Are jewellery valuation days specific to probate, or do they cover other types of valuations as well?

No. Jewellery valuation days are not limited to probate. Depending on the jeweller’s expertise and the purpose of the appointment, they may also provide valuations for insurance, divorce or matrimonial settlement, family division, sale, financial planning, charitable donation and general asset records. The important point is that a valuation must be prepared for its intended use, because the value, evidence and wording required can vary considerably.

Probate valuations are prepared to establish the open market value of jewellery and watches at the relevant date of death. The report may be required by executors, solicitors or HM Revenue & Customs when calculating an estate’s value for inheritance tax purposes. Items are normally described individually, with details such as the metal, gemstones, maker, model, condition and any identifying marks. Where appropriate, the report may also record whether an item is likely to have a material or significant value within the estate.

Insurance valuations serve a different purpose. They generally estimate the cost of replacing an item with an equivalent piece, often allowing for current retail prices, workmanship, materials and the difficulty of sourcing a comparable item. This is sometimes referred to as a new-for-old or replacement valuation. It should not be confused with the amount an item might achieve through a private sale, auction or disposal of an estate. An insurance valuation can help your insurer set appropriate cover and may be requested when adding valuable jewellery or a Rolex timepiece to a policy.

Divorce and matrimonial valuations are used when jewellery and watches form part of the assets being considered during financial proceedings. The appropriate basis of value will depend on the circumstances and any instructions from the parties’ legal advisers. A clear, independent report can help identify the items, describe their condition and provide a reasoned opinion of value for discussion or formal proceedings.

Family division and estate distribution valuations can assist when jewellery is being divided between beneficiaries or relatives. In these circumstances, the aim may be to establish a fair and consistent value for each item rather than a replacement cost. A written report can reduce uncertainty, particularly where several pieces have different levels of craftsmanship, gemstone quality, provenance or market demand.

Sale and market valuations provide an opinion of what an item may achieve in a particular selling context. The likely result can differ between a private sale, a specialist auction, a trade purchase and a retail environment. Factors such as condition, desirability, documentation, brand, current demand and the time available for sale may all influence the assessment. A sale valuation should therefore not be presented as an insurance or probate figure.

A valuation appointment may also be useful for financial planning, asset records or charitable purposes. For example, you may want an up-to-date record of valuable possessions, confirmation of the items held within a collection, or supporting documentation for a donation. The valuer should be told the intended purpose before the assessment begins so that the report is prepared on a suitable basis.

Jewellery valuation days may include diamond and gemstone jewellery, wedding and engagement rings, inherited pieces, watches, signed or vintage jewellery and items requiring identification. However, the exact scope varies between events. Some days offer a brief verbal appraisal, while others provide a formal written report. A verbal indication is not normally a substitute for a signed valuation document where an insurer, solicitor, executor or court requires supporting evidence.

When booking, explain precisely why you need the valuation and ask:

• What types of valuation are available at the event?
• Will you receive a written report, a verbal opinion or both?
• Is the report suitable for your insurer, solicitor, executor or other intended recipient?
• Will each item be assessed separately and described in sufficient detail?
• Are photographs, gemstone testing, watch checks or additional research included?
• What fees apply, and are complex or higher-value items charged separately?
• Will the valuation reflect a specific date, such as the date of death for probate?

For probate, bring any relevant paperwork, including an inventory, previous valuation, purchase records, certificates, receipts, insurance documents and watch boxes or service records. These documents can support identification and provenance, although the valuer should form an independent opinion rather than simply repeat an earlier figure. Keep items together where possible and make a note of any known damage, alterations or missing stones.

It is also important to check the valuer’s experience and professional qualifications, particularly for probate, matrimonial or other formal purposes. Ask whether the report will state the valuation basis, relevant date, assumptions, limitations and the valuer’s credentials. If the matter is legally sensitive or involves substantial assets, your solicitor or executor may specify the type of report required before you attend.

In short, a valuation day can support several different needs, but there is no single universal valuation figure. The same ring or watch may reasonably have different values for probate, insurance, sale or family division. Giving clear instructions at the outset ensures that the assessment and report address the purpose for which you need them.