How can I find out how much my rings are worth?
You should always insure your jewellery for its current market value. Especially if you’ve been engaged or married for quite a while because gold and items of jewellery usually increase in value over time. That’s why many people choose to visit a specialist jeweller, for a professional valuation. An up-to-date valuation should give you a good idea of how much cover you really need.
A professional valuer will give you a formal document that describes each piece of jewellery and confirms its value and how that has been decided. You should discuss with the valuer how you would replace your items if they were to be lost, as this can affect the type of valuation given. The descriptions will include details of the precious metal and the size, colour, cut and clarity of any precious stones. A photograph is usually included. This can be useful if you make a claim, to ensure that you get an equivalent replacement.
The National Association of Jewellers (NAJ) suggests having items revalued every 3 to 5 years to help ensure that the value is current. The NAJ says that you shouldn't "rely on index-linking to keep the replacement value of jewellery up to date; the price of precious stones and metals does not move in line with the general Retail Prices Index".