Did you know that 43.5 million over 15s in the U.K. own a watch? And 62% of consumers are buying them for themselves. Affluent mid high-net worth customers are most likely to own various watches for different occasions in the £5k+ price bracket.
The pre-owned and prestigious watch market is on trend at present and there is an increase in demand, particularly from watch collectors, which is helping to drive prices up. Fortunately, insurers are still able to replace vintage timepieces as well, one of our insurers told us of one claim they dealt with that took 9 months to settle but they were able to source a replacement to the client’s satisfaction. Paperwork is critical and adds value to the item.
Similarly, if you have items of jewellery containing ‘old cut’ diamonds, you should consider getting them (re)valued. Genuine stones are becoming rarer, that is to say, those that date from pre-1920. Dealers are hoarding as many as becoming available and this is pushing the cost well above their modern equivalent.
If you have a pink diamond it is more likely to have originated from The Argyle Diamond mine, which is the primary source of rare pink diamonds. You should note these attract on average 20 times the price of an equivalent white diamond and ensure you have a recent valuation to be certain you are not underinsured.
Natural pearls are also highly sought after at the moment; a pair of pearl earrings once owned by the mistress of a Romanian king sold at auction in Salisbury for £1.6million in spite of having a pre-sale value of £120,000. A single 17.4mm natural South Sea pearl sold in 2014 for £680,000 at the same auction house, nearly seven times its pre-sale estimate.
The importance of valuations
In the event of a claim, it is up to the claimant to prove worth and ownership. Without a valuation it might be difficult for you to prove its worth and may end up with an unfair settlement.
A valuation should contain the following information:
- Company name and address
- Details of who the item(s) belong to
- Full date
- Full description to include type of metal, size of stones, length of necklace and any serial numbers etc.
Ensuring your jewellery is properly protected under your home insurance policy is important as it might require specific additional security requirements.
