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Are jewellery retail customers sitting on a gold mine?

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British households on average are sitting on over £1,000 worth of jewellery, new data has revealed.  

Looking at F.Hinds’ professional jewellery valuation service results between January 1 –December 31 2018, it was revealed that the nation may have over £30 billion worth of jewellery in its homes.

The results showed that the most popular jewellery piece valued was the classic diamond solitaire ring, which is no surprise as it’s one of the most popular engagement ring styles. The highest valued jewellery piece on the database was worth £2.5 million.

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Brits old jewellery boxes may be packed with vintage cameo brooches, pearls and Victorian bangles passed down through the generations, and F.Hinds urges jewellers to get consumers to look through these.

Customers may be sitting on pieces worth more than expected, and if they are gathering up dust, there may be an opportunity for jewellers to let customers know new and bespoke products can be made from them, or they could be sold and traded in for something the consumer actually wants to wear.

Furthermore, it’s good practice for jewellers to encourage shoppers to value products to make sure they are properly insured.

Sales development director at F.Hinds, Jeremy Hinds, says: “Having an up-to-date valuation of your precious jewellery is very important. It’s estimated that one in four people are underinsured for their jewellery and have no idea of its actual value.”

A valuation also acts as a proof of ownership if a family heirloom is ever lost and offering this service shows good customer care.

Tags : f hindsJewelleryvaluations
Stacey Hailes

The author Stacey Hailes

Editor, Professional Jeweller

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