Why Jewellery Values are Skyrocketing

The primary drivers behind these surging valuations are the global markets for precious metals and gemstones, which have a direct impact here in Canada.

• Gold at Historic Highs: Gold has seen record-breaking prices recently. If your jewellery features significant gold weight, the cost to replace it today is likely much higher than when you first bought it.
• Precious Stones: The cost of high-quality diamonds and colored gemstones has also seen a steady upward trajectory due to global supply chain complexities and increased mining costs.
• The Exchange Rate: Because gold and many gemstones are traded in US dollars, the fluctuations of the Canadian dollar can further increase the replacement cost for us here at home.

Don’t Leave Your Valuables at Risk

Many home insurance policies include some coverage for jewellery automatically, but it’s typically limited with coverage capped between $5,000 and $10,000 by default. But what if you have items worth more than that, or if your collection is of higher value overall? Perhaps you have a ring insured for a 2018 appraisal value of $5,000, but the current market replacement cost is now $12,000. You could be facing a significant gap in coverage.

In the event of theft, damage, or other losses, your policy may limit the claim payout. Without additional coverage or an updated appraisal, you could be left to cover the remaining amount out-of-pocket to replace the item with one of equal quality.

3 Steps to Total Protection for Your Favourite Jewellery Pieces

To ensure your treasures are fully protected at today’s market rates, we recommend a simple three-step check:

1. Evaluate Your Collection: Do you have any new additions, or do you have existing items with outdated appraisals? If it has been more than three to five years since they were last appraised, it’s time for an update.
2. Get a Professional Appraisal: Consult a certified Canadian gemologist or a reputable local jeweller to get current “Retail Replacement Value” appraisals.
3. Update Your Coverage: Send those new appraisals to your broker. We can adjust your scheduled limits to match the current market, ensuring you have total peace of mind.

Doing a little homework beforehand protects your wallet, your time, and your peace of mind.

“A cynic is a man who knows the price of everything and the value of nothing.” (Oscar Wilde)

For lower mainland locations, we highly recommend the following appraisal places:

Imperial Gem Lab
Harling’s Jewellers

If you reside outside the lower mainland, do your research, read online reviews, and make sure the appraisers are Certified Gemologist.