If your jewellery has been insured for a number of years, it’s worth asking a simple question: would your cover still be enough to replace each item today?
In the current market, replacement costs can move faster than many people expect, particularly for pieces containing precious metals, or where craftsmanship and brand pricing have shifted. This can result in a “valuation gap” that often goes unnoticed until the worst moment: when you need to make a claim.)
Precious metals have been rising in value
As highlighted in this article by Doerr Valuations, silver has more than doubled in value, increasing from around £18 per ounce in 2023 to over £38 per ounce in 2025.
Alongside rising gold prices, this has contributed to a steady increase in the cost of replacing jewellery. While these changes happen gradually, they can significantly affect the value of individual pieces over time.
These shifts are also reflected in wider jewellery pricing, with official data from the Office of National Statistics showing steady increases in replacement costs.
Mind the gap
Jewellery is often insured under policies that have been in place for some time. Unless valuations are reviewed, sums insured can quietly fall out of step with today’s replacement costs. Because these changes tend to happen gradually, they are easy to overlook until replacement costs are tested.
And unfortunately, the gap between the original and current value often doesn’t come to light until a client has to make a claim, at which point the settlement figure won’t cover full replacement.
Regular valuations are essential
Some items of jewellery are simply irreplaceable because they have sentimental value above all else, but by insuring such valuables properly, you can reduce the sense of loss. If you had to make a claim, you could at least buy something of a similar monetary value to hand down to the next generation.
It’s worth noting that if you have a replacement valuation that is less than three years old at the time of loss, and your sums insured reflect this valuation, some insurers will pay up to an additional 50% of the value shown in your schedule for each individual item (but no more than an additional £100,000 in total for any one claim.)
Actions to consider this week
If it has been 3 years since your last valuation, get in touch with our team, and we can help make sure you are appropriately covered. In the meantime, here are a few points to consider:
- Check the date of your last valuation for each significant item. If it’s approaching (or beyond) three years old, put a refresh on your to-do list
- Compare your schedule of items against what you actually own: have you bought anything new, been gifted anything, or inherited pieces that aren’t yet listed (or properly described) on the policy?
- Spot pieces that may need earlier review, such as items with significant gold/platinum content, branded pieces, or anything where you’d struggle to buy the same (or equivalent) item quickly
- Review any pieces you’ve changed since your last valuation such as resetting stones, resizing, redesigning, or remodelling. Even when sentimental value is unchanged, the replacement and labour costs often aren’t.
- If you’ve made (or are planning) a major purchase, arrange valuation and specification immediately – don’t wait until renewal
- Pull together what a valuer will need to make the process smooth: existing valuation documents, receipts, any certificates, and clear photos, plus notes on any alterations.
A valuation gap usually only becomes obvious when you need to claim – at exactly the wrong time. Reviewing valuations now helps keep your cover aligned to today’s costs and reduces the risk of being underinsured.
If you’d like us to review your jewellery schedule and advise whether any valuations are due, contact our team and we’ll guide you through the next steps.
