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VALUATIONS
What is a valuation?
A jewellery valuation, also known as a valuation certificate, is a document that provides a detailed description and a value judgement of a jewellery item. The value is a judgement based on current market conditions. The different markets the valuation is prepared in reference to (retail replacement, deceased estate, auction reserve and more) can vary significantly and this is taken into account when the valuation is produced.
Why might you need a jewellery valuation There are a number of reasons why you may require or want a valuation certificate. The most common reason valuations are sought is for insurance purposes. The vast majority of jewellery valuations produced are for the purpose of insurance. Valuations for auctions reserves, non-forced sale, forced sale, second-hand sale, private sale, divorce property settlement, deceased estate, and quality assessment are some of the other types of valuations that can produced. |
Where you can get a valuation When you buy a new piece of jewellery, a valuation certificate from the retailer is acceptable as long as there is a full and detailed description of the item on the certificate and, most importantly, the valuation figure that appears on the certificate is the same as the price actually paid. The only exception to this is when a retailer who has one or two genuine clearance sales per year sells a product at a genuine discounted price and where that retailer believes that it would not be able to replace the item for the price actually paid. For pre-owned jewellery we recommend consumers use an National Council of Jewellery Valuer registered valuer to value their jewellery or check that the person valuing your jewellery has the appropriate qualifications for assessing jewellery. There is no legal obligation for a jeweller to give you a valuation certificate when you buy an item. However, many jewellers will often offer to provide a valuation certificate, particularly for items above $1,000. They may charge a fee for producing the valuation certificate. | |
Finding a jewellery valuerIn Australia, an individual does not have to be a member of a professional body to provide jewellery valuations. It is up to you to find a suitably qualified valuer in line with your jewellery valuing needs. To search for JAA members who provide jewellery valuation services, please click here. |
The National Council of Jewellery Valuers (NCJV) is an independent body that was established in 1984 to promote and maintain high professional standard for jewellery and fine arts valuation in Australia. Valuers registered with the NCJV are required to undergo training and ongoing professional development in gemmology, diamond grading and valuing to be a member.
You can read more about NCJV valuers and search for one near you at ncjv.com.au.
INSURANCE
Insure your precious jewellery
Insuring your jewellery against theft, loss or damage is a common practice, especially if the pieces are valuable or highly sentimental. However, it is extremely important that you do you research and choose the right insurance product to avoid being under-insured if you ever make a claim. Insurance companies may require you to provide a certificate of valuation for insurance purposes or other documents, such as a diamond grading report, before they cover your items.
Making a claim when your jewellery has been lost, damaged or stolen can be an emotional time, especially if the item was an heirloom, engagement ring or bespoke piece. Therefore, it is important to know that many insurance policies reserve the right to have a jewellery item repaired or replaced by a jeweller of their choice - even if the item was a one-off designer piece. However, some polices and most specialist jewellery insurance products will allow you to nominate your preferred jeweller in the event of a claim.
 | Home and Contents Insurance If you have an existing Home and Contents policy or are looking at getting one, check to see whether the policy covers jewellery items for theft, loss or damage. However, many policies will only cover jewellery items up to a certain limit so it is important to find out whether you'll need to specify the items to ensure you are adequately covered for the full value of the item and if you need an extension on the policy to cover your jewellery outside the home, including when overseas. These are often known as specified items or portable contents. |
Why it is important to keep records
If you ever need to make a claim, having detailed records is crucial as the insurance company will request proof of ownership and/or value. Inexplicably insurance companies do not usually request this at the time a policy is first issued. Keep all receipts and take close-up photos of each piece of jewellery. Store digital copies in an online cloud storage service for easy access. Additionally, if your items are stolen, file a police report, as it may be required by your insurer.
JewelCover issued by Jewellers Loop Pty Ltd (AR number 295163) and underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL 239687) ("Chubb"). Jewellers Association of Australia Limited ("JAA") and referring JAA member may receive a referral benefit from a policy issued as a result of a referral. JAA or JAA members do not provide any financial product advice, and this referral does not constitute a recommendation or endorsement of the insurance policy by JAA or JAA members. Before making a decision, please consider the Product Disclosure Statement and the Target Market Determination available from www.jewelcover.com.au |
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