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Am I
Underinsured?
UK jewellery prices are up 38% since 2020, according to the ONS. Check whether your insurance has kept up.
How Much Have Jewellery Prices Risen?
Rise in UK retail prices from the average for each year to September 2026:
| Valued in | Jewellery | Watches |
|---|---|---|
| 2025 | +12% | +2% |
| 2024 | +19% | +3% |
| 2023 | +23% | +2% |
| 2022 | +28% | +6% |
| 2021 | +35% | +9% |
| 2020 | +38% | +8% |
| 2019 | +38% | +8% |
| 2018 | +38% | +8% |
| 2017 | +40% | +8% |
| 2016 | +47% | +13% |
| 2015 | +49% | +12% |
| 2010 | +75% | +32% |
| 2005 | +124% | +69% |
| 2000 | +128% | +72% |
How This Calculator Works
The calculator multiplies your insured value by the change in the Office for National Statistics consumer price index for jewellery (series L7IS) or for clocks and watches (series L7IT), from the average for your valuation year to the latest published month. ONS collects these prices from UK shops every month, covering items such as 9ct gold rings, diamond solitaire rings, necklaces and men's watches.
The separate jewellery and watch indices start in 2015. For earlier years we link them to the combined jewellery, clocks and watches index (D7FP). The figures update when ONS publishes new data each month.
Why You Might Be Underinsured
If your insurance coverage is based on an old valuation or original purchase price, there's a good chance the replacement cost has outpaced your coverage. This means in the event of loss, theft, or damage, your insurer would only pay out the insured amount — not the actual cost of replacing the item at today's prices.
The solution is straightforward: get your jewellery revalued for insurance every 3 years, or sooner if precious metal prices have moved significantly. Read our guide to revaluation frequency for detailed recommendations.
Limitations
This calculator provides estimates only. Actual replacement values depend on the specific item — its condition, maker, gemstone quality, craftsmanship, and current retail market conditions. For an accurate figure accepted by insurers, you need a professional valuation from a qualified, accredited valuer. Branded watches in particular can move differently from the average: Rolex, for example, sets its own UK list prices each year.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0.