VALUATION SERVICES
Each item of jewellery is carefully examined before the valuation is completed. Gemstones are checked for safety in settings and claws are inspected for wear and tear. It is advisable to get your jewellery checked regularly for wear and damage as this can invalidate your claim should a gemstone come out or the item is lost due to a worn setting.
Once the item is checked and documented, your jewellery items will be cleaned if necessary, before assessment. The following information will be recorded and applied to your valuation:
• Digital images of each item of jewellery
• Full description of the item
• Diamond shape and cut, dimensions, assessed colour, clarity and weight
• Gemstone(s) type, quality, dimensions and estimated weight
• Dimensions of item
• Hallmarks and identifying marks
• Mount description and dimensions
• Value according to the purpose of the valuation and appropriate market
Most valuations are required for insurance replacement purposes but other types of valuations are available depending on its purpose and intended use.
Valuation for Insurance
A valuation for insurance is used for the basis of replacement of a similar item if it were to be lost, stolen or damaged. A comprehensive valuation including digital images will act as proof of existence at the date of the valuation and assist your jewellery retailer to provide a suitable replacement on any claim being made in the future.
Valuation for PROBATE
A valuation for probate is used when handling the estate of someone who has died. This allows HM Revenue and Customs to calculate any inheritance tax, if applicable. The values are based on open market values at the date of death. It is in compliance with section 160 of the Inheritance Act 1984.
Valuation for Family Division/Divorce
A valuation may be required in the event of a divorce or separation when there are jointly owned assets which need to be divided between both parties. It can provide a fair settlement should the items need to be sold. This type of valuation is based upon open market values, similar to probate values.
Valuation for Private Sale
This valuation for private sale is for individuals who wish to sell an item(s) between themselves but require guidance to a fair asking price. Both parties involved would need to agree to be guided by the valuer who has no interest in the outcome but will provide a guide to a reasonable price, fair to both parties involved.
Post Loss Assessment
If you are in the unfortunate position to have lost or had an item stolen and not in possession of a current valuation, an independent post loss assessment report may be required by your insurance company to validate you claim. You would need to provide as much detailed information as possible for a current replacement value to be determined.
© 2018 Heritage Valuations