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Thread: Insurance valuations/appraisals on items you have made?

  1. #1
    Join Date
    Nov 2016
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    8

    Default Insurance valuations/appraisals on items you have made?

    I was wondering if a client has ever asked you about insurance value/appraisal on any of your items you have created. Obviously there is the price you would charge for your piece but can you quote your own insurance value or does this have to be done by a valuer specialist?

    If the quotation is done by yourselves how do you come to a figure? I notice most insurance values on jewellery pieces are marked higher than the price it cost to buy initially. Sorry.. I'm very confused and quite new to this question!

    Many thanks for your time and and wisdom

  2. #2
    Join Date
    Dec 2014
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    South Australia
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    Have no Idea where you are, in Australia for the valuation to have any validity it would need to be completed by a licensed valuer, the valuer may well contact the maker to establish a replacement cost.

  3. #3
    Join Date
    Nov 2016
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    Thank you for the quick reply China, I'm actually based in the UK so curious to see what the rules are over here :S

  4. #4
    Join Date
    Feb 2014
    Location
    Manchester
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    632

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    Quote Originally Posted by goldordust View Post
    I was wondering if a client has ever asked you about insurance value/appraisal on any of your items you have created. Obviously there is the price you would charge for your piece but can you quote your own insurance value or does this have to be done by a valuer specialist?

    If the quotation is done by yourselves how do you come to a figure? I notice most insurance values on jewellery pieces are marked higher than the price it cost to buy initially. Sorry.. I'm very confused and quite new to this question!

    Many thanks for your time and and wisdom
    I'm not too sure what you're asking. If a customer buys an item from you they will presumably have a receipt showing what they paid for it. Can't this form the basis of an insurance valuation?

  5. #5
    Join Date
    Aug 2009
    Posts
    15

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    It has to be an independent valuation nowadays. The London Assay office can do this for you.


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  6. #6
    Join Date
    Feb 2016
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    99

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    There are a number of Jewellery valuers/appraisers listed here http://www.ja-world.com/uk/uk-jewellery-valuers.html and as it says at the bottom, many of them also work through high street jewellers who offer appraisals which if you are after a valuation for a single piece, is probably the better option. These are the people you turn to for valuation on jewellery for probate or for insurance purposes. Appraisals for insurance can be done by a number of calculations but most often are calculated as like for like replacement cost for a similar piece of jewellery at high street prices. You can ask for an appraisal that takes into account the fact that the piece is unique and artisan made for which the calculation will be made based on the value of the materials used for construction plus a premium for the complicity of the design. All insurance valuations on jewellery should be re-evaluated every 3 to 7 years as the cost of precious metal will continually rise.

  7. #7
    Join Date
    Nov 2016
    Posts
    8

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    Ah thank you so much for your replies They were really handy and Ceri thank you for clarifying that there is specialist insurance for unique and artisan made pieces as they're often not straight forward to replace.

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