understanding value

Valuations & Appraisals

It begins with a simple question: “How much is it worth?”. Whilst determined by many factors, worth; generally depends on who you are selling the item too and is dictated, by how much they are willing to pay for it. Whereas, value, depends on the specific purpose the item of jewellery or timepiece, is being assessed for. Due to the purpose and intended use of the valuation, a single item may have different valuations ascribed. The reasons for valuations vary, but getting an appraisal from Lewins Jewellers could not be more simple.

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In-House Valuations

Getting a valuation and appraisal for your item of jewellery, can be tricky if you do not know where to look.

The process can seem daunting and make it all seem, far more stressful than it needs to be. Here at Lewins, we aim to make it as straightforward as possible, so you never feel overwhelmed or lost with the process. We will provide you with everything you need, depending on the purpose of the valuation required.

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Our Process

Our valuation experts will take you through each step of the process, answering any questions or queries along the way.

Your insurance replacement valuation, will include: an introductory letter, detailed descriptions of each piece along with their value, accompanied by any images and notes explaining abbreviations, or other terms used. Due to fluctuations in the market and exchange rates, it is generally recommend that your valuations are updated every three years. 

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Protection & REPLACEMENT

Insurance Valuation

Insurance valuations are used for obtaining insurance cover, to protect your items and acts as “proof of ownership” - in the unfortunate event an item is: lost, stolen or damaged. This type of valuation generally represents, the highest value for items. The detailed valuation provides: descriptions, photos and values, as to how much the item or a broadly similar item, will cost to be replaced. Relevant diamond and gemstone reports or documents related to the provenance, will need to be presented, so that they can be recorded in your valuation.

For new replacement valuations, values ascribed; are an average of the most likely prices, typically encountered in the current UK retail environment, for similar items of comparable quality. For secondhand replacement valuations, values ascribed for items manufactured in the last 100 years; are based on the current UK retail environment, for visually similar second-hand items, of equivalent quality and condition.

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HMRC Settlements

Probate Valuation

Upon the death of loved ones, a probate valuation of their jewellery enables the HM Revenue and Customs, to determine the correct amount of estate duty due. In comparison to insurance replacement valuations, probates are much less descriptive and represent much lower values. These values are based on open market valuations and hypothetical scenarios, of how much the item is likely to achieve: at auction or, by being sold to the trade, and/or in a willing buyer/willing seller situation. It is determined by the worth of the materials, prevailing tastes, the condition of the items and their immediate saleability. 

If you are the executor of an estate, we can assist you to obtain a probate of a will.

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Fair Settlements

Division Of Assets

A valuation for the purpose of division of assets, will be required in the event of a divorce or separation. Valuations ascribed are similar to probate valuations, by representing much lower values than insurance replacement valuations, and are calculated using open market principles. As such, values are based on open market valuations and hypothetical scenarios of, how much the item is likely to achieve: at auction or, by being sold to the trade, and/or in a willing buyer/willing seller situation. 

With the upmost discretion and care, we will determine the value of jewellery, diamonds, gemstones and watches, to facilitate a fair settlement.

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Post-Loss Assessment

In the unfortunate circumstances of suffering a loss or theft of your items, you will want to submit a claim to your insurance company. However, you will find it difficult to obtain either a realistic value or an equal substitute with: limited, insufficient or outdated evidence, to support your insurance claim. To ensure you are better equipped when submitting your claim, we can prepare a post-loss assessment letter. 

This written assessment for replacement of lost/stolen items, will require you to provide relevant information (if applicable) such as: description, pictures, receipts, previous valuations, lab reports or certificates. The current replacement value for your items will then be assessed, from the information supplied and listed in a document, for you to submit to your insurance company. 

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Accidental damage

Repair & Service Reports

In the unfortunate event that an item of jewellery or watch suffers accidental damage, including loss of diamonds and stones, your insurance company can help to cover the cost of repairing the item, if you are covered. Insurance cover usually excludes cosmetic damage such as: scratches, dents, general wear and tear. 

To help submit your claim for accidental damage, we can provide a repair and service report letter. The item will be sent to either our Jewellery Workshop or Watch Workshop, where it will be fully inspected. After examination of the items current condition, a diagnostic report will be prepared, scheduling the repairs or services required, to restore your item to its best possible condition. A written quotation will be provided, to carry out the works recorded, for you to submit to your insurance company.  

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Our Valuations Services

If you would like to find out more information regarding our valuations and appraisal services, please fill out the form below and one of our team will get back to you.