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.