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Jewellery Valuations: Insurance v's Probate – What’s the Difference and Which Do You Need?

  • Writer: Amanda Macgregor
    Amanda Macgregor
  • Nov 6
  • 3 min read

When it comes to valuing jewellery, not all valuations are the same. You may have heard terms like insurance valuation, probate valuation, or IHTA valuation, and wondered – which one do I actually need?

I’m Amanda, a professional NAJ Independent jewellery Valuer based in Reading and founder of The Jewellery Appraiser. I specialise in independent valuations for insurance and probate (IHTA). In this blog, I’ll clearly explain the difference between jewellery valuations for insurance versus probate, and help you understand which is right for your situation.


Modern engagement ring
Modern engagement ring

What Is an Insurance Valuation?

An insurance valuation tells you the current replacement value of your jewellery — how much it would cost to replace the item with a similar one new, from a UK retailer.

This type of valuation is required if you want your jewellery fully covered by your home insurance or a specialist jewellery insurer. Insurance companies generally require a written report from a qualified valuer for high-value pieces.


What an Insurance Valuation Includes:

  • Detailed description of the jewellery or watch

  • Metal type, hallmark, gemstone details and grades

  • Professional photographs

  • Full replacement value

  • Accepted by all major insurers (as I am a Member of the NAJ's Institute of Registered Valuers)


What Is a Probate (IHTA) Valuation?

A probate valuation, also known as an IHTA (Inheritance Tax Assessment) valuation, is required when a loved one passes away and their estate needs to be declared to HMRC.

Unlike insurance valuations, probate values are based on the item’s open market value — in other words, what it might sell for at auction or second-hand, not its retail replacement cost.


Why It’s Required:

  • HMRC requires all jewellery made of precious metals to be declared

  • If any single item is likely worth over £500, it must be individually listed

  • Probate values help calculate inheritance tax (IHT) owed on the estate

    Collection of old jewellery, see often in Probate Valuations
    Collection of old jewellery, see often in Probate Valuations

Insurance v's Probate Valuation– What’s the Difference?

Feature

Insurance Valuation

Probate (IHTA) Valuation

Purpose

To insure & replace jewellery if lost or stolen

To declare value of estate to HMRC

Value type

Retail replacement value

Open market / resale value

Value tends to be

Higher

Lower

Required by

Insurance companies

HMRC (Inheritance Tax)

Report includes

Photos, gem details, retail values

Descriptions, market values

Used for

Insurance cover

Probate / inheritance affairs

How Much Does a Valuation Cost?

At The Jewellery Appraiser, my standard fees for insurance valuations are:

Number of Items

Fee

First item

£120

Second item

£70

Each additional item

£60

For probate valuations, I understand costs can add up during a difficult time. I can often group lower-value items together to reduce the fee.


My Valuation Process (What to Expect)

Appointments take place at my private studio in Tilehurst, Reading or if more convenient I can provide home visitations in the Berkhire, Oxfordshire, Hampshire & Wiltshire areas

. With either option you stay with your jewellery at all times.


During the Appointment:

  • I examine each piece in your presence

  • Take measurements, weights and gemmological notes

  • Photograph each item professionally


After the Appointment:

  • I conduct market research

  • Calculate accurate values (insurance or probate)

  • Produce a professional report which includes:

    A bound folder

    A PDF copy (ideal for insurers or solicitors)

As a Independent Registered Valuer (IRV), all my reports are recognised by insurers and HMRC for probate.


Do I Need to Book or Can I Just Send Photos?

You’re welcome to:

  • Book an appointment (free of charge) to bring your jewellery in

  • Email photographs first, if you'd like a clearer idea of costs before booking


Final Thoughts

Whether you’re insuring your engagement ring or handling a loved one’s estate, choosing the correct type of valuation is essential.

If you’re unsure which you need, I'm happy to guide you.

📍 Location: Tilehurst, Reading

💌 Book online or email me directly to arrange an appointment


Warmest wishes,

Amanda

The Jewellery Appraiser – Reading, Berkshire

 
 
 

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