Valuation and Assessment
Your report will be embossed with the NCJV seal which prominently displays that the valuer is a member in the current year. For insurance companies, the legal community, consumers and others who rely on the valuation, it is an important stamp of credibility.
How often should reports be updated?
The condition and value of your item can fluctuate, so it is important for your information to be reassessed every two or three years to ensure it is current and meets your insurance requirements.
It is possible to have jewellery valued prior to purchase?
Yes, this can occur by arrangement with your jeweller and valuer and is a sensible safeguard to ensure you pay a fair price. Some reasons for this may be:
- Advances in reproduction technology have resulted in increasing numbers of synthetic stones reaching the marketplace. Synthetic rubies, for example, can be worth 95 per cent less than natural rubies but look identical to the untrained eye.
- Excellent imitations of branded jewellery and watches are readily available.
- Reproductions of antique jewellery are common.
If you are unsure about an item’s authenticity, have it checked by an NCJV Registered Valuer™. It could end up saving you a good deal of embarrassment as well as a significant amount of money.
Types of Reports
Valuation Reports
A typical valuation involves the analysis of each item to assess the quality and arrive at a value based on current market conditions. While two items may appear identical to the untrained eye, each may have qualities that can vastly affect the valuation.
Different markets vary enormously, and this is taken into account by NCJV valuers who are required to keep up to date with trends and fluctuations under the terms of their NCJV membership.
Your valuation contains a full description and a statement explaining the purpose of the valuation and the intended market.
Quality Assessment Reports
A quality assessment report is prepared for people who require technical information about an item without a value.
They are useful for people wanting to:
Verify the authenticity of items
Assist police with a description in the event of loss or theft
Assess the condition of the item
Record provenance or history
An NCJV Registered Valuer™ can help guide you in deciding what type of report you need.
Must Reads
Protecting and Understanding Your Valuables
Everyone dreads losing a valuable piece of jewellery, especially if it’s a special gift or a family heirloom.
It’s a personal nightmare that can get even worse if you aren’t adequately insured or have no proof of ownership.
Check the fine print
When taking out insurance for valuables such as fine arts, watches and jewellery it is important to understand what you are insured for.
The policy disclosure statement outlines what your insurance company requires help you understand your level of insurance and the terms and conditions in the event of a claim.
Remember, if you can’t prove the true, current value of your jewellery and other valuables, it is unlikely your insurance company will provide full compensation in the event of loss or theft.
The question should be: “Why risk using someone who is not registered?”
Only members of the National Council of Jewellery Valuers are entitled to call themselves an NCJV Registered Valuer™. This means they are experts in their profession and have completed extensive training in gemmology, diamond grading and valuing, and commit to ongoing professional development.
Valuation is an exacting and demanding process that requires training and extensive experience.
Tertiary qualifications in jewellery valuation are not required under Australian law, so there is no guarantee that valuers who are not NCJV members have received professional training.
Enhance Your Experience
Be prepared for your valuation.
Download the checklist below
When having your jewellery or fine arts valued you will need to instruct the valuer.
What is the reason for the valuation? What market would you like the information for? The different markets and reasons for a valuation have an impact on the value.
Your NCJV Registered Valuer™ may use the NCJV TAKE IN FORM pictured below. If not, you can still use this to help with your instructions.
An NCJV Registered Valuer™ will help guide your decisions.