Jewellery has a significant impact in our life. It is valuable because it is made up of expensive metals and stones and comes in intricate designs and beauty. Apart from that, we invest our hard earned money on it or get it as a family heirloom from our ancestors, hence, it comes with emotional and sentimental investment as well. Therefore, it is not just worthy for its beauty and our sentiments attached to it, rather it is worthy because it comes with monetary value as well. If you are purchasing a piece of jewellery today at a certain value, you will find that its value has increased from its original value after a few days or years. The value of the jewellery keeps on fluctuating as per the market value. Therefore, it is necessary to know the exact value of your jewellery when you need it the most. This is where the jewellery valuation comes into play. There are certain factors which are considered important to know the exact value of the jewellery as per the current market value. Some of the important factors include, quality and condition of the jewellery, quality of metals and stones used, authenticity of the jewellery, age of the jewellery and brand or designer involved with it.
In this article we shall be exploring some of the important approaches of jewellery appraisal. In general, when you need to claim insurance for your jewellery, when you are going for a divorce settlement, when someone in your family dies and so on, we need to get the jewellery pieces evaluated to know their exact value. For this you can take the help of experts as well. Companies like Prestige Valuations provide you with the experts well experienced and well knowledgeable in this field, which includes jewellery valuations, watch valuations, handbag valuations and evaluations of other important assets. Let us now have a look at different approaches of jewellery appraisals.
Valuation for Insurance
Insurance is one of the main reasons for the evaluation of the jewellery pieces. People go for the process of insurance valuation, so that they do not have to face problems during unwanted situations. These unwanted situations involve robbery and theft, loss and damage. When you go for the insurance valuation for your jewellery, factors which are considered important are quality of the metal, craftsmanship, quality of diamonds and gemstones used in it and the market trends. The valuers who are involved in insurance valuation, have to regularly update them so that they can highlight the changes which have taken place in the market value and make sure that the accurate coverage of the jewellery is prepared.
Jewellery Valuation during Divorce Settlement
Jewellery in divorce settlement plays a major role. It is of course not of course a jovial situation, however, when taking a legal process to get separated from your partner, some valuable assets do play a major role. Jewellery is one such asset which cannot be ignored. When you are in a relationship with a person, you exchange a lot of gifts with each other. One common gift which couples love to exchange with each other is jewellery. When you decide to end your marriage, there comes a situation in the legal process when the jewellery needs to be divided equally between both the parties. During this process it is decided how many jewellery pieces have been gifted and how many have been purchased for themselves by the individuals and whether the gifted ones need to be returned or not. To make the process smooth and easy and to avoid friction between the two parties, it is necessary to evaluate the exact value of the jewellery. Sometimes, the husband has to give some properties, including jewellery to the wife as alimony, therefore, it is necessary to know the exact value of the jewellery.
Probate Valuation
Another unwanted situation when you need to evaluate the jewellery is when someone dies in your family. Of course it is not the right time, and no one is in their right state of mind, however, there is some legal process which needs to be done so that the assets, including the jewellery, are equally distributed among the family members. This is when probate jewellery valuation helps you a lot. Through this process you can distribute the jewellery equally among the family members to avoid disputes which may take place if the jewellery pieces are not equally distributed.
Summing Up
These are some of the important approaches of jewellery valuation. Apart from these, while purchasing or selling your jewellery pieces, you need to evaluate them so that you have an idea regarding the exact value of the jewellery as per the current market value.