One of our insurer partners recently provided me with three examples of how much jewellery has increased over the last few years and it is quite staggering.
- A 6.10ct diamond ring, valued in 2004 at £48,000, has been re-valued at a staggering £137,650, a 187% increase.
- A 6.15ct diamond pendant necklace, originally valued in 2005 at £70,000, has been re-valued at £156,000, a 123% increase.
- Another case saw an item of jewellery valued by a NAG jeweller in 2007 at £29,950. The policyholder has just had this item re-valued and it is now valued at £72,000, that’s a 140% increase in 5 years!
The valuation may not necessarily cost a small fortune to arrange, but could save a significant sum if, in the event of a loss, jewellery items do not have the up to date documents.
Please contact Carl Sharp on 0118 9165 187 or email firstname.lastname@example.org for more information on valuations and how best to insure jewellery items. Some policies even provide some protection against these unforeseen increases if there are valuations within the last three years.
*Information correct as of 1st May 2016