Valuations: what insurers expect

We frequently see valuations from clients that are incomplete, inaccurate, or not insurer‑compliant - whether that’s missing company details, issued by an unqualified valuer, or written in the wrong currency when a piece was purchased abroad. While these issues aren’t new, they now carry far greater consequences due to rising levels of underinsurance - driven in part by the increase in gold and silver prices and the volatility of the watch market. This means that having a non-compliant valuation can leave you without the protection you expect if you need to make a claim.

As we explain in our article, ensuring your jewellery insurance shines when you need it most, an up-to-date valuation helps ensure that you are not underinsured and helps make any related claim run more smoothly.

Jewellery valuations are not simply a paperwork exercise; they play a crucial role in ensuring your insurance reflects the true value of your collection. Without an up-to-date valuation, there is a risk that items could be underinsured if their value has increased over time.

Tim Belson, CEO of Prestige Valuations, explains: "From a claims perspective, underinsurance is one of the biggest risks we see. A professional valuation needs to be clear, compliant, and prepared with insurers in mind."

As values for certain jewellery, watches and precious metals continue to fluctuate, regular valuations can help ensure your cover remains aligned with current replacement costs.

Understanding the valuation process

Not all jewellers carry out valuations in-house. In many cases, items are sent to an independent specialist valuer for assessment.

Understanding who will be conducting the valuation and where your items will be assessed can help set expectations around turnaround times and communication throughout the process.

Choosing a qualified valuer

When selecting a valuer, it is worth checking their qualifications and professional memberships. Recognised credentials may include membership of trade bodies such as GEM-A (Gemmological Association of Great Britain) which demonstrates specialist knowledge in gemstone identification and grading.

Jewellery valuations: what should be included

For insurers, a jewellery valuation should provide enough detail for an item to be accurately identified and, if necessary, reproduced or replaced. A professional valuation will typically include:

• Clear photographs of the item

• The gram weight, type of precious metal and style of setting

• Hallmark details, where applicable

• The size, quality and full description of any gemstones

For higher-value diamonds, certification from recognised laboratories such as GIA, HRD or IGI is strongly recommended and may be required by some insurers.

Watch valuations: key information insurers will look for

When valuing a watch, insurers will generally expect:

• A clear photograph showing the dial, brand and overall condition

• The reference number

• Supporting documentation where available, such as the guarantee card, purchase invoice or service records

Providing supporting documentation can help validate ownership and specification details, as well as assist insurers in the event of a claim.

Desktop and online valuations

Many insurers will accept desktop or online valuations, provided they are supported by sufficient evidence and clearly marked as unseen. This will typically include:

• A full and accurate description of the item

• Good-quality photographs

• Gemstone certificates from recognised laboratories, where applicable

• Purchase invoices or, for watches, guarantee documentation

As Tim Belson, CEO of Prestige Valuations, explains: "Making valuations easier to access – whether online or in person – helps clients keep documentation up to date and reduces problems at claim stage."

In many cases, clasps and settings can be assessed remotely using high-quality photography and video. However, this approach may not be suitable for more intricate pieces, such as pavé settings or jewellery containing very small stones, where a detailed physical inspection may be required.

Some insurers also require a clasp-and-settings check as a condition of cover, so it is always worth checking with your broker or insurer before proceeding with a desktop valuation.

How to make sure your valuation meets insurer expectations

If you’re unsure whether your current valuations meet insurer expectations - or if it’s simply been a while since they were last updated - now is the ideal time to review them. We work with a panel of recommended valuation companies who can assist by not only valuing your pieces now, but by also providing up to date valuations going forward. Get in touch and we’ll guide you through what’s required, help you understand any policy conditions, and ensure your most treasured pieces remain properly protected.

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