Probate Jewellery Valuation

Jewellery is one of the most commonly undervalued asset categories in probate estates. A ring that appears modest may contain a significant diamond, while a costume piece from a prestigious house can carry surprising value. Probate jewellery valuation requires a qualified specialist who can assess precious metals by hallmark and assay, grade gemstones to internationally recognised standards, and identify designer or period pieces that command a premium on the secondary market.

Every piece is assessed at Open Market Value — the price it would realistically achieve at auction on the date of death. This is distinct from the insurance replacement value shown on existing jewellery valuations, which typically reflects the higher retail cost of purchasing an equivalent new piece. Using insurance figures for probate overstates the estate and can result in unnecessary Inheritance Tax.

Our network of valuers includes members of the National Association of Jewellers (NAJ), the Institute of Registered Valuers (IRV), and Gem-A Fellows, ensuring your valuation carries the professional authority HMRC expects.

Jewellery frequently triggers the £1,500 HMRC threshold, even when executors do not expect it to. A single solitaire diamond ring, a gold bangle of sufficient weight, or a Cartier bracelet can each surpass this figure individually. Without a professional valuation, executors risk underreporting the estate — which can lead to penalties and personal liability — or overreporting using outdated insurance values, which means the estate pays more tax than necessary.

HMRC is particularly attentive to jewellery because it is easy to overlook or underestimate. Items stored in safety deposit boxes, pieces worn daily that become invisible to the family, and inherited items whose provenance has been forgotten all represent potential gaps in the estate return. A professional valuation creates a complete, defensible record.

Additionally, where jewellery forms a substantial part of the estate, an accurate probate valuation provides the foundation for fair distribution among beneficiaries. Without agreed values, disputes over who receives which pieces can delay the administration of the estate considerably.

HMRC requires a professional valuation for any single item of jewellery worth over £1,500 at Open Market Value. For items below this threshold, executors may provide their own reasonable estimates, but HMRC can challenge these at any time. Where a collection of lower-value pieces has a combined total exceeding £1,500, professional valuation is strongly advisable even if no individual piece crosses the threshold.

The valuation must reflect the condition and marketability of each piece at the date of death. Broken clasps, missing stones, and worn settings all affect Open Market Value and should be noted in the report. A thorough probate jewellery valuation accounts for these factors, ensuring the estate is neither over- nor under-declared.

The valuer will examine each piece in detail, checking hallmarks to establish metal purity and origin, measuring and grading gemstones, and identifying maker or designer marks. For high-value stones, this may involve specialist gemmological testing using a loupe, refractometer, or spectroscope. Photographs are taken of every item for the formal report.

Research into comparable auction results is a critical part of the process. The valuer will reference recent sales of similar items at major UK auction houses to establish a realistic Open Market Value. For designer pieces, brand-specific secondary market data is also considered.

The completed report details each item with a full description, photographs, and the assessed Open Market Value at the date of death. This document is suitable for submission to HMRC as part of the Inheritance Tax return and typically takes 5 to 10 working days to produce.

A typical probate jewellery valuation costs £50–£150 per item. Fees vary depending on the complexity of the item, the level of research required, and whether a home visit is needed. Discounts are often available when multiple items are assessed in a single appointment.

Probate valuation fees are a legitimate estate expense and can be deducted before calculating Inheritance Tax. The estate, not the executor personally, bears the cost.