Memories are treasures, and these treasures such as heirlooms are worth much more than mere gold. Remember the ring that your grandma once used to wear, and now it’s you who owns it? Well, that’s not merely a ring. This heirloom is the memory of your past and therefore, is worth more than any gold or diamond ring. As the owner of those assets, it becomes your responsibility to protect them once they have been passed on to you, along with the ones you will someday pass on to someone else.
How can this be done? Well, there are a number of ways through which you can get this done, but the one which is of utmost importance is to get the jewellery valuations done. Having an up-to-date jewellery valuation is something that is going to help you in having a rough idea about the current worth of your assets, but along with this, getting the valuation done will help you in several other stages as well, and one of them is having insurance for your jewellery.
In case someday one of these precious assets gets lost or stolen, how are you supposed to handle the loss? Well, in such a situation, if you have the insurance, the company will take care of your losses, and you will receive a value equal to the asset lost, which you can then use to buy jewellery of similar worth.
If you are someone who does not have much of an idea about why these valuations matter, especially when it comes to family heirlooms, then this article is absolutely for you. We will dive through the details and decode why it is important after all. But before we go on to understand these things, let’s first understand what jewellery appraisal actually is.
What is jewellery valuation, Really?
For those unfamiliar with the topic, jewellery appraisal is a document that indicates the current market price of your jewellery and the amount you would receive if you sold it today. But, in reality, this valuation is far more than a quick price estimate. It is, in reality, a document that strictly displays the intricate details of your jewellery, such as the designs, the metal, the gemstones used, the age of the jewellery, the previous owners, and several other things, along with the current price that the jewellery would fetch on the open market. But one would ask, what is the use of all these details? Why is it so important after all? So, a simple answer to this query is that once you have this document, it acts as a valid identity card for your jewellery, and you can easily prove your ownership with the help of this document. When the valuation process starts, there are a few things that get evaluated in detail, which include:
- Examine the type, carat, cut, clarity, and colour of the gemstones.
- Metals: Gold purity, platinum quality, or alloy mix
- Design and craftsmanship: Especially important for bespoke and antique pieces
Why Jewellery Valuations Are Relevant for Family Heirlooms
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They Preserve Provenance and History
When you buy jewellery, you have a fair idea about what metal is used, what gemstones are used, and various other details. But when you receive jewellery as an heirloom, you do not have the details. You do not know the purity of the metal, the gemstone, or other details. Over time, all these details can be forgotten, and without a document, you have no proof that the bespoke jewellery in London was given to you or that you are now its sole owner. A thorough jewellery appraisal is crucial in this situation, as it documents all the relevant details. This means your kids and grandkids won’t have to prove these assets are theirs later.
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They Ensure Accurate Insurance Coverage
You inherited a piece of jewellery from your grandparents, and suddenly, out of nowhere, it got lost. Now, in such a situation, what proof do you have that you were the owner of the jewellery, and secondly, how will you prove what the worth of the jewellery that was lost was?
Navigating such situations becomes easy with the help of these valuation documents. In case in such situations, you had the valuations and insurance done, you could easily prove that you were the current owner of certain jewellery, and you would receive the equivalent amount, which would help you in buying jewellery of the same worth.
Summing Up
To sum up, having the valuation done is critical, especially in today’s times. This helps you recover the jewellery in tough situations without having to prove your relationship with the actual owner. In order to get this done, all you need to do is get in touch with a good valuer in your area soon.