Many personal jewellery collections could be at risk of under insurance thanks to the soaring price of diamonds and precious metals, according to David Speed, Managing Director of Rivoli Jewellers. 

Over the past year diamond prices have gone up by 30%,  platinum has almost doubled in price and the price of gold reach record heights this year, potentially leaving many jewellery owners exposed.

Insurers use the Retail Price Index to index link insurance policies which covers the cost of inflation, but this doesn’t necessary reflect specific changes in the jewellery market. This means that policyholders could find themselves out of pocket, with the replacement cost of jewellery items potentially exceeding sums insured or single article limits.
Mr Speed advises that jewellery should be revalued every three to five years. Valuations are vital to ensuring you have the proper insurance cover for your items at the current market value. 

Rivoli Jewellers In House Valuation Days

Rivoli Jewellers regularly holds in house valuation days in association with the Guild of Valuers and Jewellers. This gives customers a unique opportunity to have a professional one to one valuation produced by an NAG registered valuer whilst they wait as well as the chance to discover the history of any older or inherited items in their collection. For further information, please contact David Speed on 01534  601930.

Notes:
•    The price of gold topped $1,000 an ounce for the first time ever on March 13, 2008.

•    Source:  The Guild of Valuers and Jewellers.