Guide: Valuation
Jewellery Valuation: Insurance, Probate and Resale Value
“How much is my jewellery worth?” has more than one answer, because there is more than one kind of value. Understanding the difference matters whether you are insuring a piece, settling an estate, or borrowing against it.
Last updated: 7 June 2026
The three values of a piece of jewellery
The same ring can carry three quite different figures depending on why it is being valued. Knowing which you need prevents costly misunderstandings.
- Insurance (replacement) value: what it would cost to replace the piece new at retail. This is the highest figure and is used for insurance cover, not for what you would receive on a sale.
- Probate (open market) value: what the piece would realistically sell for on the open market at the date of death, used for inheritance tax.
- Resale or loan value: what the piece would actually achieve in the secondary market, which is what a lender or buyer works from.
What a valuer assesses
A competent jewellery valuation looks past the metal weight to the things that genuinely move value.
- Diamonds: the 4 Cs (carat, colour, clarity, cut), evidenced by a GIA, IGI or HRD grading report.
- Coloured stones: species, origin and treatment, ideally with a Gübelin, SSEF or AGL report. An unheated Burmese ruby or Kashmir sapphire can be worth several times a treated equivalent.
- Signature and house: a signed Cartier, Van Cleef & Arpels or Graff piece commands a premium over an unsigned equivalent.
- Period, condition and provenance: original condition, documented history and, for antique pieces, period and craftsmanship.
Why insurance and resale values differ so much
It is common for an insurance valuation to be two or three times the resale value. That is not an error; they answer different questions. Insurance value is replacement at full retail, including the retailer’s margin and VAT. Resale value is what the secondary market will pay.
If you are borrowing against a piece, an insurance valuation will overstate what you can realistically borrow. A lender works from realisable market value, because that is what the asset would achieve if it ever had to be sold.
How jewellery is valued for a loan
When you borrow against jewellery, the loan amount is based on realistic resale value, not insurance replacement cost. At SAFE Lending Co we value on grading and the 4 Cs for diamonds, origin and treatment for coloured stones, and signature and period for the piece as a whole, benchmarked against current results from the Christie’s, Sotheby’s and Bonhams jewellery sales.
We then lend a percentage of that value, typically between 40 and 70 per cent. You see the comparable lots behind the valuation, and the grading reports stay sealed with your piece throughout the loan.