Britain's multi-billion pound jewellery box

Britain's long running love affair with jewels and gems continues, according to latest research from Halifax Home Insurance. Indeed, the insurer's research has found that the average British home contains an impressive £1,986 worth of jewellery. Furthermore, the nation's collective jewellery box is worth a colossal £52 billion.

The insurer's research also found that some 34 million British people routinely adorn themselves with jewellery worth a collective £8.6 billion every day.

Bling Towns

Some areas proved flashier with their jewellery than others. None more so than Northampton, where the average local wears £469 worth of jewels a day - making it the most 'bling' town in Britain. Northampton is closely followed by Glasgow (£468) and Wrexam (£460). Research also showed many areas of the country display magpie-like tendencies - collecting and storing high value items of jewellery inside the home. Britain's undisputed magpie town is Milton Keynes, where - it is claimed - the average home contains £3,186 worth of jewellery. Next is Preston where homeowners boast £3,001 worth of jewellery, and thirdly Northampton with £2,919.

Undervalued

The figures show that five million (11%) of Britons own over £5,000 worth of jewellery. Despite this 35% of them have never had their jewellery valued, while a further 10% haven't had a valuation for at least ten years.

Halifax advises that jewellery collections should ideally be valued every three years to account for fluctuations in the market value of gold and diamonds. An up-to-date, personalised valuation enables the owner to make an insurance claim based on the current value of the item. Keeping photographs of items of jewellery can also help insurers process a claim more quickly.

People should notify their insurer once they have gained a valuation, unlike the 28% of Brits that had their jewellery valued but forgot to update their insurer. Halifax Home Insurance advises that a reputable jeweller should be able to provide a full valuation of items including the four C's - colour, clarity, cut and carrat. People who often wear expensive jewellery outside the home may also wish to consider additional cover for personal belongings to ensure that their jewels are fully insured both in and out of the home.

Martyn Foulds, Senior Claims Manager at Halifax Home Insurance, said; "Our research shows that between us we Brits own a staggering amount of jewellery and enjoy making a statement by wearing valuable items when out and about. However, it seems many people with expensive jewellery collections may be selling themselves short by not getting their articles valued fully and insured for the correct amount."

He continued: "We would advise anyone wearing particularly valuable items outside the home on a daily basis to make sure that they are fully insured for loss, damage or theft when outside their property."

Halifax Home Insurance covers jewellery collections up to £7,500 as standard under its home buildings and contents policy, and has a single item limit of £1,500. More expensive items of jewellery can covered up to £20,000 if they are listed as a specified item on the policy.