The Complete Guide to Diamond and Jewellery Valuations Ireland

There are several reasons why you may need a professional jewellery valuation in Ireland.

Jewellery insurance

Insurance is one of the most common reasons for having jewellery professionally valued.

If you own valuable jewellery, your insurer may require a professional valuation, particularly where an individual item exceeds the standard single-item limit on your policy.

A professional valuation can also help you understand whether the amount you have insured your jewellery for remains appropriate.

Updating an existing valuation

If your jewellery was valued several years ago, the figure may no longer accurately reflect current replacement costs.

Gold and other precious metal prices, manufacturing costs, diamond and gemstone markets and other costs associated with replacing jewellery can change over time.

Estate administration

Jewellery may need to be professionally valued as part of the administration of an estate.

A detailed valuation provides a documented assessment of the jewellery and can be retained with the relevant estate records.

Inherited jewellery

If you have inherited jewellery, a professional valuation can establish and document what you own and its value for the required purpose.

This can be particularly useful where jewellery has been passed down through a family and original receipts or documentation are no longer available.

Replacement

If a valuable item needs to be replaced, a professional valuation can help establish its characteristics and an appropriate replacement value.

Lost, stolen or damaged jewellery

If jewellery has already been lost, stolen or damaged, a post-loss valuation may be required to help support an insurance claim.

Photographs, receipts, previous valuations, diamond certificates, insurance schedules and other documentation can all help establish the likely characteristics of the original item.

When you submit a jewellery valuation to your insurance company, the more clearly the item can be identified and documented, the more useful the valuation will be.

Insurance companies can have different requirements depending on the policy, the type of cover and the value of the item. You should always check the terms of your own policy.

However, a good professional valuation should provide enough information to clearly identify the jewellery and establish the basis of the valuation.

This can include:

• A detailed description of the item
• Type of jewellery
• Precious metal and fineness
• Hallmark information
• Weight and dimensions
• Diamond details
• Diamond carat weight
• Colour and clarity where appropriate
• Diamond shape and cut
• Natural or laboratory-grown diamond identification
• Gemstone details
• Pearl details where relevant
• Brand or model information where applicable
• Watch reference and identifying information where relevant
• Condition
• Photographs
• Supporting certificates
• The purpose of the valuation
• The valuation date
• The assessed replacement value

Why does detailed information matter?

If a valuable item is lost, stolen or damaged, your insurer needs to be able to establish exactly what the item was.

A description such as:

“Gold diamond ring – €8,000”

provides much less useful information than a detailed valuation describing the metal, hallmarks, diamond characteristics, measurements, setting, design, condition and other identifying features.

The more accurately the original jewellery is documented, the easier it can be to demonstrate what was insured.

This is particularly important with unique or bespoke jewellery where an identical replacement may not be readily available.

Provide as much information as you can from the beginning

When arranging a valuation, provide your valuer with all the relevant information you have available.

This might include:

• Original purchase receipt
• Diamond grading report or certificate
• Gemstone certificate
• Previous valuation
• Insurance schedule
• Clear photographs
• Photographs of the jewellery being worn
• Original paperwork
• Manufacturer or retailer information
• Watch box and papers
• Watch service records
• Details of previous repairs or alterations

You do not need to have every document.

However, if you have supporting documentation, it is worth providing it rather than keeping it separate.

Why are photographs so important?

Photographs can provide valuable evidence of the appearance and characteristics of your jewellery.

For particularly valuable items, it is sensible to keep clear photographs alongside your valuation and insurance documentation.

Irish insurers also recommend photographic evidence for high-value items. Aviva, for example, advises customers to obtain independent valuations for high-value items such as jewellery and to keep photographs of those items.

Photographs can become particularly important if the jewellery is subsequently lost, stolen or damaged.

Your valuation is only part of your insurance protection

A professional valuation does not replace your insurance policy.

The valuation establishes the value for the stated purpose, but your insurer's policy determines what is covered, where it is covered, the applicable limits, exclusions, security requirements and any conditions that apply.

Some insurers allow valuable jewellery to be specifically listed on the policy, while others have different single-item limits or requirements. For example, insurers such as Aviva and AIG provide different options and requirements for high-value jewellery and other valuable items.

For this reason, always check your own policy rather than assuming that a valuation automatically means the jewellery is fully insured.

The better the information, the better the record

A professional valuation should give your insurer a clear and detailed record of the jewellery at the time it was valued.

Providing as much accurate information as possible at the beginning helps create a stronger record of the item.

This can be particularly valuable if you ever need to make an insurance claim.

The aim is not simply to put a number on your jewellery. It is to properly identify and document what that number relates to.

A diamond valuation is a professional assessment of a diamond or diamond jewellery for a specified purpose.

The assessment may consider the familiar 4Cs:

• Carat weight
• Colour
• Clarity
• Cut

Other characteristics may also be relevant, including:

• Diamond shape
• Measurements
• Fluorescence
• Proportions
• Symmetry and polish
• Laboratory documentation
• Natural or laboratory-grown origin
• The setting in which the diamond is mounted
• Current market and replacement considerations

A diamond valuation should not be confused with a diamond grading report.

A grading report describes a diamond's characteristics.

A valuation establishes a value for a particular purpose.

Lab-grown diamonds are an important part of the modern diamond market and should be clearly identified when jewellery is being valued.

A laboratory-grown diamond is a diamond created through a technological process rather than formed naturally underground.

Lab-grown diamonds have essentially the same chemical composition and crystal structure as natural diamonds, but their origin is different.

They should not be confused with diamond simulants such as cubic zirconia or other diamond substitutes.

Why does this matter for valuation?

Natural and laboratory-grown diamonds can have very different market values.

The fact that a lab-grown diamond is a real diamond does not mean that it has the same market value as a comparable natural diamond.

The origin of the diamond is therefore an important part of the valuation process.

How are lab-grown diamonds graded?

Laboratory-grown diamonds can be assessed and documented by recognised gemmological laboratories.

A grading report can identify characteristics such as carat weight, colour, clarity and cut, as well as the diamond's laboratory-grown origin.

Why should the valuation identify a lab-grown diamond?

For insurance and documentation purposes, the distinction between a natural and laboratory-grown diamond should be clear.

A professional valuation should accurately describe the jewellery being valued and should not treat a laboratory-grown diamond as though it were a natural diamond.

If you own lab-grown diamond jewellery, make sure your valuation and supporting documentation clearly identify its origin.

A professional valuation report should clearly identify the jewellery being valued.

Depending on the item and purpose, the report may include:

• Type of jewellery
• Metal type
• Metal fineness
• Hallmark information
• Weight
• Dimensions
• Diamond details
• Gemstone details
• Setting and mounting
• Design characteristics
• Condition
• Supporting documentation
• Photographic evidence where appropriate
• Valuation purpose
• Valuation date
• Assessed value

For valuable jewellery, clear identification is particularly important.

If the item is subsequently lost, stolen or damaged, a detailed valuation can provide useful evidence of what the original jewellery consisted of.

Luxury watches are increasingly important within the valuation market and can require a different approach from ordinary jewellery.

A watch can have value based not only on the materials used, but also on its brand, model, reference number, age, condition, rarity and demand within the second-hand market.

What can affect a watch's value?

A professional watch valuation may consider:

• Brand
• Model
• Reference number
• Serial number where relevant
• Age
• Condition
• Materials
• Movement
• Complications
• Originality
• Box and papers
• Service history
• Provenance
• Rarity
• Current market demand

The second-hand watch market

The second-hand luxury watch market can change considerably over time.

Demand for particular models can rise or fall, and market prices can move independently of the original retail price.

A watch that originally cost €8,000 may not necessarily be worth €8,000 today.

Equally, certain highly desirable watches can trade for substantially more or less than their original retail price depending on the model and market conditions.

Watch selling price vs insurance value

As with jewellery, the amount a watch might sell for on the second-hand market is not automatically the same as its insurance replacement value.

The purpose of the valuation needs to be clearly established.

A detailed valuation should also accurately identify the particular watch, including its model and reference information where available.

Box and papers

Original box, papers, receipts and service documentation can be valuable supporting evidence.

If you own a valuable watch, keep all of the original documentation in a safe place.

There is no single revaluation interval that applies to every item and every insurance policy.

However, valuable jewellery should be reviewed periodically because replacement costs can change.

As a general guide, we recommend reviewing valuable jewellery valuations every two to three years, or sooner where there have been significant changes in market conditions.

You should also consider arranging an updated valuation if:

• Your existing valuation is several years old
• The value of your jewellery has increased
• You have had a valuable piece altered or redesigned
• You have purchased additional valuable jewellery
• You have inherited valuable jewellery
• Your insurer requests an updated valuation
• You believe your existing insurance value may be too low
• There have been significant changes in precious metal or jewellery markets

Your insurer's own requirements should always be checked.

A post-loss jewellery valuation is prepared after jewellery has been lost, stolen or damaged, using the evidence that remains available.

This can be particularly useful where an insurer requires professional information to support an insurance claim.

At Diamond Valuations Ireland, available evidence can include photographs, purchase receipts, previous valuations, diamond certificates, insurance schedules and other supporting documentation. The aim is to establish the likely specifications of the original jewellery and an appropriate replacement value based on current market conditions.

Post-loss valuations can be relevant to:

• Diamond engagement rings
• Wedding rings
• Earrings
• Necklaces
• Bracelets
• Watches
• Antique jewellery
• Vintage jewellery
• Bespoke jewellery
• Family heirlooms

Read more: Post-Loss Jewellery Valuation Ireland

Wedding rings and eternity rings can also form part of a professional jewellery valuation.

This is particularly relevant where the rings:

• Are made from precious metals
• Contain diamonds or gemstones
• Are bespoke
• Have significant sentimental or financial value
• Form part of a larger valuable jewellery collection

A wedding ring may have enormous sentimental importance, but an insurance valuation needs to reflect its financial replacement considerations rather than its sentimental value.

Not all valuable jewellery contains diamonds.

Sapphires, rubies, emeralds and other coloured gemstones can make a significant contribution to the value of jewellery.

Factors that may be considered include:

• Colour
• Clarity
• Size
• Cut
• Treatment
• Origin where established
• Quality
• Laboratory documentation

Pearls can also vary considerably in value depending on their type, size, shape, colour, lustre, surface quality and matching.

A professional valuation should therefore consider the individual characteristics of the gemstones and pearls rather than simply valuing the jewellery based on its metal content.

This is one of the most common questions jewellery owners ask.

Unfortunately, there is no reliable way to determine the value of jewellery from a photograph alone without sufficient information.

Two rings that look similar can have very different values depending on their:

• Metal
• Weight
• Diamond quality
• Gemstone quality
• Design
• Workmanship
• Condition
• Brand or provenance
• Market demand
• Replacement requirements

The original purchase price also does not necessarily represent today's replacement value.

The most reliable way to establish a professional valuation is to have the jewellery assessed for the specific purpose for which the valuation is required.

Yes. Certain jewellery valuations can be completed online where sufficient information is available.

An online valuation can be particularly convenient for clients throughout Ireland who cannot easily attend an appointment in person.

Clear photographs, diamond certificates, previous valuations, receipts and other supporting documentation can all help the valuer assess the jewellery.

Online valuation can be suitable for many items, including:

• Engagement rings
• Wedding rings
• Diamond jewellery
• Gold jewellery
• Platinum jewellery
• Earrings
• Necklaces
• Bracelets
• Watches
• Other valuable jewellery

However, not every item will be suitable for an online valuation.

Complex, unusual, antique or particularly high-value pieces may require additional information or a different assessment process.

If you are unsure whether your jewellery can be valued online, contact us before ordering.

Choosing the right valuer is important, particularly when you are dealing with valuable jewellery.

Look for a professional with appropriate knowledge and experience in:

• Diamonds
• Coloured gemstones
• Precious metals
• Fine jewellery
• Jewellery manufacture
• Insurance valuations
• Replacement values
• Antique and vintage jewellery
• Luxury watches where relevant

Independence can also be an important consideration.

A jewellery valuation should be prepared objectively for the stated purpose rather than simply reflecting a retailer's desire to sell a product.

At Diamond Valuations Ireland, jewellery valuation is our specialist focus.

We provide independent professional valuation services rather than treating valuation as simply an additional retail service.