Ensuring your jewellery insurance shines when you need it most

In short:

• Smaller items can add up quickly and exceed your unspecified limit.
• Higher‑value items can exceed your single article limit if not specified.
• Both situations can lead to avoidable gaps in cover. You can learn more about this is our article: Protecting your valuable – why it pays to be specific

To avoid these issues, we recommend keeping your valuations up-to-date. This helps to:

• Set the right sums insured and policy limits
• Prevent underinsurance caused by market conditions
• Speed up the claims process

In our experience a claim is settled much more quickly when there is an up-to-date valuation.

Market insight: why prices have shifted

To understand how the market has moved, and why underinsurance is on the rise, we spoke with Rachel Doerr of Doerr Dallas Valuations.

“With the rise of laboratory grown diamonds found on the market, political uncertainty and sanctions applied by and on various countries, the prices of natural diamonds have taken a tumble. However, it would be naïve to consider that the price tag of these precious gems has not increased in the last 5, 10 or 20 years. From bread and milk to diamonds and gold, no product has escaped an increased price tag.

If you were lucky enough to get engaged ten years ago, you may have purchased a platinum diamond three-stone ring totalling 2.50 carats of diamond, for around £4,000. Having slowly climbed to £6,500 in 2020, in today’s market that same ring would cost £25,000 to replace.

Many insurance policies require items ranging from £2,500 upwards to £15,000 upwards to be specified (depending on the policy). You may not realise what your ring is worth today – buy you would be very disappointed if you couldn’t replace it in the event of a loss.

Equally, a Tiffany & Co. diamond bracelet totalling 5 carats retailed at around £5,000 in 2010. Today, its equivalent from the Tiffany Victoria range, set with 4.25 carats, retails for £30,700 –well over the single item on many insurance policies.

Whether you own a pair of diamond ear studs, a bracelet or a ring, if you’ve enjoyed these pieces for the last few years but haven’t updated your insurance valuations, you could now be underinsured as prices of precious materials continue to rise in response to geo-politics. In the worst-case scenario, you could find you are only insured up to the single article limit – or not insured at all.

The gold price is currently £3,449.54 (15.01.2026) per troy ounce. In 2015 this was £716.37. So, it doesn’t take a genius see how jewellery prices have increased in the last decade”

How often should I update my valuations?

Doerr Dallas Valuations currently recommend updating valuations every 12-18 months, particularly with gold at its highest price in years.

If you’ve never had a formal valuation, or it’s been several years, now is a good time to start.

What should a valuation include?

An insurer will typically require:

• A valuation for insurance purposes (other types such as open market, probate, divorce, sale may not be accepted).
• A UK valuation in GBP
• A detailed description of the item and its condition
• Weight and size
• Photographs
• Date of the valuation
• Valuation companies name and address
• Valuer’s name and credentials – some insurers require qualifications such as FGA, GIA Diploma, DGA (alongside FGA or GIA), GA Cert and/or IRV membership.
• Professional Indemnity (PI) Insurance – check the valuer carries sufficient PI cover if they undervalue something. Watch out for clauses limiting their liability to the cost of the valuation.
• Some insurers may also require a clasps and settings check

We’re happy to review valuations for our clients to ensure they meet insurer requirements and will be accepted in the event of a claim.

Do I need to visit a valuation company?

Not necessarily. Many valuers offer convenient alternatives, including:

• Home visit valuations
• Walk-through services, where they valuer assesses your contents, art and antiques room by room.
• Remote or “desktop” valuations on jewellery and watches
• Walk-in valuations, where you take your jewellery to a jeweller or valuation company are also an option.

We work with a panel of recommended valuation companies who can assist by not only valuing your pieces now, but by also giving you up-to-date valuations going forward.

Valuables in your listed property

At Abode, we want every client to feel confident that their treasured pieces are properly protected – whether it’s a high value watch that should be individually listed, or a collection of smaller items that together exceed your unspecified valuables limit. The best way to ensure seamless, stress free claims is to keep your valuations current and your listed items accurate.

Take a moment to review your jewellery and watches, check whether any pieces now need to be specified, and make sure your sums insured reflect today’s market. If you’re unsure, our team is here to help.

To speak to the team today, call us on 01622 476 433.