Valuation News

Happy New Year, Welcome to 2008

|How much Jewellery will You lose this year?
In a recent survey by a major High Street Jeweller, it has been revealed that on average each man & woman in the UK will lose ?298 worth of jewellery and watches during their lifetime.
This amounts to a staggering ?7.4 billion worth of lost gifts!.
Their research discovered that around 53% of people have lost at least one item of jewellery or a watch and 12% have lost 6 items or more. 42% said that the cost of the lost item was around ?100, 30% had lost around ?500 and 3% had lost items valued at over ?2000.
Now do you think you can't afford Valuations or Insurance?
Interestingly enough the survey also looked at repairs and servicing and discovered that 59% of people in the UK owned a piece of jewellery or a watch that was dirty or broken and 22% had decided to throw away these items and just buy new!
It also discovered that with watches, 46% of those surveyed had never had their watches serviced and 16% said they were not even aware they should.
Ironically 9% said they didn't have time to get their watches serviced which may go some way to explaining why 59% of respondants said they had a broken or not working watch and had not had it repaired.

Autumn News
See a really hot article on Blue Topaz on Hot News Page, It was too big to fit here so I have put a seperate page especially for it.

See also the fun bit about the 7000ct diamond (or not)

Summer News
1987 to 2007, 20 years ago this year the First NAG Registered Valuers meeting was held and now is held annually at Loughborough University.
This year was a glittering occasion celebrating huge advances in Valuation Technique and professionalism.
There were 177 of the cream of British Valuers attending and with the Guest Speakers and Special Subject workshops being held over a long weekend in September, this was certainly the highlight of the year for us all.
The Gala Dinner was a joy and we thank the NAG and all the sponsors for their input.
I certainly spent some money at the trade stand and learnt all over again the joys of Silver valuing, now a little neglected in this jewellery orientated world.
I would particularly like to thank the Birmingham Assay office for the loan of Sally Baggot and I would like to say, if you get the chance see their web site, it is something else.
The link takes you to a specialist bit but the whole site is brilliant.
We miss some old faces no longer with us but welcomed the new with enthusiasm into the fold of Professional Valuers.
Don't your precious items deserve only the best examination and treatment at the hands of a truly professional group of Jewellers.

Trust only NAG Registered Valuers with your jewellery and silver and ask them if they attend the NAG Registered Valuers conference regularly.

INSURANCE MATTERS

It may not be widely understood that the onus is on the owner of property to prove the worth of his/her belongings in the event of submitting a claim to insurers following a loss. Insurers are not duty bound to accept old or poorly described schedules or other scant evidence of value that is sometimes submitted to them by claimants.

Only by supplying to insurers an up-to-date insurance schedule prepared by a competent valuer, preferably by a National Association of Goldsmiths' Registered Valuer, can one be sure to be in a position to establish a valid and provable

So, a current valuation schedule can help to:

• Provide a full inventory of all items of value owned. Even items of relatively low value can be included in this checklist.
• Can help to establish ownership in the event of recovered property being claimed.
• Will help in establishing the merits of replacement goods in the event of a claim.
• Will provide a sound foundation on which to base a claim to insurers.
• Provence is an important part of valuing so expect to be asked to provide receipts, previous valuations, HM Customs & Excise duty declarations, etc.

In the case of period or antique jewellery and other articles not easy to replace on the normal retail market, valuers will take a different approach and will provide a value based on the concept of 'open market' values. Here the appropriate type of marketplace for replacement articles may be markets or auctions, or even specialist dealers, to provide suitable sources for reaching accurate values. Thus, in the event of a claim to insurers, it may need to be specified that a like-for-like replacement may not be feasible. It may be that insurers sometimes consider a cash settlement in such cases, or may offer an alternative course of action.

Only by providing a current valuation schedule in the event of a claim can owners be sure they will be able to substantiate their claim and have the peace of mind that provides. Anyone who has ever tried to put through a claim with little or no good documentary evidence of worth can testify to the difficulties faced to get any kind of settlement, which usually falls well short of their expectations! Your N.A.G. Registered Valuer understands your needs as well as your insurers' perspective, and will provide the peace of mind that is the bedrock of insurance. .

Finally, it makes good sense to obtain special insurance for goods such as jewellery because of the portable nature of such goods. It is sensible to insure on an 'All Risks' basis rather than rely on a household contents policy. This may be more expensive in the short term, but will certainly provide better cover and prove more efficacious in the longer term. We will be happy to advise on insurance matters.

Lots of Insurance Companies are reviewing their policies. One or two are now insisting that Documents be produced in the event of a claim but not insisting on seeing them to take your premiums, Now that really is bad news if you have no pre loss evidence. One of the major companies is now insisisting on documents before they will even consider a cash settlement!!
That means you have to take goods to the value assessed by their preferred supplier, in the majority of cases with the big insurance companies that may well actually be me! So you'd better be sure you can answer the questions on my home page.

If you have just bought some jewellery and would like my advice in e mail form please just e mail me, its still more free stuff.

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These are real watches

But do you know their Value? Would that Value be New Replacement,
Secondhand, Fair Compensation or Period Replacement Value?
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Diamonds, what do all those letters and numbers mean ?
Click on the rotating diamond for some really useful information. 

Below are some interesting links You might find useful

GOLDSMITHS JEWELLERS
Links to their Store Finder, History of the Company and Each store has
access to A NAG Registered Valuer

This is a link to what in my opinion is the best Gemstone site
on the web
Pala International They are as passionate about their
business as I am about mine.

Diamond Rings from Dial A Diamond a division of Empire Diamond Corporation.

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