People urged to check jewellery and watch value as gold prices nearly double
dailyrecord.co.ukAdmiral Home Insurance has announced that the value of gold has risen by 16 per cent in just one year, and by nearly double (48%) in the last 10 years.
This means anyone with treasured trinkets such as engagement rings, gold chains and luxury watches will have increased in value, potentially by thousands of pounds.While the increase in value is a win, especially if you have a long-forgotten item tucked away in a box or drawer it’s also worthwhile remembering to check your insurance cover for those golden treasures as the rising value of gold and precious stones could mean they are underinsured.
Admiral’s data, which has been collected in partnership with independent jewellery claims expert LMG Jewellery, reveals that over the course of just one year the value of an 18ct white gold solitaire 0.50ct diamond ring has increased by £400, while a white gold 3ct diamond engagement ring has increased by as much as £7,300.
Similarly, a Rolex watch worth £4,200 in January 2021 could now be worth £450 (11%) more just 12 months later. Admiral is advising Brits to check the details of their home insurance policies and have up-to-date valuations to make sure that valuable items are suitably covered should the worst happen, and they have to make a claim due to theft or loss.Those who have owned items for a long time and have failed to update the valuations on their policy are likely to be at an even higher risk of being underinsured.Admiral and LMG Jewellery’s data shows a one-ounce gold chain has almost doubled in value from £1,150 in 2013 to £2,240 in 2023 - an increase of 95 per cent.
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