It is important to know the value of your most expensive items of jewellery or loose gems, especially when it comes to insurance. Jewellery appraisals or valuations are normally carried out by a jeweller or a qualified valuer. However, the matter is always subjective, i.e. it is opinion of the person valuing the jewellery.
For insurance purposes, you should to receive a valuation based on replacing the item if it was stolen.
The next type of valuation is for resale. This will always be lower than an insurance valuation.
Another type of valuation is for probate or dividing up of estate. These types of valuations often tend to be at an even lower price, as they assess the price that could be achieved in a quick sale.