Pravins offer a comprehensive professional jewellery valuation service. For Pravins jewellery we can offer the choice of a Pravins valuation or an external valuation by a professional valuer registered with the Institute of Registered Valuers (“IRV”). For jewellery purchased elsewhere, we offer the IRV valuation option only.
For Pravins valuations your jewellery will normally be forwarded to our London Head Office and will be assessed by an experienced member of our jewellery production team (and if appropriate a Director). All transfers are fully insured.
For IRV valuations, Shirley Mitchell IRV FGA DGA (www.sdmvaluations.co.uk) is our usual partner; Pravins have enjoyed a good relationship with Shirley for over twelve years.
It is also possible to arrange in-store valuations and home visits; this is a premium service, please ask a member of staff or e-mail email@example.com for more information and a quotation.
During the valuation, your jewellery will be cleaned and inspected and before being digitally photographed and expertly appraised. All relevant details are recorded such as:
- The assessed approximate colour and clarity, dimensions and weight of any diamonds
- Certificate/report details of certificated diamonds
- Gemstone type, dimensions and weight
- Hallmarks and any other identifying marks
- Mode of manufacture and setting style
Your jewellery will normally be returned within twenty working days complete with the valuation certificate. Following the inspection we will also advise you of any maintenance requirements needed to keep your jewellery in best condition. Please note that we can only offer repair services to Pravins jewellery.
Different Types of Valuation
Whilst the vast majority of valuations are prepared for insurance replacement purposes, they can also be prepared for probate, loan security, divorce/family settlement, taxation and loan security purposes. A description of the various types of valuation along with price guides, is provided below.
A) Insurance Replacement (also known as New Replacement Value)
A valuation for insurance replacement is based on what a broadly similar article would cost to replace in the unfortunate event of loss, theft or irrecoverable damage.
This valuation will take into account (and make a special note of) any damage or conditions that have a significant effect on the value. Please note that a valuation for insurance replacement does not reflect the figure likely to be obtained if you were to try and sell the article.
Valuations for insurance replacement can be useful as a ‘proof of ownership’ to help you reclaim your items if they are recovered following a burglary or theft. They can also provide a sound basis for any potential insurance claim. Pravins normally keep a copy of all valuations (whether prepared by Pravins or externally) for a period of ten years from the valuation date.
Market conditions and exchange rates can change dramatically over time and therefore we recommend that in order to ensure you have adequate insurance cover, your valuations for insurance replacement are updated every three years.
B) Probate (termed “Confirmation of Will” in Scotland)
A valuation for probate purposes may be required upon the death of the owner of the jewellery to enable HM Revenue and Customs to determine the amount of estate duty due. The values, based on current market values at the date of death, represent much lower values than for those required for an insurance valuation and are typically less descriptive.
A probate valuation should not be used to obtain insurance as the values ascribed have no relationship to the current new or secondhand replacement value.
C) Family Division and Divorce
In the event of separation or divorce it may be necessary to determine the value of jewellery assets in order to facilitate a fair settlement. These cases are similar to probate valuations where values are calculated using open market principles rather than retail values and should not be used for obtaining insurance cover.
D) Post-Loss Assessments
In the unfortunate event that your jewellery is lost or damaged, without an up-to-date valuation you may find yourself with insufficient evidence to present and support a realistic claim to your insurance company. In these circumstances we need as much information from you as possible to be able to research the current replacement value. We will then prepare an independent and unbiased, post loss assessment (“PLA”) document that you can submit to your insurance company in support of your claim. For further information please contact us.
Post-Loss Assessments are charged at £25 for the first item and £15 for each subsequent item.
Valuation Charges for Insurance, Probate and Family Division
Each of our valuation services has a £50 document fee regardless of the number of items being valued or the valued price of each item. Thereafter, each item being valued is charged as follows:
- Document fee – applicable to all valuations £50 per document
- Gem-set items of jewellery £60 per item
- Plain metal items of jewellery £45 per item
- Premium items (e.g large or unusual gemstones, multiple gemstones and antique items) from £90 per item
- Single stone diamonds (over 1.50 carat) £65 per carat
- Group of up to five similar lower-value items £75 per group
- Items of jewellery previously valued by Pravins £10 per item
If your item of jewellery was purchased from Pravins, the item charges will be reduced by 50%.