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Jewellery insurance info, helpful guides, resources and industry-leading insights.


Jewellery Insurance

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Getting the Value of Your Jewellery Right

Q Report Team
Updated on March 09, 2023
3 min read

Beauty is in the eye of the beholder––as the adage goes, and when it comes to jewellery, the same could be said of value. How so? There are different types of value when it comes to jewellery. There’s the appraised value for insurance purposes, and for its beloved wearer, the sentimental value may be attached. Each of these is determined by its user.

It’s essential to have your jewellery appraised annually. This is because diamonds and other precious metals can fluctuate in price, affecting their replacement value. Keeping appraisals up to date will see to it that you are insured for the correct amount in the case of loss, theft or damage.


Determining the Value of Your Jewellery


The Gold Price on the Date of Delivery

Gold is a rapidly fluctuating commodity on the global market, with its international price set daily at the London gold market. The price is established in line with supply and demand. Throughout the day, transactions occur at different amounts and prices. At the end of the day, those prices are averaged and then published. This is the amount to which gold closes on the London exchange for that particular day.

As a result, the jewellery industry operates on what is called the “gold price on date of delivery.” When an order is filled for a manufacturer, wholesaler or retailer, the cost is not determined until the date of delivery, when the daily gold price is consulted, and the metal is priced accordingly. 

Gold is measured in the price per troy ounce, and a troy ounce equates to 31.1 grams of gold. The higher the demand, the more your gold is worth.

So we’ve established that the price of gold, like any commodity, will fluctuate daily. However, the spot price of gold is not the only factor determining your jewellery’s value. 

Total Gold Content, Weight and Purity 

When combined, the total gold content and weight and purity of your gold can influence the value of your jewellery. 

The purest gold on the market is 24 karat. However, because it is so soft, it is not often used in jewellery. As a rule of thumb, the lower the karat rating, the lower the purity of gold.

When valuing your precious piece of jewellery, the appraiser will weigh your gold and examine it for marks and signs of purity. This will assist them in determining the value of your jewellery.


A Stroke of Brilliance

Like gold, diamonds are a commodity, and their price can also fluctuate according to supply and demand. However, diamonds tend to increase in value over a more extended period. In addition, the 4Cs (cut, colour, carat and clarity) will also affect its price. 

Your diamond must be certified by a recognised body such as the Gemological Institute of America (GIA). This not only cements its authenticity but also aids an appraiser when determining its current value against market values. The rarer the diamond, the higher it appreciates.


The Jewellery Appraisal


What Does a Jewellery Appraisal Contain?

A jewellery appraisal is more than a receipt. It's a document that details your jewellery item to determine its monetary value for various purposes. If done correctly, it should contain the following:

  • The type of value being specified, such as its replacement value (for insurance purposes), fair market value (for tax purposes) or liquidation value (in the case of bankruptcy or a business dissolution).
  • A description of the item being valued.
  • A description of how the appraiser arrived at the valuation, for example, through an analysis of comparable sales.
  • A description of the appraiser’s qualifications.
  • The appraiser’s signature.


Feel Secure With the Right Cover

In the event of a claim; you want the security of knowing that your precious jewellery is valued at its correct value. Nothing could be worse than realising that you are only partly insured because its value has since increased. Having to fork out the difference during an already nerve-racking time is distressing.

Q Report is more than just comprehensive jewellery insurance. Q Report has the expertise to accurately revalue your jewellery annually at no charge. With Q Report, you will always be insured for the correct value in the event of theft, loss or damage. And if we can’t put you back in the same position as you were before the loss, there is an additional buffer of 50% of the insured value available to pay towards your claim. Contact us today to get the value of your jewellery right.

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