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Q Insights

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


Jewellery Insurance

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Loupe and a Diamond : Jewellery revaluation.jpg


Having your jewellery revalued on a regular basis ensures that your precious pieces are fully insured at all times.


The value of your jewellery is affected by a number of factors. This can include current market prices and trends, changes to the cost and value of metals, and precious and semi-precious stones, and margins and currency exchange rates. These factors can lead to your jewellery appreciation in value or depreciation in value.


Here is a list of important tasks to tick off that will ensure your jewellery is properly revalued:


    1. Finding a valuer


Take your jewellery to your preferred or family jeweller and ask them to prepare a current valuation. If you don’t have a jeweller, look for a registered valuer in your area who is experienced, skilled and able to issue you with a valuation certificate. Make sure you carry out thorough research before making the final decision of which valuer to commission.


    2. Existing documentation


Do you have a copy of the original valuation or receipt? Do you have a diamond grading certificate? These documents will assist in accurately identifying the specifications of your item. The more documentation you are able to provide, the more accurate the valuation will be.


    3. Photographs


One of the most important elements of a valuation is photographs. Ideally, make sure your valuation includes at least two photographs of the item of jewellery. If there are any unique aspects to the item, such as superior craftsmanship on the underside that holds the stones, this too should be photographed.


    4. Stone treatment


It’s critical that the jeweller / valuer is able to determine whether a stone has been treated or not. Emerald stones are often oiled, which is an acceptable treatment and actually goes a long way in determining if it is a natural emerald. Ruby and sapphire stones are predominately heat treated to enhance their colour. However, if you possess a beautiful ruby or sapphire that has not been heat treated, it could be worth ten times more – so ensure that any treatment of stones is correctly identified.


    5. Unique pieces


Is the item of jewellery a piece you inherited? If the item has a signature from the jeweller, it could indicate the age of the piece which, in turn, could greatly increase the value of the item. When dealing with antique pieces, even including the old jewellery box or pouch can add to the authenticity of the antique.


    6. Clean thoroughly


When it comes to modern jewellery, it’s important that the item is cleaned before it’s valued. However, the reverse is true with antiques – best to leave them alone to show their age and character. A diamond ring, which may be dirty or badly worn, could be hiding an incredibly clean, high coloured diamond.


A diamond ring which was estimated to be valued between $3000 and $5000 was properly assessed after it was cleaned. It became apparent that although the ring was worn, the diamond was of exceptional quality and worth more than $25,000.


    7. Over / Undervaluing


There is a fine line between overvaluing and undervaluing an item. If the jeweller / valuer overvalued your jewellery, you end up paying unnecessarily high insurance premiums. Conversely, if the item is undervalued, in the event of a claim you won’t have enough coverage to replace the item ‘like-for-like’. Traditionally, insurance companies put the onus on you to have the item properly valued – so it’s important to get the value right.


    8. Regularly update the value


Most insurers tend not to ask for updated valuations over time. But the value of your jewellery will change over time. This can leave you exposed in the event of a claim. Pink diamonds, for example, have increased in value so radically over the past two years, that owners of pinks who have not updated their valuations will most certainly be underinsured. Even fluctuations in the AUD exchange rate will have a direct impact on the market price of your jewellery and therefore your ability to replace an item in the event of a claim. So keep your eye on exchange rate fluctuations if you have a significant jewellery collection.


At Q Report, we have expert jewellery consultants with access to current market prices and costs. Our specialised jewellery insurance includes a complimentary annual revaluation of your insured jewellery to ensure that you are always adequately covered. Additionally, Q Report covers you for up to 150% of the insured value on Q Classic policies. This means that if you need to make a claim and your jewellery cannot be replaced for the insured value, Q Report has the ability to draw on an additional 50% buffer to ensure that you can be in the same position you were in prior to the claim.


Simply contact us to find out more about this unique policy.


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