Saturday, July 13, 2024

High Precious Metal Prices Increase Demand for Jewellery Valuations

SafeGuard has seen a very strong start to the year for its in-store Jewellery Valuation Event Days with some events attracting a record number of items for valuation.

SafeGuard Senior Valuer Phil Withington puts this down to a number of factors, all related to the economic climate. “This is a time when people re-evaluate what their valuables are worth and want to make sure their affairs are in order” says Phil. “Continual news stories about crime make people nervous and endless headlines about rising gold prices encourage people to check the current value of their possessions to be sure they are properly insured.”

The trend has also impacted on regular jewellery valuation business and the SafeGuard team has been very busy with regular valuations sent in direct or via a retailer, arriving by post or secure carrier.

Operations Director for SafeGuard Carla Goodfellow says “There has definitely been a rise in the number of items we are receiving for valuation. The last two years seem to have been about selling scrap gold and melting what you don’t want. Now people seem to be reviewing their jewellery boxes and making sure they have everything properly described and insured. It’s all about reassurance and quite rightly when prices are going up so fast.” The Birmingham Assay Office has recently been demonstrating the rise in prices of the different precious metals using the example of a plain 3 mm wide wedding ring.

As a result of the huge recent increases in precious metal prices, a platinum ring, weighing 8 grams, would have retailed for £360 in 2001 and an amazing three times as much in 2011 at £1,115 – a £755 increase.

(Courtesy ‘The Anchor’)

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