The Broker’s Perspective - Prestige Valuations, a Summary of Benefits
- A cost effective solution for re-valuation of items of jewellery, no need to see the item jewellery in person
- Online access to documentation providing convenience & security
- Full valuation service available at the convenient time to your schedule
- No minimum requirement
- Insurer approved valuations
- Personal service & Wealth of Experience
- Accreditation - members of the British Jewellers Association
- Added benefit to clients (optional) – WiseKey card – cost to be finalised
Introduction - Understanding the affluent client’s needs
In my experience one of the main issues with valuation documents from a client perspective, is that, they are reluctant to pay large fees, often on a percentage of value basis, to have an item of jewellery re-valued, where they would typically know the value from a quick internet search nowadays. For example, a client pays £25,000 for a Rolex watch five years ago. Client can easily go onto the internet and locate exactly the same watch and see it valued at for example £32,000.
Why should the client pay a valuer 1% of the value, i.e. £320 (plus vat) just to have the receipt/invoice or valuation update accordingly to satisfy their Insurers? The same applies to a Certificated Diamond ring (GIA/HRD) bought from say Tiffany’s, or online, where a similar or exact same item can be located on the internet with the current value which is plain to see.
Only too often we see clients who show us a whole series of different valuations from different jewellers where they have paid out a valuation fee several times for the same item!
PV maintains that once a thorough and professional valuation has been completed the item in question should not need to be revalued, it is the document that needs to be updated in value, rather than see the actual of item again.
The cost effective re-valuation service solution
The Service
If your client has already undertaken a full valuation for an item of jewellery, PV do not need to reappraise the item. Their cost effective solution would entail matching the item to the valuation and then updating the value on the document accordingly. This reduces time & cost quite considerably.
With the approval of the client’s broker these types of valuation can effectively be completed on line with added convenience of ease of access, please see the how it works section below for more information.
PV would require to see the following documentation:-
- Original purchase receipt or invoice or professional valuation documentation to prove authenticity and obtain the product code and number.
- Photograph(s) of the item.
NB – These two documents would act as proof of ownership/purchase
PV would then upload these two documents onto our database and update the valuation accordingly using our knowledge in the jewellery market.
The updated valuation document would be emailed back to the client for approval and then forwarded to their broker.
The process is very quick and simple making a cost effective solution for your clients, which can be arranged on a per item basis without any minimum requirement!
Charges – newly uploaded items
There is a re-valuation item fee of £40 net, regardless of value.
Charges – further re-valuations
What happens when I need to obtain a further re-valuation of an uploaded item of jewellery in the future?
Once an item has been uploaded onto the PV system, a biannual review can be undertaken for a token item fee of £15 net, again regardless of value.
Future Proof – peace of mind for years to come!
Once a Prestige valuation is completed and entered onto the PV secure system, PV can then update the value on a biannual basis for a nominal fee and update insurers accordingly, please see the previous page for the cost of this service. This provides peace of mind for the broker and ensure the client always has the most up to date value on their insurance policy, once agreed between the client & broker accordingly.
The client & broker relationship service – the Prestige Valuations service
PV will make contact with your client on a biannual basis, or as instructed, and update their valuation document accordingly.
How it works:-
PV can of course offer a client visit to check the settings on all the items of jewellery and ensure no gemstones are loose at the same time.
PV can add any additional items of jewellery that have been purchased during that time and take away any that have been sold, or passed on to other family members.
Peace of Mind:-
PV will always make sure that that all your client’s portfolios of jewellery are kept continually up to date to avoid the risk of underinsurance & therefore avoid potential issues arising between the broker & your client.
Full Valuation Service
PV can of course offer a full valuation service to any client wanting that personal service in the comfort of their own home, or place or work, and any place of leisure for that matter! When they visit a client PV bring with them Gem testing equipment, scopes and gauges.
PV can therefore offer to carry out valuations on items of jewellery for which there is no supporting documentation.
Please note - there are occasions where it may not possible to be sure of the origin of a particular gem, or to identify it safely without viewing the stone in laboratory conditions, and we therefore we also offer this service on a per item basis. For example, natural pearls can only be described as natural once they have been x-rayed.
1. 5. Insurance approved valuations
PV are currently providing a cost effective re-valuation service to a number of HNW brokers and I am pleased to confirm that Insurers are happy to accept the re-valuation service provided. PV will always qualify their valuations noting "Item not seen by valuer”.
1. 6. News & Updates
Brokers and clients will be notified of any spikes in precious metal prices, or if the price of Swiss watches rise rapidly which has recently occurred due to the strength of the Swiss franc.
1. 7. Accreditation/Experience & additional services
Tim Belson, CEO is proud of his 26 years experience within the Jewellery industry.
Nigel Sykes COO brings huge experience to the PV Group having been cofounder and joint MD of Jewellery Appraisal services from 1987 to it’s sale to LMG in 2004. Nigel specializes in dealing and designing operational solutions and managing all the Jewellery Field staff operations. PV’s Ben Gunn (Ex Special Forces ) can offer advice in all areas of security. Ben’s security advice company manages personal protection and can offer a free perimeter security check for special clients.
Full details of the personnel involved within Prestige Valuations can be found at: https://www.prestigevaluations.com/index.php/about/profiles Prestige Valuations are members of British jewellers association, which is shortly to become part of the National Association of Goldsmiths.
Partner association –
PV work quite closely with INSAFE. Insafe is the preferred supplier to most of the UK’s leading insurers. Their Private Client Service is designed to give customers the very best. The best security, the best products and the best service. And the best price. Guaranteed.
2. Additional Benefits - WiseKey Card
Prestige Valuations are delighted to offer our clients a WISEKEY card, onto which confidential information can be is recorded and held in Geneva.
Case study
Tim Belson’s (CEO of PV) background is in dealing with claims, and as he recalls he once visited a client who had been the victim of an horrendous burglary where the thieves had found a hard copy of the client’s valuation and demanded to be shown each item and then proceeded to steal every item of jewellery he possessed.
Tim flew to Geneva to meet Wisekey who were offering a WiseKey card the size of a credit card which through a box and USB connection could be accessed on a computer, that could then store all of a client’s jewellery and watch valuations.
How it works
PV would pass your client’s valuation to Wisekey, who in turn would contact the client and issue a Wisekey card. The card would then be sent to the client would contain all the valuation data entered onto it.
Safe & secure - The card could only be accessed by the client using their own PIN code. This could be accessed by the client as he or she wishes, and held securely without anyone knowing what the card represents.
Cost
This is all early stages but could be offered to insurers, however I have a rough costing of @£100 nett per card.
Points to note:-
WiseKey have a higher than usual Internet security rating and therefore a client is safe in the knowledge that their information is securely stored in Geneva.
Wisekey are in association with HUBLOT watches, which means whenever HUBLOT sell a watch to a customer, it is accompanied by a Wisekey card which provides unique identification and branding .They have been well received and it look as though other exclusive brands will be moving in the same direction.
Further information can be found at www.wisekey.com
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