How do I find out what my inherited jewellery is worth?

Inherited jewellery arrives with a story but rarely with a price tag, and the honest answer is that "what's it worth" isn't a single question — it's at least three, and the figures they produce can be startlingly different.

Why the same ring has three different values

A single piece of jewellery can legitimately have three separate valuation figures attached to it at the same time, and confusing them is the single most common mistake families make.

Insurance valuation answers "what would it cost to replace this today?" It's calculated at current retail replacement cost — new-for-old, including VAT and the retailer's margin. This is deliberately the highest figure, because it needs to cover you buying an equivalent piece from a shop tomorrow if the original is lost or stolen.

Probate valuation answers "what would this fetch on the open market at the date of death?" For UK inheritance tax purposes, HMRC requires open market value under Section 160 of the Inheritance Tax Act 1984 — essentially what a willing buyer would pay a willing seller, accounting for wear, age and the fact that jewellery doesn't hold retail value once it's left the shop. Probate values are commonly 30–50% lower than insurance values for the same item, because they strip out retail markup and VAT.

Resale or market value answers "what will I actually be paid if I sell this?" This tends to sit at or below probate value, because a dealer or auction house also needs to make a margin, and buyers price in the cost and risk of reselling. A ring insured for £5,000 might have a probate value around £2,000–£3,000 and fetch £1,500–£2,500 if sold to a trade buyer.

None of these figures is "wrong" — they're answering different questions. The mistake is using one for a purpose it wasn't designed for: insuring a piece at its probate value under-insures it, and using an insurance valuation to divide an estate between siblings will overstate what anyone would actually receive if it were sold.

Who does valuations in the UK, and what they cost

Jewellery valuation in the UK is not a regulated profession by law, which means anyone can call themselves a valuer. The best-known trade accreditation is the NAJ Institute of Registered Valuers (IRV), run by the National Association of Jewellers, which trains and examines valuers against defined standards. UK assay offices (London, Birmingham, Sheffield, Edinburgh) also offer valuation services, as do independent valuers and some auction houses.

When choosing a valuer, look for IRV registration, ask whether they're independent of any jewellery retailer (a valuer with no stake in whether you sell, insure, or redesign a piece has less reason to inflate or deflate a figure), and check they'll provide a written report rather than a verbal estimate.

Typical UK costs run:

• Standard item valuation: roughly £50–£150 per piece, though many valuers charge a base appointment fee (around £65–£150) plus a per-item fee, with discounts of 10–30% for three or more items valued together.
• Rush turnaround: expect a surcharge of 25–50% on top of the standard fee.
• VAT-registered valuers add 20% to their fee; smaller independent valuers below the VAT threshold do not.
• Complex or period pieces requiring research into maker, date or provenance cost more and take longer, since the valuer is doing detective work as well as weighing metal and grading stones.

A written valuation report should state the basis of value (insurance, probate, or market), a description of the piece, metal and stone details, and the valuer's qualifications.

Reading hallmarks yourself — a first, rough clue

Before you pay anyone, a hallmark can tell you a surprising amount for free. UK hallmarks are usually stamped inside a ring band, near a clasp, or on a small tag on a chain or bracelet. You'll often need a 10x loupe or a zoomed phone photo to read one clearly, especially on an older or worn piece.

A modern UK hallmark carries three compulsory elements:

• Sponsor's mark — at least two letters in a shield, identifying the maker or company that submitted the piece for hallmarking.
• Fineness mark — the purity of the metal in parts per thousand: 375 (9ct gold), 585 (14ct), 750 (18ct), 916 (22ct), 925 (sterling silver), 950 (platinum).
• Assay office mark — which of the UK's assay offices tested and marked it: a leopard's head for London, an anchor for Birmingham, a Yorkshire rose for Sheffield, or a castle for Edinburgh.

Older pieces often also carry a date letter (a single letter in a specific typeface and shield shape, unique to a given year at a given office), which is how a valuer can date a piece precisely, and sometimes a crown or other traditional mark.

Two important caveats. First, absence of a hallmark doesn't mean the metal isn't precious — very light items fall below the legal weight threshold for compulsory hallmarking (currently 1g for gold, 7.78g for silver, 0.5g for platinum, 1g for palladium under the Hallmarking Act 1973), and pieces made abroad or before hallmarking was compulsory may carry no UK mark at all. Second, a hallmark tells you about the metal, not the stones, the maker's skill, or whether the piece has any collectible or period value beyond its melt weight.

When a piece deserves specialist attention

Most inherited jewellery is straightforwardly valuable for its metal and stone content and nothing more — which is not a small thing, but it's a different conversation from a piece that might be "signed" (made by a recognised maker or house) or genuinely period (Georgian, Victorian, Art Deco, mid-century). Signs worth flagging to a valuer:

A maker's mark or full signature rather than just initials, especially if it's a name you don't recognise but that turns up when you search it. Unusual construction — hand-cut settings, closed-back stone mounts, cannetille or filigree work — that doesn't match modern mass production. A fitted, branded box or original receipt kept with the piece. Family stories that mention where or when something was bought, which can help a valuer narrow down a date or origin even without documentation.

None of this guarantees significant extra value — plenty of signed and period pieces are worth close to their material value — but it's the difference between a valuer weighing gold and grading a diamond, and a valuer doing research that could meaningfully change the figure.

Free appraisal offers and why they're not the same thing

It's common for jewellers, especially those who buy secondhand gold or offer part-exchange, to advertise free valuations or appraisals. These aren't worthless, but they exist to open a commercial conversation, not to give you an independent figure. A jeweller offering to buy your gold has an incentive to value it conservatively; one hoping you'll spend the proceeds in their shop has an incentive to value it generously to make redesigning feel affordable. Neither is necessarily dishonest, but neither is independent in the way a written valuation from an unconnected IRV-registered valuer is.

Use a free appraisal as a rough first impression if you like, but before you insure a piece, agree how to divide an estate, or accept an offer to sell, get a written valuation from someone with no stake in what you decide to do next.

The bottom line

Insurance value, probate value and resale value are three different numbers for the same piece, and mixing them up is the most common and costly mistake in valuing inherited jewellery. A hallmark gives you a free first clue about the metal in minutes; a written valuation from an NAJ Institute of Registered Valuers member, typically £50–£150 per item, gives you a figure you can actually rely on for insuring, dividing an estate, or deciding what to do next. Treat free appraisals from anyone hoping to buy or remake the piece as a starting point, not a final answer.