If you are lucky enough to inherit heirloom jewellery from a family member, you will want to find out its value for your peace of mind and so that you can ensure it is correctly insured. There are many jewellery evaluation services you can look at to help you. If you are insuring your jewellery, you will need a jewellery evaluation to ensure your policy fully covers your jewellery. Below are some tips to help you find out the value of your heirloom jewellery so you can have it insured and know its worth.
Identifying The Gemstones
One of the first things worth doing, especially if the jewellery is valuable, is sending it to a reputable gemstone identification service. They will be able to identify the gems accurately and grade them so you can ascertain their value. They will look at four main points when identifying the gemstones, which include:
- The Gemstone Cut – They will look at the style of the gemstone cut and identify this.
- The Gemstone Clarity – They will also look at gem’s clarity and grade it by using set criteria.
- The Gemstone Colour – They will also assess the colour of the gemstone and grade it accordingly.
- The Gemstone Carat Weight – The carat weight is the last of the four Cs they will assess, and this is how big the gem is and its weight.
Once they have assessed the gemstones, they will give you a certificate that provides a detailed account of the grading of the gem. You can then use this to find out the value of the jewellery, and you will need to take it to a jewellery evaluating service.
Getting Your Jewellery Valued
Now that you know what your jewellery consists of, you can get it valued by a reputable jewellery valuer. There are two types of valuation, and one will assess the value of the materials that make up the jewellery. The other is for insurance purposes that looks at the cost of replacing the jewellery exactly. You will need to tell the jewellery valuer whether the valuation you want is for insurance purposes or not, and they can then do the correct valuation for you.
Depending on the value of the heirloom jewellery, you may need to take a separate insurance policy for it, so you will need to speak to your insurance company to ensure you are covered against loss, theft, and damage. It will have a cost, but you will now know precisely the value of your heirloom jewellery, and you can decide to keep it and make sure it is insured, or sell it and spend the money on something you want.
