Two to three years is the general rule for updating a jewellery valuation, and the reasons for it have less to do with the ring itself than with what has moved around it in the meantime.
The case for every two to three years
A piece can sit in a drawer for years without a mark on it and still be significantly under-insured, because the number attached to it in a policy is a snapshot from whenever it was last valued. Two to three years is a sensible outer limit for most pieces, closer to two if the piece is particularly valuable, or if there has been a lot of movement in metal or stone prices since the last valuation. A ring bought a decade ago and never revisited is the clearest example of how far a policy figure can drift from what the piece would actually cost to replace.
What actually moves the number
Two things drift independently of each other and of the ring: the rand's value against the currencies gold and diamonds are priced in, and the underlying prices of those metals and stones themselves. Either can shift a replacement value meaningfully over a couple of years without the ring changing at all, which is exactly why an old certificate can understate what it would actually cost to replace a piece today. Neither movement is something a policyholder is expected to track personally; it is simply the reason a fixed figure from years ago stops being reliable.
After any remodel or repair
Once a ring is reset, has stones added or removed, or is resized significantly, the description on file no longer matches what exists. This applies whether the work was cosmetic or structural; any change to the weight, the stone count or the setting means the old valuation is describing a piece that, strictly, does not exist any more.
What an update actually involves
The process mirrors the original valuation: the piece is examined, weighed and photographed again, and a new certificate is issued with a current date. It is usually a shorter visit than the first time, since much of what needs recording is already on file and only needs confirming rather than establishing from nothing. Photographs are retaken even where nothing looks different, since comparing the new set against the old is often the easiest way to confirm that nothing has actually changed.
What happens if you claim on an old valuation
An insurer settling a claim against a valuation that is several years out of date may pay out at a figure that no longer covers what it would cost to replace the piece, or may simply query a document that looks stale. Neither is a good position to discover mid-claim. Keeping the valuation current is the whole of what prevents it.
Keeping copies
Once an update is issued, keep both a physical and a digital copy, and send the new one to your broker directly rather than only filing it at home. A valuation that exists but was never actually sent to update the policy protects nothing.
- Routine cadence
- Every two to three years
- Always update after
- A remodel, a significant resize, or stones added or removed
- What drifts
- The rand, and metal and stone prices, independently of the ring
- Send the copy to
- Your broker, not only your own records
Does the update need to come from the jeweller who made the piece?
No, any qualified valuer can carry it out. A jeweller with the original specifications on file can often work faster and confirm details more precisely than a valuer working from the piece alone, which is one advantage of returning to the same studio, but it is not a requirement.
What if I genuinely cannot remember when it was last valued?
Treat it as overdue and have it done now. An insurer is unlikely to accept an approximate memory of the date as satisfying a valuation or maintenance clause, so the safest assumption, if there is no record of a date, is that it needs doing.
