A jewellery valuation is the procedure through which qualified professional jewellery experts determine the market value of your jewellery. You will receive a report or document proving the piece’s given value. Other expensive items, such as watches, purses, and other assets, are also valued. This process is highly important and helps you a lot during the time of your needs. Jewellery is a precious asset which can help you in a lot of ways. Hence, evaluating your jewellery from a professional valuer is a mandatory step. Some professionals also offer their consumers with the service of bespoke jewellery in London along with the valuation services.
In this article we shall be looking at different types of jewellery valuation services which you need to be aware of. Many companies such as Prestige Valuations provide you with experts who are not only experienced in the valuation services, but can help you with other different services, such as jewellery repair services, jewellery remodelling services and so on. Always remember that the valuable assets require proper care and maintenance. As their value fluctuates along with the market value, checking on them from time to time is considered as a wise step.
Let us now have a look at different types of jewellery valuations which you should know about.
The Evaluation of Jewellery for Insurance Purposes
The world is still a dangerous place. Every day, there are reports about thefts, vandalism, home invasions, and other forms of crimes involving your valuable goods. In addition, incidents such as losing or destroying jewellery can occur. It is manageable for a low-cost one. But what about valuable jewellery, such as a family relic or an engagement ring? Insurance is required to be ready for these scenarios. You must also have the proper paperwork of a jewellery assessment in order to claim your insurance. Insurance companies have fairly rigorous policies. The request for reimbursement will be invalid until you provide an updated legitimate valuation report, and you will not receive any replacement value. So always choose those organisations, which not only help you in evaluating your jewellery for an insurance purpose, rather, provide you with other services, such as jewellery repair in London, if required.
Probate Jewellery Valuations
This is not a good situation. When a close family member dies without a will, a probate jewellery valuation is carried out. Unfortunately, a lot of us have been in such a challenging circumstance in the previous few years as a result of the pandemic. When a person dies unexpectedly and has a large amount of property, it might be difficult to distribute it among the beneficiaries. Probate valuation aids in determining the selling price of assets. It is not the same as valuing an insurance claim. Rather than considering a replacement value, probate evaluation includes the jewellery’s market worth. Needless to point out, probate valuation is a time-consuming and paper-intensive process.
Jewellery Valuation for Charitable Donations
This is commonly referred to as qualified evaluation. A qualified assessment or valuation is an evaluation of a possession or collectibles that aids in the claim of tax deductions for non-cash contributions. Of course, the valuation must be performed by a certified specialist. Art valuation is sometimes performed for charity causes. If a work of art is valued more than £10,000, a qualified valuation is required. This document should be linked to your tax return in order to be eligible for the tax deduction. The sum varies depending on the country’s rules.
Jewellery Valuation in Divorce Settlements
Marriages can fail for a variety of reasons. And a lot of them are heartbreaking divorces. It is critical to establish the fair market value of your estate, including jewellery, during a divorce. During a divorce, jewellery becomes part of the woman’s property under the Married Women’s Property Act of 1882. Joint purchases and family heirlooms, on the other hand, are common property between the pair.
Summing Up
These are some of the types of jewellery valuation services, which you should be aware of. Apart from providing services for jewellery valuations, many experts in the UK are also providing custom made jewellery services, jewellery repairing and remodelling services and so on. For instance, there are many organisations that help you not only with the services of jewellery valuation, but also help you with services of bespoke jewellery in Hatton Garden as well. Jewellery valuation can be done for several purposes, from determining an item’s worth for insurance to verifying authenticity or evaluating it for resale. It is important to understand the purpose to ensure that the appropriate type of valuation is done.