Ensure your jewellery has proper insurance

JEWELLERY is one of the most popular gifts to receive at Christmas, and perhaps some of you were given new rings, bracelets or necklaces. But, according to Direct Line’s Select Premier Insurance, we don’t know enough about the value of the gifts we buy and receive, and we know little about factors that may affect that value. Stephen Kopal off of LMG Jewellery, explained: “The value of jewellery can change substantially as the cost of precious metals and gemstones vary depending on so many factors. For example, the price of gold is impacted by supply and demand, currency exchange rates, macro-economic factors and geopolitical events. “This is why it’s so important to buy jewellery from a reputable jeweller who can provide an accurate and detailed valuation certificate which can be shown to your insurer.” More than a quarter of us have had an engagement ring lost, damaged or stolen over the years but on average we only get our jewellery valued professionally once every three and a half years. This poses a huge under insurance risk, as the vast majority of people found that their ring had increased in value since they last had it evaluated.

One in six claimed its value had increased by more than half. On average, those whose rings had increased in value had done so by over a third, a significant amount if the ring had to be replaced.

Nick Brabham, head of SELECT Premier Insurance, commented: “This study proves how difficult it can be to correctly identify the value of jewellery.

“For this reason, we urge people to ensure they have jewellery valued by a professional regularly, to ensure their insurance policy adequately covers their possessions.

“Anyone who has had an item of jewellery valued and found out it is worth more than they originally thought should notify their insurer immediately to avoid added stress of being underinsured should the worst happen.”