply, demand, availability and other market conditions.
The cost of sourcing a comparable diamond today may therefore be different from the cost at the time your original valuation was completed.
Coloured Gemstones
Natural gemstones can vary considerably in value depending on their quality, rarity, origin, availability and market demand.
A valuation completed several years ago may therefore not accurately reflect the current cost of replacing a valuable gemstone.
Jewellery Manufacturing and Craftsmanship
The cost of producing a piece of jewellery can change due to increases in skilled labour, manufacturing costs, materials and other expenses.
For bespoke, handmade or particularly complex jewellery, the cost of creating a comparable replacement can be especially important.
Changes in the Jewellery Market
Jewellery values do not necessarily move in line with general inflation.
Some items may increase in replacement cost, while others may remain stable or even decrease in value.
This is why an accurate, current professional valuation is generally more useful than simply applying an inflation percentage to an old valuation.
Does My Insurance Policy Automatically Increase My Jewellery Valuation?
You should not assume that it does.
Some insurance policies may include index-linking or other arrangements intended to help account for changing costs. However, this does not necessarily mean that the insurance value of every individual piece of jewellery will automatically remain accurate.
Jewellery is a specialist market, and the replacement cost of a particular item can be affected by factors including precious metal prices, diamond and gemstone prices, craftsmanship and availability.
Your insurer may also have specific conditions relating to valuable or specified items.
The Central Bank of Ireland advises consumers to use correct values when arranging or renewing insurance and highlights the risk of being under-insured.
If you have an older jewellery valuation, check your policy and ask your insurer or insurance broker whether your current level of cover remains appropriate.
What Is the Risk of Having an Outdated Jewellery Valuation?
The main concern is that the amount stated on an old valuation may no longer accurately reflect the current cost of replacing your jewellery.
For example, imagine that a diamond ring was valued for insurance purposes several years ago at €10,000.
If the current cost of replacing that ring with an equivalent or comparable item is now higher, the original valuation may no longer provide an accurate basis for your insurance cover.
If the ring is subsequently lost, stolen or damaged, the amount paid by the insurer will depend on the terms, conditions, limits and settlement provisions of your particular insurance policy.
This is why it is important to review your jewellery insurance regularly.
An outdated valuation does not automatically mean that a claim will be rejected. However, if your jewellery is insured for an amount that does not adequately reflect its current replacement cost, you may find that your level of cover is insufficient.
The Central Bank of Ireland specifically warns consumers about the risk of under-insurance and recommends using correct values when arranging or renewing insurance.
Could I Be Overinsured?
Yes.
It is possible for an old valuation to become higher than the appropriate current replacement cost of an item.
Jewellery values can move in different directions depending on the type of jewellery and the market conditions affecting it.
Simply increasing an old valuation by a fixed percentage each year may therefore not provide an accurate current figure.
A professional updated valuation can help establish a more appropriate valuation figure based on the jewellery itself and the relevant current market conditions.
Your insurance policy will determine how any claim is ultimately assessed and settled.
Do I Need to Revalue My Jewellery When I Renew My Insurance?
Not necessarily.
However, your insurance renewal is an excellent opportunity to review your jewellery cover.
Before renewing your policy, check:
- What jewellery is currently insured
- Whether valuable items are specified individually
- The value assigned to each specified item
- The single-item limits that apply to unspecified jewellery
- Whether your insurer requires a recent valuation
- Whether your existing valuation is still current
- Whether any jewellery has been purchased or inherited since your last valuation
- Whether any jewellery has been remodelled or altered
The CCPC advises Irish consumers to insure their contents for the full amount it would cost to replace them and notes that valuable items such as jewellery may need to be listed separately on an insurance policy.
Your insurer or insurance broker can confirm the specific requirements that apply to your policy.
Do Valuable Jewellery Items Need to Be Specified on My Insurance Policy?
This depends on your insurance policy.
Many home insurance policies have limits on the amount that can be claimed for a single item. Valuable jewellery may therefore need to be individually listed or specified to ensure the appropriate level of cover.
For example, AIG Ireland states that its home insurance policy requires valuation certificates for individual items valued over €5,000 and that high-value items can be covered under optional All Risks cover subject to the policy terms. Aviva Ireland also distinguishes between unspecified and specified items under its optional cover. These are examples of individual insurer requirements and should not be assumed to apply to every insurance policy in Ireland.
If you own valuable jewellery, check your own policy carefully.
If you are unsure whether an item needs to be specified, ask your insurer or insurance broker.
What If I Have Bought New Jewellery?
If you have recently purchased a valuable piece of jewellery, you should review your insurance cover.
This is particularly important for:
- Engagement rings
- Diamond rings
- Wedding rings
- Diamond earrings
- Diamond necklaces
- Luxury watches
- Antique jewellery
- Family heirlooms
- High-value gold or platinum jewellery
- Jewellery containing rare or valuable gemstones
Do not assume that a new purchase is automatically covered for its full value under your existing policy.
Contact your insurer or insurance broker and check whether the item needs to be added to your policy or individually specified.
You should also ask whether a professional jewellery valuation is required.
What If I Have Inherited Jewellery?
Inherited jewellery should also be considered as part of your insurance review.
A family heirloom may have been owned for decades, and you may have little information about its original purchase price or current value.
If the jewellery is valuable, arranging a professional valuation can provide an accurate record of what you own and help you discuss appropriate insurance cover with your insurer.
This can be particularly important for:
- Antique jewellery
- Family heirlooms
- Diamond engagement rings
- Vintage jewellery
- Rare gemstones
- High-value gold or platinum pieces
Keep any previous valuations, receipts, photographs, certificates or family documentation you may have.
These records can be valuable when documenting the history and characteristics of an important piece of jewellery.
What If My Jewellery Has Been Remodelled or Altered?
If you have significantly changed a piece of jewellery, your previous valuation may no longer accurately describe it.
You should consider arranging an updated valuation if you have:
- Reset a diamond into a new ring
- Added additional diamonds
- Added or changed gemstones
- Changed the precious metal
- Remodelled an inherited piece
- Combined several pieces of jewellery
- Commissioned a bespoke redesign
The valuation should accurately describe the jewellery in its current form.
You should also inform your insurer if the value or description of an insured item has changed.
Should I Keep My Old Jewellery Valuation?
Yes.
If you arrange an updated valuation, keep your previous valuation documents where possible.
An older valuation can provide useful historical information about the jewellery and may contain details that assist in identifying the piece.
However, an old valuation should not automatically be treated as a current indication of the jewellery's replacement cost.
Keep your jewellery records together, including:
- Previous valuation reports
- Current valuation reports
- Receipts and invoices
- Diamond grading reports
- Gemstone certificates
- Photographs
- Insurance schedules
- Repair or alteration records
- Documentation relating to inherited jewellery
For valuable jewellery, it is also sensible to keep digital copies of important documents in a secure location.
What Should an Insurance Jewellery Valuation Include?
The information required can vary depending on the jewellery and the purpose of the valuation.
For insurance purposes, a professional valuation should provide a sufficiently detailed description to identify the item and support the stated valuation figure.
Depending on the piece, this may include:
- A detailed description of the jewellery
- Precious metal type and fineness
- Hallmark information
- Weight and measurements
- Diamond details
- Diamond grading information where available
- Coloured gemstone details
- Setting and construction
- Condition
- Photographic records
- Relevant certificates or supporting documentation
- The purpose of the valuation
- The valuation date
- The appropriate valuation figure
For valuable diamond jewellery, providing accurate information about the diamond's characteristics and any relevant laboratory grading report can be particularly important.
The aim is to create a clear record of exactly what you own.
This documentation can be especially valuable if the jewellery is subsequently lost, stolen or damaged.
Does My Insurance Company Accept Any Jewellery Valuation?
You should always check with your insurer or insurance broker before arranging a valuation if you are unsure about their requirements.
Insurance companies may differ in their requirements regarding:
- The age of an acceptable valuation
- The value at which a valuation is required
- Whether an item must be specified
- The qualifications or experience expected of the valuer
- The information required in the valuation report
- Whether photographs are required
- Whether original certificates are required
- How frequently valuations should be reviewed
For example, AIG Ireland's published home insurance information states that valuation certificates are required for individual items valued over €5,000 under its policy information. This demonstrates why it is important to check your own insurer's requirements rather than relying on a general rule.
If you are arranging a valuation specifically for insurance purposes, tell your valuer when booking the valuation.
The valuation should be prepared for the correct purpose.
A Simple Jewellery Insurance Checklist
If you own valuable jewellery in Ireland, reviewing your insurance arrangements regularly can help you identify potential gaps in your cover.
1. Check your insurance policy
Review how your jewellery is currently insured.
2. Check your policy limits
Find out whether there are single-item limits or other restrictions that apply to valuable jewellery.
3. Check specified items
Make sure valuable jewellery that needs to be individually specified is correctly listed on your policy.
4. Check the age of your valuations
Look at the date of your existing valuation reports.
5. Check your valuation figures
Consider whether your current valuations still appear appropriate, particularly if they are several years old.
6. Check new purchases
Make sure valuable jewellery purchased since your last valuation has been properly considered for insurance.
7. Check inherited jewellery
If you have inherited valuable jewellery, consider arranging a professional valuation and discussing insurance cover with your insurer.
8. Check alterations
If jewellery has been remodelled, redesigned or significantly altered, check whether your existing valuation is still accurate.
9. Speak to your insurer or broker
Ask whether your current insurance cover and valuation documents meet the requirements of your policy.
10. Keep your records safe
Keep valuation reports, certificates, receipts and photographs securely, with digital backups where possible.
How Do I Know If My Jewellery Valuation Is Out of Date?
If you cannot remember when your jewellery was last professionally valued, it is worth checking.
You should also consider reviewing your valuation if:
- It is several years old
- Your insurer has requested an updated valuation
- You are changing insurance providers
- You are renewing your home insurance
- You have purchased valuable new jewellery
- You have inherited jewellery
- Your jewellery has been remodelled
- The cost of replacing your jewellery may have changed significantly
- You are unsure whether your current level of cover is adequate
There is no universal Irish rule stating that every jewellery valuation must be updated after a particular number of years.
Instead, the right approach is to consider the age of your valuation, the type and value of your jewellery, changes in the market and the specific requirements of your insurance policy.
When in doubt, contact your insurer or insurance broker.
The Importance of Keeping Your Jewellery Valuation Up to Date
Your jewellery may have significant financial and sentimental value.
An engagement ring can represent a major investment. A family heirloom may be impossible to replace. A valuable diamond or gemstone may have taken years to acquire.
Keeping your jewellery valuation up to date is one important part of making sure your insurance arrangements accurately reflect what you own.
The Central Bank of Ireland advises consumers to use correct values when arranging or renewing insurance, while the CCPC highlights the importance of ensuring that valuable items are properly accounted for when arranging home contents insurance.
The key steps are simple:
Review your insurance policy.
Check the age of your valuation.
Make sure valuable items are appropriately insured or specified.
Ask your insurer or broker whether an updated valuation is required.
Arrange a professional jewellery valuation when appropriate.
Don't wait until your jewellery is lost, stolen or damaged to discover that your valuation or insurance arrangements are no longer suitable.
Professional Jewellery Valuations for Insurance in Ireland
At Diamond Valuations Ireland, we provide professional jewellery valuations for insurance purposes for customers throughout Ireland.
Whether you need to update an existing jewellery valuation, document a valuable diamond ring, insure an engagement ring, value a family heirloom or arrange a valuation for another valuable piece of jewellery, we can provide a detailed professional valuation report prepared for insurance purposes.
If you are unsure whether your current jewellery valuation is still up to date, we recommend checking your insurance policy first and speaking with your insurer or insurance broker about their requirements.
You can then arrange a professional valuation where appropriate.
Protect what matters. Make sure your jewellery is properly documented and your insurance valuation is kept up to date.
Arrange your Jewellery Valuation
Contact Diamond Valuations Ireland
Important Information
This article is provided for general information and educational purposes only and does not constitute insurance, financial or legal advice. Insurance policies and requirements vary between insurers. Always check the terms and conditions of your own policy and speak directly with your insurer or insurance broker if you are unsure about your jewellery cover or valuation requirements.
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