How Often to Revalue Jewellery: A Gemmologist's Guide for Australian Insurance

How often to revalue jewellery for insurance?

For most pieces, the answer is every two to three years. That is the interval most Australian insurers and valuers suggest for jewellery on a home contents or standalone jewellery policy. Some insurers also ask for a valuation no older than that before they will accept it for a specified item, meaning a piece listed individually on your policy with its own sum insured (the maximum the insurer will pay for it).

A revaluation is a fresh look at a piece that has already been valued. The valuer checks the item against the earlier document, confirms nothing has changed, and updates the figure to what it would cost to replace today. It is usually quicker than a first valuation because the stones, metal and measurements are already on record.

Two to three years is a starting point, not a law. Heavy gold, high-value pieces and anything whose market has moved sharply may need checking every year or two, while a modest silver bracelet may never need it. If you are new to valuations, start with how an insurance valuation is written and what each line means, and read why a valuation and a diamond certificate are different documents. Words such as fineness and sum insured are also in our plain-English jewellery glossary.

Why do jewellery values change over time?

An insurance valuation states replacement value: what it would cost, at retail in Australia, to replace the piece with one of like kind and quality, usually including 10% GST. That figure is tied to several markets that move independently of each other, so a valuation written a few years ago can be too high, too low, or both at once across a collection.

Because these forces pull in different directions, a ring with a natural diamond in a heavy 18 carat gold band (75% pure gold, stamped 750) could rise in replacement value while a lab-grown diamond tennis bracelet bought the same year falls. A 9 carat piece is only 37.5% gold (stamped 375), so the metal price affects it less. This is why the valuer weighs every piece in grams and records its fineness.

Remember that replacement value is not what you would get if you sold the piece; see why replacement value sits well above resale value. How a piece was made matters as well. Cast and hand-fabricated pieces need very different amounts of bench work to remake, and the valuer has to price that labour at today's rates, not the rates of the year you bought it.

When should you update a jewellery valuation early?

Some events make a valuation out of date overnight, whatever its age. Get a piece revalued sooner if any of these apply:

• Big metal price moves: if gold or platinum has risen or fallen by a large amount since your last valuation, gold chains, bangles and wide bands are affected first.
• Remodelling or re-setting: a new setting, a resized band, added stones or a changed metal means the old description no longer matches the piece.
• Repairs: re-tipped claws, a new shank (the band of a ring) or a replaced stone all change the item.
• Damage: a chipped diamond may now grade lower in clarity, and a cracked emerald may need replacing.
• Changing insurer or policy: a new insurer may ask for a valuation dated within the last two or three years.
• Inheritance or separation: values for estates and property settlements are prepared on a different basis to insurance.
• Before a long trip: it is worth knowing your cover is right before jewellery leaves home.
• Lab-grown pieces bought a few years ago: falling prices may mean you are paying premiums on a figure the insurer would not pay out.

If you are planning to change a piece, our guide to what can be safely reused in a remodel explains which stones and metal usually carry over; get the finished piece revalued once the work is done. For trips, see reducing risk when you travel with fine jewellery. And because an insurance figure is not the right number for a will or a settlement, read about valuations prepared for estates and family law before using one for those purposes.

How often to revalue jewellery by type of piece?

The right interval depends on how much of the value comes from metal, from stones and from workmanship, and on how fast each of those markets is moving. As a guide:

Many home contents policies cover unspecified jewellery only up to a set amount per item, commonly somewhere around $1,000 to $2,500, and a total limit for all jewellery. Anything worth more usually needs to be specified with a current valuation. Check your own policy wording, because limits vary widely between insurers.

For coloured gemstones, the valuation should record whether the stone is natural, treated (for example, heated sapphire or oiled emerald) or lab-created. A lab-created sapphire has the same hardness, 9 on the Mohs scale, as a natural one, but its replacement value is a small fraction of a fine natural stone's, so the wording matters as much as the number.

What happens if your jewellery valuation is out of date?

An old valuation causes problems in one of two directions. If it is too low, you are underinsured: the insurer generally will not pay more than the sum insured, so you may not be able to replace the piece. If it is too high, you are overinsured: you pay premiums on a figure you are unlikely to receive, because many policies settle by replacing the item or paying what replacement would actually cost them.

Policy types matter here. Some policies are agreed value, where you and the insurer agree the amount when the item is listed, and others are replacement policies, where the insurer can choose to replace the item through its own suppliers. Read the product disclosure statement or ask your insurer which applies, because it changes how much a precise, current figure matters.

Do diamond certificates expire, and do they need redoing?

No. A diamond grading report, often called a certificate, does not expire. It records what a laboratory saw on the day it graded the stone: shape, measurements, carat weight, colour, clarity, cut (for rounds), polish, symmetry, fluorescence and whether the diamond is natural or laboratory-grown. Our guide to how diamond certificates and jewellery reports work goes through each line.

What a report does not do is state a price. It is evidence of identity and quality, which the valuer uses to work out replacement value. That is why a stone with a report is quicker and more reliable to value than one without; see certified versus uncertified diamonds for what changes when there is no report. A report only needs redoing if the stone itself changes, for example if it is chipped and recut, or if the original report is from a lab whose grading is not widely trusted.

Not all reports carry the same weight with valuers. GIA, IGI and HRD reports compared side by side shows how the major labs differ, and our overview of how the main grading labs differ in strictness covers the rest. If your ring came with a European report, reading an HRD report line by line helps. Older reports from some labs, such as certain EGL offices, were known for generous grades, so a valuer may grade the stone independently rather than rely on the paper; what to know about GSI and EGL reports explains why. Where a diamond also has an origin report tracing where it was mined, keep it with your valuation, as it can support replacement with a like stone.

What does a jewellery revaluation involve?

A good revaluation is not just a new number on old paper. The valuer should see the piece in person and work through the same checks as a first valuation, using the earlier document as a reference:

• Identify the piece: match the description, measurements and weight in grams to the previous valuation, so the document still describes the same item.
• Confirm the metal: check hallmarks such as 750 or 950 (95% platinum) and test where marks are missing or worn.
• Check the stones: measure them, match any laser inscription on the girdle (the thin outer edge) to its report, and confirm natural, lab-grown or lab-created status.
• Assess condition: look for chips, abrasions, thin claws and a worn shank, and note anything that needs repair.
• Photograph: clear, dated photos that identify the piece.
• Research current replacement cost: stones, metal at today's price, and the labour to make an equivalent piece.
• Issue a new dated document: with the updated replacement value, usually including GST.

The condition check is often as useful as the figure. A claw worn down by daily wear is one of the most common reasons a diamond is lost, and a revaluation every two to three years is a natural moment to catch it. If repairs are needed, the valuation should be updated once they are done so it describes the piece as it now is.

How much does a jewellery valuation cost in Australia?

Fees vary with the valuer and the piece, but as a broad guide a single item usually costs somewhere around AUD $80–$250, with additional items on the same visit often charged at a lower rate. Complex pieces, such as a multi-stone antique brooch, or stones that need full independent grading, cost more. A revaluation of a piece with good existing paperwork can sit at the lower end.

Reputable valuers generally charge a flat fee or an hourly rate rather than a percentage of the item's value, so the fee does not reward a higher figure. In Australia, look for a valuer with recognised gemmological qualifications, and ideally one registered with a professional valuers' body such as the National Council of Jewellery Valuers (NCJV). Our page on valuations and diamond certificates is linked above; the service page below explains how a GemTrove valuation is carried out.

To put the fee in context, compare it with your annual premium for that item. If a piece has moved a long way in value, one revaluation can correct years of paying for the wrong amount of cover.

How do you look after jewellery between valuations?

Condition affects value, and a well-kept piece is easier to value and less likely to need a claim. A few habits help:

• Store pieces separately so diamonds (10 on the Mohs scale) do not scratch softer gems and gold; our guide to storing jewellery so pieces don't scratch each other covers boxes, pouches and safes.
• Clean rings regularly, because built-up grime dulls brilliance and hides loose claws; compare professional cleaning versus cleaning at home to see what is safe for each gem.
• Have claws and settings checked about once a year for rings worn daily, even in the years between revaluations.
• Keep all valuations, grading reports and receipts together, with copies stored away from home.
• Tell your insurer straight away about any change, repair or new piece rather than waiting for renewal.

How to organise a jewellery revaluation: step by step

1. List your pieces. Note each item, the date of its last valuation and whether it is specified on your policy.
2. Check your policy. Find the unspecified-item limit, whether cover is agreed value or replacement, and any rule on how recent a valuation must be.
3. Prioritise. Revalue first anything heavy in gold, any lab-grown diamond pieces, and anything repaired, remodelled or damaged since its last valuation.
4. Gather paperwork. Bring the previous valuation, grading reports and any receipts or remodelling invoices.
5. Choose a qualified valuer. Look for gemmological qualifications, professional registration and a flat or hourly fee.
6. Review the new document. Check the description, metal, stone details, photos and date are all correct.
7. Update your insurer. Send the new valuation and adjust each sum insured, then diary the next revaluation in two to three years.