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Understanding The Jewellery Market

Submitted by Christelle on Tue, 2010-11-30 00:00
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Insuring jewellery against loss or theft is commonplace in South Africa. Unfortunately most consumers are unaware that the onus to insure their jewellery at accurate replacement values rests on their own shoulders.
 
Dex Kotze, CEO of Jenna Clifford Jewellers, says the replacement value at which one needs to insure their jewellery is directly linked to the Rand/Dollar exchange rate. The reason being that gold trades internationally in dollars and the price fluctuates on a daily basis.
 
“Over the long term, diamonds and other precious gemstones have proven to increase considerably in value and it is vital for the insured to guard against underinsuring assets that generally have an emotional attachment linked to them due to the receiving of jewellery as a gift from a loved one, which later becomes a family heirloom,” says Kotze.
 
In order for an insurer to replace an item, an authentic valuation document is required. Reputable jewellers will only issue jewellery valuations based on actual selling prices of items. Unfortunately the retail industry is rife with some retail merchants who mark up valuations to counter the discounts passed on to insurers.
 
Kotze says brokers and insurers should guard against the following when assessing a client’s jewellery valuation:
  • Ensure there is a Rand/Dollar exchange rate on the valuation certificate
  • Ensure the date of purchase or evaluation is on the valuation
  • Ensure there is a proper description of the jewellery item, with;
    • Specific reference to caratage and weight of gold, 18ct or 9ct
    • Proper identification of precious gemstones and reference to independent laboratory certificates of diamonds
    • Proper reference to the four C’s of a diamond, i.e. colour, cut, clarity and carat
    • Ideally a copy of the purchase invoice should accompany the valuation certificate that is submitted to the broker
  • In the event that a jeweller purely values a client’s jewellery, brokers should ensure that the jeweller that does the valuation is qualified to do so
  • At retail level, not all staff who work in the jewellery industry are qualified to evaluate jewellery. Brokers should ascertain by asking questions to their clients
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Jenna Clifford – Special Offer

Submitted by Guest on Tue, 2010-11-30 00:00
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Jenna Clifford is offering a free valuation service to the clients of MUA brokers for any jewellery articles with a value in excess of R40,000.
Content: 
Jenna Clifford is offering a free valuation service to the clients of MUA brokers for any jewellery articles with a value in excess of R40,000. To combat fraud, clients will be required to take the actual jewellery to a Jenna Clifford store as valuations cannot be legitimately completed without inspection of the jewellery.
 
Another service supplied by Jenna Clifford is the digital capturing of the jewellery that can be submitted to the client and broker for record purposes.
 
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