Your insurer might request a valuation report for jewellery and watches which exceed the 'single item limit' specified under your insurance policy. A valuation report gives a detailed summary of the item, along with photographs and a recommended 'replacement value'. This is the expected cost of replacing the item if it's stolen, lost or damaged beyond repair. 

Like many independent jewellers, we used to provide valuation reports as an in-house service, and did so over many decades. However, over the past couple of years, the requirements of UK insurers have changed due to a dramatic increase in insurance fraud involving jewellery and luxury watches. Improvements in technology mean that fraudsters are becoming increasingly sophisticated in their methods, making it incredibly difficult to spot fakes without specialist equipment. ​As a result, most insurance providers have become unwilling to accept valuation reports provided by independent jewellers, as they cannot be certain of their accuracy. Instead, they insist reports are provided by a Registered Valuer.

Unfortunately, Registered Valuers are very scarce throughout the UK, due to the many years of training required. In addition, due to the increase in lab-grown diamonds on the market, it's becoming increasingly common for insurers to insist on laboratory-grade 'diamond screening' as part of the valuation process, which most independent Registered Valuers cannot offer. 

Diamond screening involves using specialist laboratory-grade equipment to determine whether a diamond is natural or lab-grown, before its value is calculated. The value of a natural diamond will be many times higher than a lab-grown equivalent. The difference will often be thousands of pounds, occasionally tens of thousands. Without specialised equipment, it's impossible to determine whether a diamond is natural or lab-grown. It certainly isn't something that can be determined by eye, even by the most competent Registered Valuer. While commercial diamond testers are available, they are expensive and have poor accuracy, so cannot be relied upon in the same way as laboratory testing. The valuer will usually add a disclaimer to their report, explaining that the value has been based on the assumption of a natural diamond, or has been tested to the best of their ability. However as diamond fraud is one of the main issues facing the insurance industry, many insurers will refuse to accept a valuation calculated on this basis, and laboratory-grade diamond screening is often mandatory. 

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If your insurer asks you to obtain a valuation report, it's important to ask what their requirements are. For example, what qualifications the valuer needs to hold, and whether laboratory diamond screening is required. If the report doesn't meet the criteria required by your particular insurer, or there is any doubt about how the value was calculated, they can refuse to accept it. At best, it means you have wasted time and money obtaining a useless report. At worst, it can lead to any future insurance claims being rejected. 

While some independent jewellers continue to offer in-house valuations, we don’t believe this is worth the risk for our customers. Therefore, all jewellery and watch valuation reports are now arranged through Birmingham Assay Office, who has a team of expert Registered Valuers with more than 150 years of combined experience. As the leading valuation service in the UK, diamonds are laboratory-screened as standard and reports are guaranteed to be accepted by all UK insurers. 

The valuations team works diligently using the latest technology and best-practice methods to provide a professional, independent and impartial valuation every time. ​Every insurance valuation report will include digital photographs with a unique reference number. Birmingham Assay Office will store a copy of these photographs in HD quality, which can be recalled at any time with your reference number. This is invaluable in the event of loss or theft, whether for identifying the item or making a copy of your item. Your report will also include a full and accurate description of each item including the gradings of precious gemstones and diamonds, the metal content, hallmark information and distinguishing features. This information is vital for the success of any future claims, leaving nothing to chance in an insurance validation process. 

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This is a third-party service and involves posting your items to Birmingham Assay Office, using Royal Mail Special Delivery. See the Postage section for more information.