As gold prices head north… insurance firms warn customers to check the value of their jewellery and watches
Insurers are warning customers to check how much their jewellery and watches are worth, as gold prices have surged.
Gold has increased in value by 16 per cent in a year, so items such as engagement rings, necklaces and watches may be worth thousands of pounds more.
For example, a £1,650 gold and diamond tennis bracelet has had £350 added to its value in the past year, an increase of 21 per cent, according to Admiral. Gold is now worth 48 per cent more than it was a decade ago.
Get covered: Gold has increased in value by 16% in a year, so items such as engagement rings, necklaces and watches may be worth thousands of pounds more
A one-ounce gold chain has almost doubled in value over the past decade, rising by 95 per cent from £1,150 in 2013 to £2,240 in 2023.
Meanwhile, an entry-level Rolex purchased ten years ago has gained £1,400 and is currently worth £4,650.
Admiral is urging people to check their home insurance policy has up-to-date valuations, in case a claim for theft or loss is made.
Most High Street jewellers can value your items. You can then use this information to amend cover if necessary.
You need to declare items of jewellery worth more than £1,000 on most insurance policies.
Those worth less than this sum are usually covered in your home if you have contents cover.
Admiral also recommends keeping receipts of all purchases, creating an inventory and storing items safely, in somewhere such as a lockable box.
Noel Summerfield, of 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.’