2 January 2018
The fluctuating costs of jewellery and why it matters
When did you last have your jewellery valued? If it’s been a while, now is the time to do so. Why? The price of gold has been rising steadily. Three years ago, it was £750 an ounce. Today, it is trading at just under £1,000, an increase of nearly one third.
And it’s not just gold – the prices of silver, diamonds and other precious jewels are also on the increase. There is a whole range of factors at the moment which suggest the prices may stay on an upward trajectory for a while yet. Long-term low interest rates and large government deficits have weakened the key western currencies and prompted concerns about inflation.
Other factors include escalating demand from the East for gold and diamonds. The amount of gold available is also having an impact. There is a finite world stock of gold – around 187,000 tonnes, according to the World Gold Council. Meanwhile, the price of gold often leads to an impact on the price of silver. This means that even if you have had your jewellery valued in the last three years, it could still cost a lot more to replace than you think. Most high net worth insurers provide an uplift in cover if items have been valued in the last three years, meaning there will be no risk of you being underinsured.
Graham Morgan-Tolworthy, Centor’s Private Clients Manager, commented: ‘Regular jewellery valuations will help avoid the distress of discovering you’re underinsured after a claim and having to accept either a lesser quality replacement item, or making up the cost difference yourself.’
Don’t wait until you need to make a claim.
For more information, get in touch with:
0207 256 7300
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