Jewelry Appraisal CenterDepreciating Jewellery Question:
I have recently had jewellery stolen in NZ and haggling with the insurance valuations
We have valuation certificates on some pieces dating from 1999 in South Africa and the valuer is now telling me that the items have depreciated against these values by about 20%
Considering that amongst other things that the gold price has risen from US$300 to US$670 in the mean time I find this difficult to believe. How can the "market value" depreciate when retail value is escalating.
All the pieces are 9kt but vary from bracelets to rings to neck chains.
We would appreciate your comments
Answer: G'day and many thanks for your query
Firstly let may say how sorry I am that you have lost your treasures. An attachment to jewelry is something that CANNOT be paid for and I only hope the Scumbags who stole your jewelry get theirs in return.
But there are other forces at work here too.
The Insurance companies are quick enough to take your money - but very hard to pay it back...
As you say the Gold price has risen - but the DIAMOND prices have actually gone down over the same period.
As I can't see, feel measure or test the items, we have to fall back on the original Valuation Appraisals from South Africa, and I am assuming it is the South African Valuer who has told you this?
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What does your current Insurance company have to say?
Will they accept an upgraded Valuation Appraisal?
Do you have any local gemologist/valuers who could do this for you?
One of the nice things about using our Online Valuation Appraisal System is that fact that prices are calculated from around the world and kept up-to-date.
Are you trying to get a 'Cash' payout or have these item replaced with something similar?
All these questions have to be asked before you can move on.
What would the Insurance company have done if you DIDN'T have any old Valuation Certificates?
Would they accept estimates from you local jewellers?
You have a lot more leg work to do before you can come to some form of settlement.
You must also understand that this matter (as usual) is between you and your insurance company. The Valuation Appraisal Certificates are nothing more than an estimated cost of replacement with a similar item.
If you are trying for more than you had them insured for - you will be disappointed.
My only advice is to get this matter dealt with as quickly as possible and move on. Use a better low cost ONLINE Valuation Appraisal service such as our own Jewelry Appraisals Online Software in the future, and more importantly - KEEP IT UP-TO-DATE.
You might like to add this query to my forum at http://online-jewelry-appraisals.net/jewelry-forum/ as other may have had a similar problem. Can't hurt anyway and who knows what answers you may get.
Hope this helps...
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Appreciate your comments and yes it was lax of me not to revalue and I will be using your service when I get the jewellery replaced.
Did not know about it before.
I was perhaps unclear in my original question and perhaps an example would be appropriate.
In 1999 in South africa a 9k braclet weighing 15.4 g was valued at NZ$ 632. Today an expert from the Jewellery Valuation Centre in Auckland acting for the insurer has valued the same piece at NZ$ 520
When queried the valuers responce is:
“Item 4. Bracelet listed as 9ct gold on previous valuation 15.4 grams (NOT 20 grams)
The valuation in SA Rand equated to NZD$ 632.00 back then.
This type of jewellery is not a blue chip investment. It is not like buying a pure gold bar or ingot that increases with the gold price.
Although there is a gold content in the 9ct metal alloy, it is only 37.5% , there are other values such as retailers margin and manufacturing costs that are not necessarily applicable in estimating the market value.”
Is this reasonable answer and would you expect gold jewellry to depreciate by nearly 18% in 8 years.
This logic has been appplied over a number of pieces.
regards
G’day again and many thanks for your follow up information.
The first thing that struck me was the weight of the Bracelet.
The original valuation says 20 grams but the valuer in NZ is saying 15.4 grams or ONE QUARTER LESS.
That would account for the change in value when coupled with the exchange rate.
A few years ago in Australia the Dollar was just over 50 cents to the USD – now it is over 81 cents. In REAL terms it means my value against GOLD (quoted in USD) is actually down.
So several years ago my gold chain was worth $100 dollars TO ME IN AUSTRALIAN DOLLARS – Now in real terms (while the price of gold has risen – The exchange rate has cut the Value of my gold significantly.
I think this is what your NZ Valuer means.
But by all means get an independent assessment.
It may cost you a few dollars but at least you will be able to compare. All values around the world SHOULD be with 20 percent of each other (taking into account taxes and exchange rates etc).
Hope this helps…
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