There are several reasons why valuation is important, be it for jewellery that you bought or inherited, antiques that you have, a watch, or anything else that you think is expensive and an asset for your future generation. Once you have these assets valued, you will have a fair idea about the value of the items. This value will provide you with two things. Firstly, it will provide you with the total worth of the assets that you have. Having an idea about this value is extremely crucial, as most people who do not get their assets valued do not have any idea about the worth of their assets, and this keeps them clueless about the worth of their jewellery. Usually, these assets go undervalued. Therefore, it is important to have the valuation done in time. Secondly, it will provide you with the most important thing, which is peace of mind. Having your valuation completed opens up various opportunities, including obtaining insurance for your jewellery. All of this ensures that you will know the worth of your jewellery and have insurance for it, which will help you feel assured that in unexpected circumstances such as theft or robbery, you can receive the insured value with minimal effort.
Before learning about the types of jewellery valuation services and why you should get them, we must first understand what jewellery valuation is and when to get it.
What Is a Jewellery Valuation?
A jewellery valuation is a kind of official documentation of the jewellery you have. This document includes a detailed report of the jewellery, photographs, information about previous owners, and other relevant details that assist in determining the true value of your jewellery. A certified jewellery valuer, who specialises in such valuations, performs the jewellery valuation. When planning to get the valuation done, constantly look for the trustworthy valuers who have an established name in the market, as the valuation done by them will be something that will be acceptable everywhere. The jewellery valuation is critical, as it will help you get the following things done:
The valuation is crucial for insurance coverage and claims.
- Legal matters such as probate or divorce
- Estate planning or distribution
- Personal financial documentation
- Resale or investment tracking
When you get a comprehensive jewellery valuation done, the document will clearly mention the images of the jewellery, the age of the jewellery, the metals and the gemstones used, the prior possessors of the jewellery, and various other such details. This information will assist you in obtaining a detailed report on your jewellery that reflects its current justified value.
When Should You Get a Jewellery Valuation?
There are several reasons to obtain a modern jewellery valuation or even the jewellery which is antique valued, which we have already discussed; however, the next question is when you should get the jewellery and antique valuations done and how often it is necessary. No, it’s not a one-time thing; you’ll have to do it repeatedly as the value changes.
1. Insurance Purposes
Most of the time, the valuation of jewellery is done to get it insured. This protects your jewellery from accidents, and if something happens, you can get the insured value from your bank. Therefore, serving the insurance purposes is the most important purpose that the valuation serves.
2. Probate and Inheritance
Before dividing your property and estates, be sure to obtain a valuation. The cases of inheritance and probate are extremely crucial, and it helps in ensuring that when a person is gone, the division is done according to their will. Without a valuation, it becomes difficult to assess the worth and proceed with the division. Therefore, probate jewellery valuation is a crucial task that requires prompt completion before it’s too late.
3. Divorce or Family Settlement
Legal separations are the most complicated cases in which the valuation of all the assets becomes crucial. If the court conducts the valuation beforehand, it simplifies the process by dividing the total assets between the two parties. But in the case of the absence of valuation, it becomes quite complicated to divide the assets in a fair manner, and that too in a short period of time.
Summing Up
To sum up, there are several reasons why the valuation of any kind of item is critical. When a reputed valuer, such as Prestige Valuations in the UK, conducts the valuation, you will receive valid documentation for your jewellery and gain an understanding of its worth and the associated insurance.
