Ensure you value your valuables as prices soar 71%
Sparkly engagement rings are still the most precious pieces of jewellery in UK homes, but they could be worth a lot more than you think – research reveals that the value of gold, silver and gems has risen by over 70% in the past ten years.
White gold and platinum solitaire diamond rings were the most common item Aviva replaced for its home customers in the second half of 2010, but their price today is £850 higher than a decade ago, while eternity rings have risen by 136% to nearly £1,300.
Top 10 items of jewellery replaced by Aviva in 2010 and how prices have changed:
1. 18ct White Gold & Platinum 0.5ct Diamond Solitaire ring
2001 £1,650
2011 £2,499
Up 51%
2. 18ct White Gold & Platinum Gem set Eternity rings
2001 £550
2011 £1,299
Up 136%
3. 18ct White Gold Diamond single stone stud earrings
2001 £995
2011 £1,575
Up 58%
4. 9 &18ct White & Yellow Gold Gem set earrings
2001 £55
2011 £95
Up 73%
5. 9 &18ct White & Yellow Gold Gem set pendants
2001 £275
2011 £450
Up 64%
6. Chunky silver jewellery – charm bracelets etc
2001 £90
2011 £165
Up 83%
7. 9ct White Gold Diamond & Pearl stud earrings
2001 £90
2011 £159
Up 77%
8. 9ct Gold, freshwater Pearl bracelet
2001 £65
2011 £119
Up 83%
9. 9ct Gold cultured Pearl earrings
2001 £25
2011 £49
Up 96%
10. 9ct Gold 0.17ct Diamond set ring
2001 £235
2011 £499
Up 112%
TOTAL AVERAGE VALUE AND INCREASE
2001 £4,030
2011 £6,909
Up 71%
Soon-to-be-royal Kate Middleton's engagement ring cost £28,000 when it was bought by Prince Charles for the then Lady Diana Spencer in February 1981. It is reported that at today's prices the oval 18-carat blue sapphire surrounded by 14 diamonds would cost an estimated £85,000 – rising in value by 204% in the past 20 years.
“Obviously most couples won’t be investing in anything as expensive as Kate’s sapphire,” says Jonathan Cracknell, household underwriter at Aviva.
“But whatever the price, it is important that homeowners check their valuables are insured for the right amount. Engagement and eternity rings have huge sentimental value and often customers are devastated to lose them so it's important that at least they are compensated financially for such items.
“Even if you have only had a special piece of jewellery for two or three years, it is likely its value has increased in that time. A reputable jeweller who has a NAG (National Association of Goldsmiths) registered valuer will be able to tell you what your pieces are worth and you can then make sure it is insured for the right price.
“This means that in the unhappy event that they are lost or stolen, customers will get the best like for like replacement we can source or even the choice to re-create their piece of jewellery if a suitable match can’t be found.”
To ensure that all your treasured pieces are covered, Aviva has increased its standard cover on ‘Single Articles’ in the home, such as jewellery, to £2,000 per item and its overall valuables limit has increased to £10,000.
The growing value of jewellery has been fuelled by the rising price of precious metals, like gold and silver as the levels of demand outstrip the available supply. Sourcing these precious metals and stones has also become increasingly difficult which has pushed up their value. For example:
· On April 8 this year the price of gold was £897.80 per oz - 12 months ago it was £755.81per oz 4
· Silver was £24.60 per oz – 12 months ago it was £11.82 per oz4