Why Get My Jewellery Valued for Insurance?

Insurance companies usually place limits on what they will pay for jewellery that they didn’t know you owned. There are two kinds of limits – a per item limit that is typically between $1000 and $3000, and a total loss limit that can be as little as $5000 but is usually more like $15,000 or the total sum insured. For items or collections over these limits to be covered they must be documented and specified on your insurance policy.

The person that has just suffered the burglary always says to us that they wished they had their jewellery valued but “we never got round to it”, or “we thought it would never happen to us”. We urge you tod get around to it before its too late. Jewellery is the prime target of thieves because it is small, easily transportable, difficult to trace, and relatively easy to turn into cash. Why hesitate to  have a precious jewellery item professionally documented & valued when you stand to lose $500 or $5000 or $50,000 by not “getting around to it”. At GemLab, we tailor your reports to suit the type & value of your jewellery items so that you only pay for what is needed for your jewellery to be fully insured.

Some of the more modern home contents insurance policies have very high per item limits – $5,000 or $10,000. Some high-end policies even have no limits on jewellery. This is done by the marketing departments of the insurance companies to make it easy for high net worth individuals to take out the policy in the first place. There is no obligation to get jewellery valued before it is fully covered. It also tends to give the policy holder a false sense of security.

This is all very well – until claim time. This is when you find out that the claims department of your insurance company is going to require proof that you owned the jewellery in the first place, proof of exactly what the jewellery items were in terms of carat gold or other metals such as platinum and silver, and sizes & qualities of diamonds and gemstones, and proof of their value.

If you would like to “get around to it” right now its easy to get your precious diamonds and jewellery documented, valued, and fully insured at GemLab Jewellery Valuers. Call us now to find out more about our professional, independent, and confidential service.

Beware the Misleading Valuation When Jewellery Shopping

For too long now the jewellery buying public have been mislead by insurance replacement valuations being used by jewellers and other traders in advertising and in the sales process. GemLab has a strict policy of not valuing jewellery items for insurance when we know the valuation is going to be used in this way.


Many retailers, second-hand jewellery dealers, and auctioneers argue that they get an insurance valuation done so that the purchaser can immediately arrange insurance on their purchase. If that was the case, they would not be using it as part of the sales pitch. No, the real reason an insurance valuation is done on a diamond or jewellery item that is for sale is so it can be used in the sales process, and possibly misleading jewellery and diamond shoppers into believing they are getting a better deal than they really are.

Ever since 2006 we have refused to provide insurance valuations on unsold stock items – instead we offer independent Jewellery Quality Reports with no value reported, and/or Retail Market Valuations that reflect the prices that similar age, quality, and condition items actually sell for. We are proud that GemLab Reports on diamonds and jewellery are recognised as some of the most accurate in the industry.

We would suggest that you ignore the next insurance valuation that is presented to you when shopping for diamonds or jewellery, and that you ask for a GemLab Quality Report or a GemLab Retail Market Valuation Report instead. It could save you making a purchase mistake in the hundreds or the thousands of dollars.