Amongst the vast repertoire of services our Service and Design departments offer, we are proud to be able to offer an in-house valuation service for your most treasured belongings. A valuation provides an official account of the value of your jewellery, enabling your insurance company to cover you in the event of loss. It is a fully-researched, expert, written opinion of authenticity, composition and quality regarding a particular item, culminating in a value being determined.

A valuation is important for several reasons, but the most pressing is how it can affect your insurance.

When making an insurance claim, the onus is on the insured party to prove the value of their belongings. No insurer is duty bound to accept old or poorly-described evidence of value when assessing a claim. Providing lacking evidence could result in a delayed or reduced pay out, or in some cases no pay out at all.

You might have never had the misfortune of making an insurance claim, but if you have, it’s likely you had to jump through hoops for your insurers, and if your evidence was insufficient, your settlement may well have fallen rather short of your expectations.

To be in a position to establish a valid and provable claim, you need to supply a schedule of lost jewellery prepared by a competent valuer, preferably a valuer who holds the coveted title of being a Member of the Institute of Registered Valuers, as approved by the National Association of Jewellers. Increasingly, these are the only valuers who are trusted by insurance companies due to the rigorous testing and training they go through and on-going CPD necessary to retain their award.

Why Hugh Rice?

Well we just happen to have an in-house National Association of Jewellers’ Institute Registered Valuer available to produce a valuation for you that will meet the requirements of your insurer.

Our valuer is Jenny Rice and she’s a member of the Rice family. Her official title is Jenifer Rice BA (Hons) PGCE FGA DGA MIRV. It’s those last four post-nominal letters, MIRV, that are most relevant here. They provide that Jenny is fully-qualified as a valuer and has a minimum of five years' experience in the jewellery industry. She is also a fully trained diamond grader and gemmologist, able to grade diamonds on colour and clarity, give accurate carat weight calculations on set stones and determine how well a diamond has been cut, polished and finished. As a gemmologist, Jenny is able to test gemstones and conclude the type (for instance whether a red stone is a ruby, a garnet, a spinel, or indeed just red glass…), clarity, quality and, of course, value.

Better yet, because Jenny is based at our Hull and Beverley stores, your treasured belongings won’t be sent away. Everything stays onsite with us, giving you the reassurance that they’re in safe hands.

When should I take out a valuation?

We’d recommend having a new piece of jewellery valued after three years. Initially your receipt will act as enough evidence for your insurers, however over time a more thorough valuation will be required.

If you’ve inherited or been gifted a piece of jewellery, uncovered an older treasure, or bought a piece from auction or other pre-owned markets, including second-hand or antique pieces, it could be worth getting it valued as soon as possible to ensure that you'd be covered in the event of loss. The valuation would show your insurers the true value and ensure you’re covered up to the full amount, whilst also guaranteeing you are not paying too much (nor too little) in premiums.

What can I expect?

Jenny quotes 7-10 days for a valuation, so you can expect your belongings back within two weeks along with:

• A detailed description of your jewellery
• A detailed assessment of any diamonds and gemstones (including identification)
• Hallmarking information
• A statement of the condition
• Provenance or research (if appropriate)
• Visual images
• A value with the appropriate type of insurance qualification

What’s more, we’ll clean and polish your jewellery free of charge as part of the process, and we’ll provide a thorough health check and inform you of any issues we might find.

How much does it cost?

A valuation from Hugh Rice is £75 for the first item, and every additional item is £50.

Any other reasons for a valuation?

Whilst insurance is the primary reason to have your jewellery valued, it can also be useful for other reasons; if you have inherited an heirloom and are curious about the value, history, stones, or quality; if you’re looking to make a private sale and want someone independent to help both parties agree on a fair buying/selling price; you might have to divide shared belongings with another person and would like to know exact values for any agreements; or if you need a probate valuation to help settle an estate. Whatever the reason, we’re here to help.

How do I request a valuation?

We provide a professional and friendly valuation service from an Institute Registered Jeweller. A valuation from Hugh Rice means your belongings will not be sent away, they’ll be cleaned and inspected, and most-importantly, you’ll be in a much better position should you need to make an insurance claim.

If you have jewellery that requires a valuation, please contact Jenny at valuations@hughrice.co.uk, or bring your jewellery to one of our stores and ask a colleague about a valuation.