A jewellery valuation is a process where certified professional jewellery experts state a market value for your jewellery. You get a report or a document which proves the assigned value of the piece. Valuation is done for other expensive items like watches, purses, and other assets.
However, you need to know that jewellery appraisal is done for many reasons. Some of the common types of jewellery valuations are:
Jewellery Valuation for Insurance Purposes
The world is far from becoming a safer place. Every day there is news of thefts, burglaries, home invasions and other types of crimes that involves your precious assets.
Along with that, accidents like losing a piece of jewellery or breaking them can also happen. For an inexpensive one, it is manageable. But, what about precious jewellery pieces like an heirloom or your engagement ring?
To be prepared for these scenarios you need insurance. And to claim your insurance, you need to have a proper document of a jewellery valuation report. Insurance agencies are very strict with their policies. Without an updated and valid valuation report, the claim will be invalid and you won’t get any replacement value.
Probate Jewellery Valuation
This isn’t a fortunate situation. Probate jewellery valuation is done when a close member of the family passes away without a will.
Unfortunately, due to the pandemic, many of us have been in this difficult situation in the last couple of years. During a sudden demise, with a lot of property, it becomes difficult to distribute them among the beneficiaries.
Probate valuation helps to determine the selling value of the assets. It is different from insurance claim valuation. Rather than including a replacement value, probate appraisal includes the market value of the jewellery. Needless to say, probate valuation is a complex process involving a lot of paperwork.
Jewellery Appraisal for Charitable Donations
This is known as qualified appraisal. A qualified appraisal or valuation is the assessment of an item or collectables which helps to claim tax deductions in case of non-cash donations.
Of course, you need a qualified professional to perform the valuation. A lot of times art valuation is done for charitable purposes. So, if a particular piece of art is worth more than £10,000, you need a qualified appraisal.
When you file your tax return, this report should be attached to claim the tax deduction. The amount differs according to the country’s laws.
Jewellery Valuation for Divorce Settlements
Marriages can fall apart due to many reasons. And many of them are painful divorces. During a divorce, it is essential to determine the value of your estate and that includes jewellery.
According to the Married Women’s Property Act of 1882, jewellery becomes part of the woman’s property during a divorce. However, joint purchases and family heirlooms are shared property between the couple.
For instance, if an engagement ring or a wedding ring is a part of the family heirloom, it isn’t an ‘absolute gift.’ These fall under inherited pieces of property. People need to know how to deal with the laws behind jewellery in divorce settlements. Thus, a jewellery appraisal becomes a necessity at this time.
The Fair Market Appraisal of Jewellery Items
A fair market valuation is performed when a jewellery item is bought or sold. This happens a lot with antique pieces of jewellery.
The price is set to match the current market standard. For used jewellery, these valuations are often done by experts.
Where to Get Your Jewellery Valued?
You cannot risk jewellery valuations. Consulting with reliable appraisers and gemmologists is the best way to go. Nowadays, a lot of online antique valuation companies provide jewellery appraisals.
Do your research well before contacting any company. Instead of hiring individuals, it is best to choose an antique valuation company like Prestige Valuations. They have a team of experts, so you don’t need to search individually if different items need to be valued.
