Sparkly engagement rings are still the most precious pieces of jewellery in UK homes, but they could be worth a lot more than you think – research reveals that the value of gold, silver and gems has risen by over 70% in the past 10 years.
White gold and platinum solitaire diamond rings were the most common item Aviva replaced for its home customers in the second half of 2010, but their price today is £850 higher than a decade ago, while eternity rings have risen by 136% to nearly £1,300.
Top 10 items of jewellery replaced by Aviva in 2010 and how prices have changed
| Jewellery | 2001 Average value | 2011 Average value | % Change |
| 1. 18ct white gold & platinum 0.5ct diamond solitaire ring | £1,650 | £2,499 | 51% |
| 2. 18ct white gold & platinum gem set eternity rings | £550 | £1,299 | 136% |
| 3. 18ct white gold diamond single stone stud earrings | £995 | £1,575 | 58% |
| 4. 9 & 18ct white & yellow gold gem set earrings | £55 | £95 | 73% |
| 5. 9 & 18ct white & yellow gold gem set pendants | £275 | £450 | 64% |
| 6. Chunky silver jewellery – charm bracelets etc | £90 | £165 | 83% |
| 7. 9ct white gold diamond & pearl stud earrings | £90 | £159 | 77% |
| 8. 9ct gold, freshwater pearl bracelet | £65 | £119 | 83% |
| 9. 9ct gold cultured pearl earrings | £25 | £49 | 96% |
| 10. 9ct gold 0.17ct diamond set ring | £235 | £499 | 112% |
| Total average value and increase | £4,030 | £6,909 | 71% |
Soon-to-be-royal Kate Middleton’s engagement ring cost £28,000 when it was bought by Prince Charles for the then Lady Diana Spencer in February 1981. It is reported that at today’s prices the oval 18-carat blue sapphire surrounded by 14 diamonds would cost an estimated £85,000 – rising in value by 204% in the past 20 years.
“Obviously most couples won’t be investing in anything as expensive as Kate’s sapphire,” says Jonathan Cracknell, household underwriter at Aviva.
“But whatever the price, it is important that homeowners check their valuables are insured for the right amount. Engagement and eternity rings have huge sentimental value and often customers are devastated to lose them so it’s important that at least they are compensated financially for such items.
“Even if you have only had a special piece of jewellery for two or three years, it is likely its value has increased in that time. A reputable jeweller who has a NAG (National Association of Goldsmiths) registered valuer will be able to tell you what your pieces are worth and you can then make sure it is insured for the right price.
“This means that in the unhappy event that they are lost or stolen, customers will get the best like for like replacement we can source or even the choice to re-create their piece of jewellery if a suitable match can’t be found.”
To ensure that all your treasured pieces are covered, Aviva has increased its standard cover on “Single Articles” in the home, such as jewellery, to £2,000 per item and its overall valuables limit has increased to £10,000.
The growing value of jewellery has been fuelled by the rising price of precious metals, like gold and silver as the levels of demand outstrip the available supply. Sourcing these precious metals and stones has also become increasingly difficult which has pushed up their value. For example:
– On April 8 this year the price of gold was £897.80 per oz – 12 months ago it was £755.81per oz
– Silver was £24.60 per oz – 12 months ago it was £11.82 per oz
Source : Aviva Press Release
