The UK valuation industry, particularly in the world of bespoke jewellery and precious accessories, is full of glitter, glamour, and misconceptions. Whether you own a heritage jewellery set, a watch, or anything expensive, there are a few things that you should keep in mind. Getting a valuation for any expensive item that you own is extremely important; in the case of jewellery, it becomes even more important.

Although there are several kinds of valuation companies in the UK, you must only consider getting the valuation done from a genuine and reliable company. Prestige Valuations is one such company, with an office in Hatton Garden. They have years of experience with jewellery repair and valuation. So, the next time you plan to get the valuation of any of your assets done, especially the jewellery, please visit their office, or alternatively, you can also book an appointment online, and their representative will come to collect your stuff right at your doorstep to get the valuation done.

Now, as said above, there are several myths existing even today regarding valuation, and we are here to debunk them. Let’s debunk some of the most common misconceptions surrounding jewellery valuations in the UK.

Myth 1: Valuation is only for insurance purposes.

Reality Check:
What do you think the reasons are for the jewellery being appraised? Most people assume that the appraisal is necessary for insurance purposes, which is partially accurate. But getting your insurance done is not the only reason you should get your jewellery appraised. There are several other cases in life such as probate, resale, divorce settlements, asset management, and family division, and all these situations require the valuation of your assets. Therefore, getting the valuation done is indeed critical, but insurance is not the only reason. Once you get the valuation done, you will enjoy several additional benefits.

Myth 2: All valuations give the same figure.

Reality Check:
This assumption is a common misconception. There are different types of valuations, and different valuations yield different figures depending on the purpose. For example, some types of valuations include insurance, probate, and resale. Different valuations reflect different costs of your items on the documents. For example, you take an insurance valuation to safeguard a certain amount of money, which is equivalent to your asset. This insurance valuation often reflects the replacement cost, which is usually higher. If you want a resale valuation, it will reflect the potential resale value in today’s second-hand market, which may be less or more, depending on the current value.

So, next time, when you go to get the valuation of your bespoke jewellery in London, remember that you may end up having three different values, which will depend solely on the purpose of your valuation.

Myth 3: Online valuations aren’t reliable.

Reality Check:
What is one major convenience that people have gotten since the advent of this digital age and the innovation of science and technology? Well, the most important progress is that we have gone online in almost all the sectors. In such an age, it is essential to evaluate online valuation services critically. The digital age has changed many industries, including valuation. When done by experts at an experienced company, online valuation is not only reliable but also quite hassle-free.

Myth 4: Jewellery repair shops can value items.

Reality Check:
While walking down the streets of London, you might have come across several jewellery shops; it is a common misconception that any jewellery shop can tell you the value of your items. Not all of them are qualified to provide accurate valuations. If you get this done, you might end up having the wrong idea about the value that your jewellery might fetch on the market. For the best results, go to a qualified valuation company like Prestige Valuation in London. They will provide you with detailed documents and ensure that the right value of your jewellery is calculated depending on what kind of valuation you want to be done.

Myth 5: New items don’t need a valuation.

Reality Check:
Have you recently bought a stunning, bespoke jewellery from Hatton Garden but thought it didn’t require valuation? In that case, you might be mistaken. Ignoring the valuation could result in significant costs, particularly if an unforeseen event leads to the theft or loss of your jewellery. Therefore, for insurance coverage, it is extremely important to ensure that the valuation is basically done, even if it is new jewellery.

Summing Up

To sum up, there are several types of misconceptions about getting jewellery valuations done. It is therefore important to understand reality, bust the myths, and secure your assets so that you do not face problems in the future.