Jewellery owners should consider undertaking the valuation process “at least every three years at a minimum”, according to owner of Jewellery Brokers Wholesale and current National Association of Jewellers (NAJ) president David Doyle.
Giving his personal opinion in a post on LinkedIn, Mr Doyle wrote: “Having handled several insurance claims remotely in my own business during lockdown it has brought sharply into focus how many people have not had their jewellery revalued in years.
“Consequently,” he continued, “[they] are underinsured and risk not getting paid out in the event of an insurance claim.”
He stressed that valuations must be undertaken regularly, but also by the industry’s most qualified professionals, saying: “The highest level is represented by fellows and members of the NAJ’s Institute of Registered Valuers (IRV).”
The IRV is a catalogue of NAJ-approved industry professionals who can value jewellery, watches and silverware.
Mr Doyle concluded: “Being part of a wider organisation such as the NAJ is vitally important as it ensures an impartial and arms length overview of standards is guaranteed at all times.”
The NAJ has been keen to support businesses during the COVID-19 pandemic. Read about its free HR and health and safety helpline below: