Overview and key points
It’s a bit of a topsy-turvy world these days – we’re sure you’ve noticed. But even the jewellery market is feeling the effects, with the bottom falling out of the market for synthetic diamonds and gold prices outpacing platinum.
To find out what’s going on, we spoke to jewellery expert Clare Blatherwick, one of the most well-regarded specialists in the UK.
She told us her team is seeing more and more clients with outdated valuations, which means underinsurance, claim disputes, and a lot of stress if something goes wrong. There are plenty of reasons for this, according to Clare.
Gold’s enduring allure
Gold prices have hit historic highs, to the extent that making a piece in 9ct gold will typically cost more than making the same piece in platinum – and this surge is showing no sign of stopping. If your policy was based on an older valuation, it’s very likely out of date. Larger pieces in 18-carat gold, especially, could be underinsured by a considerable margin.
Coloured gemstones – a rare medium
In today’s market, rarity, origin, and whether a stone is treated or untreated are key to value – particularly with rubies and sapphires.
Untreated stones from top sources like Burma or Kashmir are commanding premium prices at auction and in retail. If you don’t have up-to-date documentation (ideally lab reports and treatment status), it can slow down a claim or affect how much you receive.
Diamonds are no longer forever (not synthetics, at least)
Synthetic diamonds were once seen as a cutting-edge choice, and Clare points out that for particular areas of the mainstream jewellery market as well as industrial applications they work perfectly well. However, in the secondary market, synthetic diamonds are essentially now considered as little more than costume jewellery, and in the primary market wholesale prices have dropped by as much as 96%.
Even though around half of engagement rings sold in the US now feature synthetic centre stones, they’re valued very differently from natural diamonds. It’s crucial your insurance reflects that difference.
Time doesn’t stand still for luxury watches
The luxury watch boom hit its peak in mid-2022 – and since then, prices for certain models have come back down to earth, even with brands like Rolex.
Whether you bought at the peak or recently picked up a rare piece, an updated valuation will ensure your cover reflects its true current value.
The culture effect
Culture continues to shape jewellery demand. In case you missed it, brooches caused quite the kerfuffle at the Met Gala this year (check out Khaby Lame’s pocket watch / brooch overload) – for anyone in possession of something rare and tasty, this is likely to increase its value. The V&A’s Cartier exhibition is another noteworthy cultural moment likely to drive up interest in certain pieces – especially signed vintage jewellery or items with a strong provenance.
We’re also seeing new geographical hotspots emerge. Auction houses are increasingly focused on the Middle East, particularly Saudi Arabia.
Why professional valuations matter
Most insurers recommend updating jewellery valuations every three to five years, but with the current pace of market changes, more frequent reviews make sense for certain items.
A good valuation provides:
- A reliable replacement value
- Detailed descriptions and condition reports
- Photographs for easy identification
- Peace of mind that you’re properly covered
We always recommend using a registered valuer, as their reports are trusted by insurers and in line with industry standards.
Gemstone care and storage
A word on looking after your prized pieces. Poor maintenance might make it more likely you’ll have a dispute on your hands if you have to make a claim. Some gems need special attention:
- Opals can dry out and crack in low humidity
- Pearls benefit from being worn but should never come into contact with perfume
- Emeralds shouldn’t be cleaned with standard jewellery cleaners
- Kunzite and conch pearls are light-sensitive and can fade over time
- Protect gems by storing them thoughtfully – don’t have them rolling around in a box with diamonds which will scratch and scuff them
Valuers will often highlight these risks during assessment, which is another good reason to keep your valuations current.
Five things you can do now
- Check your last valuation date – if it’s older than three years, it’s probably time for a refresh.
- Pay attention to high-risk pieces – heavy gold, coloured stones, and watches deserve more frequent reviews.
- Gather your documentation – invoices, previous valuations, lab reports, and certificates all help.
- Talk to your broker about your jewellery to get specific advice
- Use a trusted valuer
Need help arranging a valuation or reviewing your current cover? Get in touch with your Partners& contact, or drop us a line here – we’re always happy to help
If you’d like to learn more about Clare Blatherwick Jewellery and their services, visit the website.