Free jewellery valuation vs insurance valuation: what's the difference
A free valuation is easy to get. An insurance-grade one takes more effort, and usually costs money, but the two aren't interchangeable: relying on the wrong one can mean a claim settles for less than you expected.
Free valuations are built for sellers first. Insurance is an afterthought, if it's considered at all. An auction house wants to know what a piece might fetch under the hammer. An online estimator wants to know if you're worth calling back. Neither answers the question your insurer asks: what would it cost to replace this item today, from a trusted retailer, brand new?
For rivr's own high value contents cover, that line sits at £25,000. Single jewellery items, pairs or sets above that figure need a current, professional valuation before they're specified on your schedule. Below it, a valuation isn't required, though it still helps if you ever need to make a claim.
This guide covers when a free valuation does the job, when it doesn't, and what a valuer needs to produce instead.
What “free” covers
A free valuation usually means one of two things, and they're worth telling apart.
Sale estimate
Auction houses and online jewellery buyers offer these to bring in items to sell. You send photos and a few details; what comes back is an indicative price range, designed to interest a buyer. There's no signed report, no measured specifications, and no stated basis of value.
Point-of-purchase valuation
Some retailers include a written valuation with every piece they sell, carried out by their own trained valuer, sometimes registered with a body such as the IRV or JVA. If that report has a full description, a stated basis of value, and comes from a qualified valuer, it can stand up to insurer scrutiny. If it doesn't carry those details, it's closer to a receipt with better photography.
Sale estimate vs point-of-purchase valuation
The label “free” only tells you what you paid. It says nothing about whether the document behind it will hold up when you make a claim.
Why a sale estimate and an insurance valuation aren't the same document
An insurer settles a claim on replacement value. A sale estimate is calculated the other way round:
- Replacement value: what it would cost to buy an equivalent piece new, at retail, on the day you make the claim.
- Sale estimate: what a buyer, whether an auction house or a private buyer, is willing to pay for a piece that's already been worn, factoring in their own margin.
Those two figures rarely land close together. An insurance replacement value is calculated to put you back where you started; a resale figure is calculated to let someone else make money from buying it off you. Submit the second one with a claim and you risk being settled on a number that never reflected what the item would cost to replace.
This is also why an auction estimate won't satisfy most insurers. It answers “what would this sell for,” not “what would it cost to replace.”
What rivr needs for higher-value pieces
rivr's high-value jewellery cover works like this:
- Single items, pairs or sets over £25,000 need a current, professional valuation before they're specified.
- Items below that can sit within your overall contents cover without an individual valuation, though a written record still makes a claim easier to process.
- New purchases are covered automatically for 60 days, up to 25% of your contents sum insured, giving you time to arrange a valuation without a coverage gap.
None of that is met by a sale estimate, however recent or well-presented. It needs a written report from a professional valuer, stating replacement value as the basis, with enough description and detail (weights, stone grades, hallmarks, photographs) for the piece to be identified and replaced if it's ever lost.
Full detail on getting that report done,including who can provide it and what it should contain, is covered in How to value jewellery for insurance.
When a free valuation is the right call
A free valuation earns its keep in a few situations:
- You're deciding whether to sell a piece, and want a steer before committing to a paid report.
- The item sits comfortably under your unspecified limit and you're not planning to insure it individually.
- You want a rough sense of how rising gold or diamond prices might have moved a piece's value, before deciding whether to pay for a full update.
In each case, the estimate is doing one job: helping you decide. It isn't evidence for a claim.
Where to get a free valuation
Auction houses are the most common route. Most run valuation days or accept submissions online. Clear photos in natural light, a close-up of any hallmark, and a note of weight, condition and provenance will get you a more accurate range. Dreweatts and similar UK auction houses publish step-by-step guidance on what to send.
Some retailers also value pieces bought from them free of charge. Ask whether the valuer is registered with the IRV or JVA, and whether the report states a basis of value. If both answers are yes, what you've been given for nothing may already be closer to an insurance-grade document than the word “free” suggests.
How to get a valuation your insurer will accept
For anything over £25,000, or anything you'd rather not risk on an estimate, the route is a registered valuer. The Institute of Registered Valuers (IRV) sits under the National Association of Jewellers' Code of Conduct and is widely regarded as the leading UK body for valuers in this field.
Independent of any trade body, the Jewellery Valuers Association (JVA) is the only UK organisation devoted solely to valuers of jewellery, watches and silverware, with its own directory of registered members. The same registered-valuer route applies to watches, covered separately in rivr's watch insurance.
London and Birmingham Assay Offices offer a paid alternative, including home visits for larger collections, and the paperwork they produce is generally accepted by insurers. Sheffield and Edinburgh Assay Offices deal mainly in hallmarking rather than consumer valuations, so confirm which service you need before contacting one.
For diamonds specifically, a GIA Diamond Grading Report adds an objective record of the 4Cs that a valuer can build on. It isn't a valuation on its own, but it strengthens the one that follows.
The process from there (choosing a valuer, preparing your pieces, and what the finished report should contain) is covered in full in How to value jewellery for insurance.
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Frequently asked questions
Not always. It depends on the type of free valuation. A sale estimate from an auction house or online estimator isn't accepted, since it gives a resale figure rather than a replacement value. A written valuation given free at the point of purchase can be accepted, but only if it comes from a qualified valuer and states replacement value as its basis.
rivr only requires valuations for single jewellery items over £25,000, and they must be professional and up to date. New purchases are covered automatically for 60 days (up to 25% of your contents sum insured) while you arrange this.
Not usually. An auction valuation reflects a sale or reserve price, not replacement cost. For a claim, you'll need a valuation from a registered professional stating replacement value as the basis.
Every two to three years as a general rule, or sooner if you add stones, change a setting, or notice a significant shift in gold or diamond prices. This keeps your sums insured accurate and reduces the risk of being underinsured.
With rivr, jewellery and watches are covered up to £25,000 per item unless specified on your schedule, so higher value pieces are usually listed with a valuation.
Replacement value: what determines your payout if you claim. It's the cost of buying an equivalent piece new at today's prices, not what the same piece would fetch secondhand or at auction.
Yes. New purchases are covered automatically for 60 days, up to 25% of your contents sum insured, so you can arrange a valuation without a gap in cover.
Not on its own. A receipt shows what you paid at the time, not what the piece would cost to replace today, particularly for older items or ones where prices have moved since you bought them.
