It's normally the same with new clients who have never purchased an expensive diamond piece before, on this occasion I'm referring to an engagement ring. For most it's probably the third largest purchase they are likely to make behind a car and a home. A lot of research and due diligence has been done by the couple and they are parting with a substantial amount of money on a lovely diamond engagement ring. We've been through the process and the happy couple have chosen a lovely diamond for a solitaire ring. In this instance the diamond itself would have been assessed by the GIA (Gemological Institute of America). The other parts of the process are going through the design and once made I present the clients with a valuation certificate for their insurance, as well as the ring. All pretty straight forward. Now this normally prompts the question "why do I need a valuation certificate when I have this GIA diamond certificate?"
Let me explain the difference between the two. The GIA are an independent gem grading laboratory and as such they do not perform valuations. What they do is independently confirm the quality characteristics that are used to determine a diamonds value.
What a valuation certificate does, is qualify the value of that diamond at the current date on the certificate. The valuation will also take into account the piece of jewellery your diamond is in and give an idea of a replacement cost in the event of a loss or theft.
Yes, I would naturally include the details as written out by the GIA in your valuation certificate which would help the insurance company replace your diamond piece like for like in the event of them needing to replace your jewellery. This would also be accompanied by a photo of your piece in the valuation, which would avoid any confusion with the terminology used. So to answer the question, yes, there is a difference between a diamond report and a valuation.
Please remember though, and this is something that not many of you would be aware of, diamonds are priced worldwide in dollars. So when your insurance company requests that you have your jewellery valuations updated every two or three years, this is because of the constant change in the dollar rate and the constant price change throughout the world and they want to make sure you are able to replace your items at the right price. No one likes to find out they are under insured, especially the hard way. If you have any further questions, please don't hesitate to get in touch.
If you would like an appointment, then please do call for a free consultation in our central London Hatton Garden office and we would be glad to try and help you. Our details are on the main page of the Lewis Malka London website.
Lewis Malka is a recognised expert in making diamond rings as well as being a famous jeweller to the stars. All his blogs are his own opinions. He is a member of the London Diamond Bourse (LDB) and is currently the Chairman of the Young Persons Committee within the Diamond Bourse. You can follow him daily on Facebook, Twitter and Instagram. If you would like any bespoke jewellery made, then please visit his website.