buying a ring, certificate or registration

[Dustin_80]

If I am going to buy a ring and the jeweller says they can provide a cert of registration for it, is that a solid foundation for determining its real value?

[SEZ213]

When I got my engagement ring (and I assume that's what you might be talking about, or something similar), the price was included on the certificate that came with it...not the sale price of the item, but the RRP. Mostly for insurance purposes.

Obviously, the real value is only determinable by whoever is going to be wearing it...mine cost a bit, but is now priceless to me...

edit: yep, apparently I am a real girl after all...

[xisled]

Not sure what cert of registration is, it could have a valuation cert in it. But you need a valuation cert.

The valuation cert will show you exactly what the ring is, what metal it is made from and any gems that are attached to it. It will also have the description of what the gem is.

The example of the description will be 18ct Y/gold ring. .05ct princess cut diamond.

[Dustin_80]

thanks.
It is definitely a cert of registration for 'insurance purproses.'
The word 'valuation certitificate' was not used.

[Dustin_80]

just checking in case others have heard of these things and know whether its worth the paper it's written on.

[XR6_661]

Don't do it!

[Dustin_80]

Originally Posted by XR6_661

Don't do it!

I'll take your word for it...

[xisled]

I used to work in insurance in home and motor claims. You need a valuation cert. It needs to include a description of the item and it's value.

If these things are not shown on the cert and you need to replace it under insurance. The insurance company will have to guess from photos and what is on the cert. May not be 100 percent correct and you may not get what you had back.


The price you purchased for may not reflect the true value of the ring. I would get the ring valued at the jeweler of your choice.

With insurance, you usually need to get the ring valued every 3 or so years.

IMO you need to get the ring valued at a independent place, and have the ring actually valued with a cert. If you do not, then you may have trouble replacing it on insurance if you need to. Any jeweler could do a valuation cert cost around $50 bucks I think. I have come across times where the person has thought they have done the right thing, but what they had was not able to be used by the insurance company, and what the insurance company replaced it with was not what they had. Also make sure your ring is covered for loss, damage or theft for outside the house. If you have any quiestions you can ask here or PM me.

[SB076]

Originally Posted by xisled

I used to work in insurance in home and motor claims. You need a valuation cert. It needs to include a description of the item and it's value.

If these things are not shown on the cert and you need to replace it under insurance. The insurance company will have to guess from photos and what is on the cert. May not be 100 percent correct and you may not get what you had back.


The price you purchased for may not reflect the true value of the ring. I would get the ring valued at the jeweler of your choice.

With insurance, you usually need to get the ring valued every 3 or so years.

IMO you need to get the ring valued at a independent place, and have the ring actually valued with a cert. If you do not, then you may have trouble replacing it on insurance if you need to. Any jeweler could do a valuation cert cost around $50 bucks I think. I have come across times where the person has thought they have done the right thing, but what they had was not able to be used by the insurance company, and what the insurance company replaced it with was not what they had. Also make sure your ring is covered for loss, damage or theft for outside the house. If you have any quiestions you can ask here or PM me.

When I bought my wifes ring I had it included on the house and content insurance - they asked me what the ring cost and I informed them (it still appears seperately on a statment with the agreed value but I didnt supply any certificates)

[noosacuda]

Basically what XISLED said is correct- Valuations as such aren't a legal requirement, they are however required if you choose to insure them if the item is above your maximum claim allowable by your insurance company. A "proof of Purchase Certificate" is much the same. The value on a Valuation Certificate is the Full Retail Replacement Value of the item ie if you lost it and need another "handmade" replacement that is what it'd cost. If you come to sell the item expect to get at the most 1/4 (maybe 1/2 if selling privately) of the valuation.

[Thunder]

Perhaps your jeweller can offer you a comprehensive insurance cover on your ring?

Valuations certificates are an OPINION only! ie there is no "true" value of any item of jewellery. Certificates will vary from jeweller to jeweller, and there is no legal requirement to have any "qualifications" when writing a certificate.

Insurance companies don't even investigate or confirm the value on the certificate!

[xisled]

Originally Posted by SB076

When I bought my wifes ring I had it included on the house and content insurance - they asked me what the ring cost and I informed them (it still appears seperately on a statment with the agreed value but I didnt supply any certificates)

Yes, you do not need a valuation cert to insure the item, but when making a claim they will need it to get the correct value. You can insure an item for as much as you want, but what they give back at claim time may be different because if you can not prove the value, they will only give the value of the item that the insurance company thinks. Oh you may want to check if the item is covered outside the house. The reason I say this, most insurance company's have limits on jewelry and they ask you to put it separately on the policy with a value and will only be covered, under the insured events inside the home. You may not be covered for accidental loss, theft or damage outside the home. Usually it cost extra to have items listed for loss, damage and theft outside the house.

Originally Posted by Thunder

Perhaps your jeweller can offer you a comprehensive insurance cover on your ring?

Valuations certificates are an OPINION only! ie there is no "true" value of any item of jewellery. Certificates will vary from jeweller to jeweller, and there is no legal requirement to have any "qualifications" when writing a certificate.

Insurance companies don't even investigate or confirm the value on the certificate!

They may not do a investigation to confirm the value on the cert, but they use there own jeweler to check the value is correct against the description on the cert. I used to organize this with the jeweler when I worked in home claims.

[trippytaka]

Definitely need one. I am buying a vintage art deco ring and theyb are even providing one for that!

[BA Baracus]

Definitely a good thing to have but you can specify insured amount without one with a lot of insurers. It will just be catered for in your premium like an agreed value on a car.

[xisled]

They use there own jeweler when doing the claim.

Just for peoples info on how you can insure your jewelry on the policy and what you do to cover it outside the house.

Depends how you set the policy up, but the premium is usually based on the dollar amount, not what the item actually is. With a certain company it would cost about $35 odd dollars to insure $1000 worth of items outside the house, for loss, damage or theft.

So a ring that was worth 3k would be around $100 dollars to insure it for loss, damage or theft outside the house on top of your policy.

But with most company's specially with jewelry they have limit's on how much they will cover certain items on the policy under normal events. Such as fire or theft from the home. The limit may be $1000 per item and $5000 in total. So what you can do it specify items individually and it does not go against the limits on your policy and it will be shown as a separate item on the paper work. This usually does not cost anything to do. Premium would be same with it or not. But this does not cover it for loss, damage or theft away from home. This is where you add the extra cover to cover the items outside the house.

[Thunder]

Originally Posted by xisled

....but the premium is usually based on the dollar amount, not what the item actually is. With a certain company it would cost about $35 odd dollars to insure $1000 worth of items outside the house, for loss, damage or theft.....

So is the premium 3.5% of the "certificate" value, or 3.5% of what was paid?

[xisled]

Originally Posted by Thunder

So is the premium 3.5% of the "certificate" value, or 3.5% of what was paid?

The premium is based on the dollar amount you tell the insurance company the item is worth and the insurance company will have it's own figures to work out what it would cost to cover the item for outside the home.

You can tell the insurance company the item is worth 1 million dollars, and they will charge you accordingly. All company's have different ways of working things out. My example was a very rough example and the figures may not be 100 per cent correct. It more of an example of how they work it out rather than the actual costing.

[Thunder]

Originally Posted by xisled

The premium is based on the dollar amount you tell the insurance company the item is worth and the insurance company will have it's own figures to work out what it would cost.............

Yes, i understand that. Let me re-ask you my question through this example:

1. I buy a ring for $10,000.
2. I get a valuation certificate that says it worth $20,000.
3. I send a copy of the certificate to my insurance company, they insure the ring for $20,000, and my annual premium is say $750.
4. Ring goes missing.
5. I lodge a claim with my insurer and they approve the claim.
6. They send me back to the original place i purchased the ring to collect an exact replacement.
7. The jeweller charges the same price to the insurer that i paid originally ($10,000).

Do you see what i am alluding to? Is the "valuation" price simply a way of insurers charging more on premiums? And if not, then why don't they offer me a gift voucher or cheque for $20,000?

[noosacuda]

Originally Posted by Thunder

Yes, i understand that. Let me re-ask you my question through this example:

1. I buy a ring for $10,000.
2. I get a valuation certificate that says it worth $20,000.
3. I send a copy of the certificate to my insurance company, they insure the ring for $20,000, and my annual premium is say $750.
4. Ring goes missing.
5. I lodge a claim with my insurer and they approve the claim.
6. They send me back to the original place i purchased the ring to collect an exact replacement.
7. The jeweller charges the same price to the insurer that i paid originally ($10,000).

Do you see what i am alluding to? Is the "valuation" price simply a way of insurers charging more on premiums? And if not, then why don't they offer me a gift voucher or cheque for $20,000?

Sounds right, EXCEPT the insurance Co will tell you which is their "Preferred Jewellers" to go to and they (insurance co) screw the jewellers for a discount, using the excuse "we're a big insurance co,and if you want repeat business from us,we want a discount" So you get your replacement $20K ring and the insurance co pays the jewellers (eventually) their money.

[xisled]

If you look at it that way, yes it is a way for insurance company's to charge more. But if you do not insure it for value you may be under insuring and at claim time risking not to get the item back. But the main aim for insurance company's is to replace the item and yes they get a huge discount on items and that is why they do not usually send a cheque because it cost them more. .

[noosacuda]

WOW! And i thought I was the only jeweller on here! Good one guys,i'm not alone!
But as said previously, valuations aren't worth the paper they're written on, i used to do them and still do sometimes,but i have enough repair work to keep me busy in Bundy.

[GT]

Any of you in Victoria?

GT

[SEZ213]

Ahah! I'm in heaven! I now know where to go when I want my ring redesigned! And you're all the right spot!