Founder & Market Researcher
The Short Answer
Featured Summary
Most insurers recommend revaluing jewellery every 3 years. However, significant market movements — such as gold rising 43% since 2021 — mean more frequent updates may be needed to avoid being underinsured. If precious metal or gemstone prices have moved substantially since your last valuation, or if you've experienced a major life event, you should revalue sooner regardless of when the last one was done.
The question of how often you should get jewellery valued comes down to two things: what your insurer requires, and what the market has done since your last valuation. Most people focus only on the first — and end up underinsured because they ignored the second.
An insurance valuation states the replacement cost of your jewellery at a specific date. As soon as prices move, that figure becomes less accurate. Leave it long enough, and you could face a significant shortfall if you need to claim.
What UK Insurers Actually Require
There is no single industry standard for revaluation frequency. Requirements vary by insurer, policy type, and item value. Here is what the major UK providers typically ask for:
| Insurer Type | Revaluation Requirement | Notes |
|---|---|---|
| Standard home insurers (Aviva, Direct Line, LV=) | Every 3–5 years | Valuations typically required for items over £1,500 |
| Specialist jewellery insurers (TH March, Assetsure) | Every 2–3 years | Stricter requirements for high-value pieces |
| High-net-worth policies (Chubb, Hiscox) | Every 3 years | Often include dedicated claims teams and agreed value cover |
| Contents-only policies | Every 5 years or at renewal | Less strict, but risk of underinsurance is higher |
The critical point is that these are minimum requirements. Your policy wording may state that you must notify the insurer of any material change in value, which in practice means you should revalue whenever the market moves significantly — not just on the insurer's schedule.
If you are unsure what your policy requires, check the “specified items” or “valuables” section of your policy document, or call your insurer directly.
Gold and Precious Metal Price Triggers
The biggest driver of jewellery revaluation timing is the price of gold. Since most fine jewellery contains significant amounts of precious metal, the replacement cost moves in step with commodity markets — and those markets have moved dramatically.
Gold: up 43% since 2021
From approximately £1,400/oz in early 2021 to over £2,000/oz in 2024. A ring valued at £3,000 in 2021 could now cost £4,300 or more to replace.
Platinum: up 15\u201320% since 2021
Platinum settings and bands have increased in replacement cost, though less dramatically than gold.
Diamonds: mixed, but trending upward on quality stones
While the broader diamond market has been volatile, high-quality stones (D\u2013F colour, VS1 and above) have held or increased in value. Lab-grown diamonds have put downward pressure on lower-grade natural stones.
As a rule of thumb, if gold has moved more than 15\u201320% since your last valuation, it is worth getting a fresh valuation even if you're within the insurer's normal cycle. The cost of a revaluation (£50\u2013£125 per item) is negligible compared to a potential underinsurance shortfall of thousands.
Watch Brand Price Increases
Luxury watches present an even more pronounced revaluation challenge. Unlike most jewellery, which broadly tracks commodity prices, watch values are driven by brand pricing strategies, limited supply, and secondary market speculation.
| Brand | Retail Price Increase (2021\u20132024) | Secondary Market Impact |
|---|---|---|
| Rolex | Approx. 15–25% across key models | Peaked in 2022, stabilised but still above 2021 retail |
| Patek Philippe | Approx. 10–20% retail increases | Nautilus and Aquanaut models saw extreme secondary premiums |
| Cartier | Approx. 10–15% across collections | Steady demand, limited secondary premium |
| Omega | Approx. 8–12% retail increases | MoonSwatch effect increased brand visibility |
If you own a Rolex, Patek Philippe, or other in-demand luxury watch, your insurance valuation from 2021 or earlier is almost certainly too low. The replacement cost at an authorised dealer has risen substantially, and some models now carry waiting lists that push the true replacement cost even higher.
Watch valuations should be updated every 2\u20133 years at a minimum, and sooner if the brand announces a significant retail price increase.
Life Events That Trigger a Revaluation
Beyond market movements, certain life events should prompt an immediate revaluation — regardless of when you last had your jewellery assessed:
- Inheritance. You've received jewellery that may not have a current insurance valuation, or the existing valuation was prepared for probate using open market value rather than replacement value.
- Engagement or wedding. New rings need to be added to your insurance immediately, with a professional valuation for specified items cover.
- Moving house. Your new home may have a different risk profile. Some insurers require updated valuations when you change address, particularly if you are moving to a higher-risk postcode.
- Divorce or separation. Jewellery may need to be valued for asset division. This requires a resale or open market valuation, not an insurance figure.
- Retirement or downsizing. Changes in lifestyle may mean reviewing what is insured and at what level. It is also a good time to consolidate valuations for items that have not been assessed in years.
- Modifications or repairs. If you have had a piece remodelled, stones reset, or significant repair work done, the replacement value may have changed and needs updating.
For any of these events, a professional valuation will ensure your cover is correct and your records are up to date.
What Happens If Your Valuation Is Out of Date?
An outdated valuation is not just an administrative inconvenience. It can have serious financial consequences when you need to make a claim.
Warning: The Underinsurance Trap
If your jewellery is insured for less than its current replacement value, you are underinsured. In the event of a claim, this can result in:
- Reduced payouts. The insurer pays only the insured amount, not the actual replacement cost. A £3,000 policy on a ring that now costs £5,000 to replace leaves you £2,000 short.
- Average clauses. Some policies apply an average clause, reducing the payout proportionally. If you are insured for 60% of the true value, you may receive only 60% of any claim — even a partial one.
- Claim disputes. An old valuation gives the insurer grounds to question the claim, delay settlement, or negotiate a lower figure.
- Premium waste. Conversely, if your jewellery has fallen in value (rare, but possible with fashion pieces), an outdated high valuation means you are overpaying on premiums for cover you do not need.
The gap between an old valuation and current replacement cost can be substantial. Consider a gold necklace valued at £2,500 in 2020. With gold rising over 40% since then, the replacement cost today could be £3,500 or more. That £1,000 gap comes directly out of your pocket if you need to claim.
Regular revaluation is one of the simplest ways to protect yourself. To understand the costs involved, see our guide to jewellery valuation costs.
Frequently Asked Questions
How often should you get jewellery valued for insurance?
Most UK insurers recommend updating jewellery valuations every 3 years, though some specialist policies require updates every 2 years for high-value items. If precious metal prices have moved significantly since your last valuation, it is worth updating sooner. Always check your specific policy wording for exact requirements.
Does my insurer automatically adjust my jewellery cover for inflation?
Some policies include index-linking, which increases the sum insured annually in line with an inflation index. However, index-linking rarely keeps pace with precious metal or gemstone price movements, which can be far more volatile than general inflation. A professional revaluation is the only way to confirm your cover is adequate.
Can I revalue jewellery myself or do I need a professional?
Insurers require valuations from a qualified, independent valuer — typically someone registered with the Institute of Registered Valuers (IRV) or a member of the National Association of Jewellers (NAJ). A self-assessment or online estimate will not be accepted for insurance purposes, and using one could invalidate your cover at claim time.
What happens if my jewellery valuation has expired?
An expired valuation does not automatically void your policy, but it significantly weakens your position at claim time. If the replacement cost has risen since your last valuation, you will be underinsured. The insurer may apply an average clause, paying out only a proportion of the claim relative to the proportion of cover you held. For example, if your ring now costs £6,000 to replace but is insured for £4,000, you might receive only two-thirds of any claim.
How much does a jewellery revaluation cost?
A professional revaluation typically costs £50–£125 per item, depending on the complexity of the piece and the valuer’s location. Most valuers offer discounts for multiple items assessed in the same appointment. Compared to the cost of being underinsured on a claim worth thousands, a revaluation is a small and worthwhile investment.
Do I need to revalue jewellery I inherited?
Yes. Inherited jewellery should be valued for insurance as soon as it comes into your possession. Any existing valuation from the deceased’s estate was likely prepared for probate purposes using open market value, which is lower than the replacement value your insurer needs. Without a current insurance valuation, inherited pieces are often either uninsured or significantly underinsured.
Time to update your valuations?
Get a professional revaluation from a qualified, independent valuer. We'll match you with an expert in your area — most appointments take less than an hour.