I understand that life is hectic; we’re all looking for ways to simplify or speed up whatever task we have. But some things must be done properly, and there are no corners to cut.
These days there is a near-endless stream of companies offering valuations or condition reports from just a photograph. And on the face of it, that sounds great. It does away with the need to send your item away or book an inspection where you’d visit a valuer like myself. But this is one of those instances where it is too good to be true.
Insurance companies often request a condition or setting report on diamond or gemstone set pieces of jewellery because they need to know whether the stones are secure or if there is a risk of damage or loss, which will affect your premium.
And despite what you will be told, there is no way to determine anything from photographs, let alone whether a stone is secure. Take the ring in this post, for example. How could anyone state whether the diamond is secure? And how could they prove that to your insurance company on your behalf if the stone were to fall out and be lost?
The truth is they can’t. It doesn’t look like it, but the stone in this ring is loose and rotates 360 degrees in its setting. Right now, the chances of that stone coming out a slim, but unless the setting is corrected, that stone will continue to become looser before finally falling out.
How much risk would you take based on a photograph? Are you prepared to potentially lose your stone? Or are you prepared to have your insurance claim nullified because the insurance company decided that they won’t accept a report based on a photograph?
Don’t opt for the easy option; I include setting and condition reports in all my insurance valuations. I can do this because I have handled the piece and checked the setting. For peace of mind, always opt for a hands-on inspection.
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