Jewellery Valuations for Insurance
At the GemLabW4 we would be delighted to value your jewellery and watches.
All valuations for insurance carried out by the GemLabW4 are completed by Members of the Institute of Registered Valuers to the highest possible standards and fully accepted by all major insurance companies.
All of our valuations for insurance are beautifully presented in a folder with detailed descriptions and digital photographs of each item.(link to example valuation)
We will also email you a selection of photographs and a short video of all your items for your personal records.
Once we start the work on your jewellery it will be carefully cleaned, inspected, weighed, measured and assessed and the details factually recorded on your valuation document.
To book an appointment with our valuation team, please contact the Lab on 020 8742 1178 or pop by when you're next in town.
About Jewellery Valuations
A Jewellery Valuation Is a formal document prepared by a specialist Registered Valuer, which is usually required when insuring your jewellery.
All the valuers at TheGemLabW4 are registered with the 'Institute of Registered Valuers.' And we are regularly assessed to ensure our work is of the highest standard. https://www.naj.co.uk/what-is-an-irv
The booking in consultation is through and can take a little while, please be prepared to leave roughly 10 minutes per item, we will discuss your jewellery and your personal requirements and after a brief initial examination of each piece will make appropriate notes on our 'Taking In' form.
If you have any previous receipts, paperwork or gemstone reports please make them available at this stage.
After booking it in, your jewellery is checked, assessed, weighed, measured, graded, photographed and valued according to current market data and prices.
This information is then recorded in a document that in the event of a claim, can be relied on to prove to your insurance company the true extent of your loss and will ensure that you are put back in the same position as you were prior to the loss.
The figure reached may be new replacement, antique or second hand depending on the age and condition of the piece being appraised.
- As a result of the formal nature of an Insurance Valuation we do insist on full and frank disclosure between parties from the very outset and any previous valuations, certificates, stone reports, and sales receipts if available must be provided to us prior to any work being performed.
- We can usually provide a written valuation document for you in two weeks. If you have a deadline please let us know and we may be able to value your items quicker depending on our current work load.
- We ask you to leave your items with us whilst they are being valued, so they can be examined.
- In special circumstances where you do not wish to leave your items, we can arrange a one to one appointment where the items can be examined and tested while you wait, and the document produced later. Please contact us about this.
In order to help us help you and provide you with the correct 'type' of valuation, It is imperative to establish from the very outset the purpose of your valuation.
- Are you looking to get your jewellery valued for insurance purposes?
- Are you looking for Marmalade or The GemLabW4 to make a verbal offer to purchase your items/item?
- Do you require documentation to ascertain the cash value you could realise in the event of an immediate sale?
- Do you require a written valuation for the purpose of Probate?
- Do you require a written valuation for the purpose of Family Division?
All of these question have different answers but we are qualified, willing and able to guide you through the maze to ensure you get the answer or information perfect for your needs.
In the unfortunate situation where a loved one has passed and you have been tasked with executing the will, it’s important to know you are going to get qualified, reliable, impartial advice.
If you think you need, or have been given instruction to get a Valuation for Probate’ for the jewellery in an estate we would be delighted to help you. All valuations for probate carried out by the GemLabW4 are completed by Members of the Institute of Registered Valuers to the highest possible standards and fully accepted by HMRC.
Our expert team will intensively research the market to arrive at an accurate figure to aid you in your task. Findings are presented in a bound folder with photographs which typically takes about 2 weeks to produce.
Want to find out more about Probate?
A Probate Valuation is a figure that the Valuer calculates in order for the estate of the deceased to know what Tax or duties are applicable to HMRC for jewellery left behind after death.
As determined by HMRC, a valuation for the purpose of probate is required to be undertaken in compliance with Section 160 of The Inheritance Act 1984, which states…
‘…the value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; …’
For the purposes of Probate, jewellery valuers are expected to provide gross 'hammer' prices achieved at auction for comparable items in recent auctions. These figures are to be presented without any fees or commissions deducted - i.e. the GROSS price.
Therefore if you understand that the entire estate is to be sold at a local auction, it makes sense that the valuation figure will be significantly less than the same piece valued for insurance - sometime as little as 5-10% of the insurance figure.
Division of Assets or Family division
If you would like us to assist you with Valuing your jewellery in the event of a divorce situation where the value of jointly owned assets needs to be established, or you would like to bequeath items in a will or indeed to divide assets between beneficiaries. We can help.
All Division of Assets valuations carried out by the GemLabW4 are completed by Members of the Institute of Registered Valuers to the highest possible standards.
As divorce can be an acrimonious time and have far reaching legal consequences it's vital to let us know at the start of the valuation process your current situation.
Generally both parties will have very different views and requirements pertaining the 'value' of items being shared out. The IRV's guidelines are to base the value for division based on what the items would achieve if sold in the open market less fees and commissions at a local auction.
This will naturally result in a 'low' but accurate value. It may not reflect the expectations of both parties so it is vital that both parties understand and agree the method of reaching a value in this instance.
If the matter has gone to court or one party has legal advice we will need specific instructions from both parties and potentially solicitors as to the methodology acceptable prior to commencing any work.
Please call us in the strictest confidence to discuss your individual circumstances and fees applicable.
Value Vs Worth - ‘how much will I get?’
Insurance value is what an item would cost to replace at that point in time, which is why up to date revaluations are so important.
What jewellery is ‘worth’ is another matter. Something's worth is what you can expect to receive if you sell it.
Often there is quite a big - sometimes disappointing - difference between the two figures. Very often jewellery items are only actually worth the market price for the gold, and small or low quality gem stones are often disregarded by second-hand dealers and auction houses.
At Marmalade we can use our network of contacts in the trade to help sell your jewellery, because we know some of the country's finest dealers and auction houses, we are confident that we can get you a fair and realistic price for your jewellery.
A happy client is all we take from helping you out. That and knowing that your jewellery is making someone else happy.
In certain circumstances Marmalade would be happy to offer to buy your jewellery for our own pre-owned Revival collection:
An Appraisal for Sale is a different process to a valuation, whereby we look at your items and determine what we as a business would be willing to pay you directly for them. The amount we offer will be dependent on the style, size, quality, saleability and sum of the component parts. Should you accept our offer we will need proof of ID, a short money laundering form completing and settlement will be by cheque. Any offer will be verbal only and only valid until we have tested and checked the qualities of metals and gems contained and we reserve the right to withdraw or change our offer at any point prior to acceptance. Once purchased your items may be scrapped, sold at auction or sold in store.
Scrap Gold Purchase
We would be delighted to offer you immediate payment for your old scrap gold or jewellery in any carat gold or platinum. We pay highly competitive rates compared to the high street or internet sellers and subject to successful testing or hallmark recognition can usually settle straight away.
We need some photo identification in order to comply with money laundering regulations.