WHAT IS A VALUATION AND WHY IS IT IMPORTANT THAT YOU RECEIVE ONE WITH YOUR ENGAGEMENT RING?
A valuation is an assessment of a given item of Jewellery typically an engagement ring. To be worth more than the paper it is written on, it should be a document drawn up by an independent valuer who is not part of the organisation that is selling you the engagement ring. It is not uncommon for retailers to write their own valuations, even if they are not qualified valuers. They do so despite this being a clear case of conflict of interest.
A proper valuation should be a document drawn up by a qualified valuer who is registered with the National Council Of Jewellery Valuers ((NCJV ) with in Australia.
Valuations provided with engagement rings purchased overseas are not valid for insurance purposes in Australia, even if they are accurate.
A valuation of jewellery is a description of the item/s and verification of the type of metal, its weight and the gemstone content of the piece. Any certification provided with the diamond is noted on the valuation. Valuers have a strict code of conduct and a set of detailed rules they need to apply to arrive at the final assessment of any given item.
Once this is done the valuer can then work out the full retail insurance replacement value for the item. This doesn’t necessarily represent the actual purchase cost of the item nor should it be regarded as a statement of the amount you should pay for an item.
The value is assessed for “Insurance Retail Replacement”. It is so an insurance company, if you choose to have your engagement ring insured, can get a firm basis for the likely retail / ticket price prior to any discounts being applied.
Ellissi provides an independent valuation from a valuer registered with the NCJV with all diamond engagement rings we make.
Below is a sample valuation document for a single engagement ring, with a certified cognac coloured diamond, set in to 18 ct white gold.