Press Office

ALL THAT GLITTERS: Brits urged to check jewellery & watch values as gold prices continue to climb

With the price of gold up 16% in one year insurer warns thousands could be without full cover

  • Gold value has increased by almost 50% compared to 10 years ago
  • The value of a 3ct diamond ring could be worth £7,300 more in just ONE YEAR
  • Dollar-rolling decade: Even the lowest-priced Rolex watch is worth £1,400 more than 10 years ago

Admiral Home Insurance is reminding Brits to check their cover for jewellery and watches as the rising value of gold and precious stones could mean they are underinsured.

With the value of gold rising by 16% in just one year, and by 48% in 10 years, treasured items like engagement rings, gold chains and luxury watches will have increased in value, potentially by thousands of pounds.

Admiral’s data, which has been collected in partnership with independent jewellery claims expert LMG Jewellery, reveals that over the course of just one year the value of an 18ct white gold solitaire 0.50ct diamond ring2 has increased by 17% (£400), while a white gold 3ct diamond engagement ring has increased by as much as 21%, adding a huge £7,300 to its value. Similarly, a Rolex watch worth £4,200 in January 2021 could now be worth £450 (11%) more just 12 months later. 

Admiral is advising Brits to check the details of their home insurance policies and have up-to-date valuations to make sure that valuable items are suitably covered should the worst happen, and they have to make a claim due to theft or loss.