How can an item have different values?

There are a number of different values you can give an item. Here are a selection of different ways to get to an item's value.

Insurance replacement

 The most common type and is based on replacing an item of jewellery either with the same or an equivalent piece. It includes VAT and is typically the retail price of an item, at the current time of the valuation and would typically take into account location and the type of business an item was purchased from. Occasionally, the valuation may be based on creating a piece to an original design, a facsimile value, but this is rare and carried out in consultation with the client.

  • The condition of the piece is also noted and will be taken into account. Within an insurance value, there are a number of clear identifying markers –
  • NRV or new replacement value: new replacement price of similar item of similar quality
  • SHRV or second hand replacement value: the value of a second hand replacement price of a similar in quality and condition piece
  • ARV or antique replacement value: a value to obtain a similar antique replacement item of similar quality and condition
  • FV or facsimile value: (rare) to make a copy of the item using the same quality materials and processes
  •  Private Sale

 An assessment of value between trade price and retail price – usually a value that benefits the buyer and the seller, i.e. that seller benefits from realising a price above trade and the buyer pays a price below ‘retail’.

 Probate (or confirmation of will in Scotland)

 A price based on if the pieces were to be sold at auction after the death of the owner. This is a lower price than insurance and reflects the condition of the piece and the fact that the piece would be in an ‘open market’ situation.

 Loan Security

Usually a value used by a bank or another lending agency as security on a loan. It is typically close to, and no higher than, probate. Changing gemstone and metal prices may make this a tricky value to arrive at.


With relationships resulting in the intervention of the legal system, a value is often needed in divorce situations. This value assesses the worth of the couple’s assets for consideration by the Court.

If you'd like to know more, or would like us to help you with an enquiry, do make contact.

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Article by Adam J

Adam J

Adam's been working at Jacobs since 2003, has a professional jewellers diploma and looks after the business as whole.

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