PRESS RELEASE - FEBRUARY 2023
ALL THAT GLITTERS: Brits urged to check jewellery & watch values as gold prices continue to climb.
With the price of gold up 16% in one year1 insurer warns thousands could be without full cover-
- Gold value has increased by almost 50% compared to 10 years ago1
- The value of a 3ct diamond ring 3 could be worth £7,300 more in just ONE YEAR
- Dollar-rolling decade: Even the lowest-priced Rolex watch is worth £1,400 more than 10 years ago.
Admiral Home Insurance is reminding Brits to check their cover for jewellery and watches as the rising value of gold and precious stones could mean they are underinsured.
With the value of gold rising by 16% in just one year1, and by 48% in 10 years, treasured items like engagement rings, gold chains and luxury watches will have increased in value, potentially by thousands of pounds.
Admiral’s data, which has been collected in partnership with independent jewellery claims expert LMG Jewellery, reveals that over the course of just one year the value of an 18ct white gold solitaire 0.50ct diamond ring2 has increased by 17% (£400), while a white gold 3ct diamond engagement ring3 has increased by as much as 21%, adding a huge £7,300 to its value. Similarly, a Rolex watch worth £4,200 in January 2021 could now be worth £450 (11%) more just 12 months later.
Admiral is advising Brits to check the details of their home insurance policies and have up-to-date valuations to make sure that valuable items are suitably covered should the worst happen, and they have to make a claim due to theft or loss.
A 10-year review
Those who have owned items for a long time and have failed to update the valuations on their policy are likely to be at an even higher risk of being underinsured.
Admiral and LMG Jewellery’s data shows a one-ounce gold chain has almost doubled in value from £1,150 in 2013 to £2,240 in 2023 – an increase of 95%. This means someone who added this item to their insurance policy 10 years ago would now require more cover if they haven’t updated the value on their insurance policy.
A white gold diamond tennis bracelet worth £1,380 in 2013 could also now be worth an additional £620, while a 0.5ct diamond solitaire engagement ring2 has increased in value by 29% (£600).
The value of luxury designer watches has also climbed significantly over the last 10 years, with an entry-level priced Omega valued at £1,140 in 2013 now likely to be worth over £2,130 – an 87% increase (£990). An entry-level priced Rolex watch worth £3,250 10 years ago could also now be worth 43% more, while a Cartier watch has increased in value by 35%.
Noel Summerfield, head of household at Admiral Insurance, says:
“Watches and jewellery are often valuable, both financially and sentimentally, so it’s really important that people make sure they are properly covered should the worst happen, and they need to make a claim.
“The price of gold, precious metals and diamonds has been on an upward trajectory for the last 10 years, so if your jewellery and watches have been insured for a long time and you’ve never thought to check if the value has gone up, now is the time to make sure you’ve got the level of cover that you need.
“In fact, we’ve even received claims from customers who haven’t updated the value of their items since the 1980s, with some pieces of jewellery increasing in value by over 700%. Providing up-to-date valuations to your insurer is vital for making sure that if you do have to make a claim, you will be covered for the full value of your items.
“Depending on the value of your item, your insurer may need you to provide proof of how much it’s worth when you add it to your policy. However, it’s also important to make sure you check the value of your item fairly regularly and if it changes, you should update your policy to make sure you’re fully covered. It’s easy to get an updated valuation, and most high street retailers will offer it as a service.
“Adding high value items to your home insurance policy is really important, so if you’re planning to make a big purchase for yourself, or perhaps for a loved one ahead of Valentine’s Day, make sure you get it covered on your policy as soon as possible.”
Admiral and LMG Jewellery have shared tips for making sure your valuable jewellery is properly covered:
Update valuations
It’s important to make sure you know how much precious items are worth, as this can change over time. The best way to do this is with a valuation, and valuation services are offered by most high-street jewellers and specialist providers such as The Guild of Valuers & Jewellers. You can share updated valuation documents with your insurer, and amend your cover if needed.
Keep all receipts
Where possible, make sure you keep all receipts and documentation relating to your items after you buy them.
Create an inventory
Keep an updated inventory of your items, including good quality photographs, somewhere safe, such as online on the cloud
Know your item
Knowing your item is vital for ensuring you have the correct level of cover, so make sure you provide as much detailed information as possible. This could include information on stone clarity and size, stone type and whether it is lab grown or mined, and metal type.
Check your policy
With Admiral Home Insurance, you will need to declare any jewellery as a ‘specified item’ on your home insurance if it’s worth more than £1,000. If your jewellery is worth £1,000 or less, then it will be automatically covered within your home if you have contents cover. If you only have buildings insurance and don’t have contents cover, then you might want to consider taking out a contents policy. Check the details you have with your insurer to be clear on what’s covered.
Store your items safely
Make sure your items are stored safely when they’re not being worn, such as in lockable box.
Find out more about jewellery insurance and cover for your jewellery and engagement ring.
Notes to Editors
Data provided by LMG Jewellery, the jewellery claims expert in partnership with Admiral.
1Price of gold has increased by 16% from January 2022, to January 2023, and by 48% since January 2013, according to LMG Jewellery
218ct white gold RBC solitaire diamond ring with 0.5ct diamond.
318ct white gold princess cut solitaire diamond ring with 3ct diamond.
4Watch prices represent the cost for the lowest price model available.
About Admiral
Admiral (a trading name of EUI Ltd and part of Admiral Group plc) is a UK based insurance company, founded in 1993 to specialise in car insurance. In 2005, it launched MultiCar, a product designed to help people with two or more cars get a better deal and in 2013, it launched its telematics product LittleBox which helps safe drivers receive discounts based on their driving style. Admiral also offers other insurance products including home insurance, travel insurance, pet insurance, van insurance, learner driver insurance and MultiCover, enabling customers to insure their cars and home on one policy. Admiral was also voted the UK’s Best Car Insurance Provider at the 2020/21 Personal Finance Awards and the Admiral Group employs over 7,400 people in the UK and has over 5 million UK customers.
