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A professionally determined valuation of jewellery can be useful for insurance, foreign travel, family settlement and for wealth tax or sale purposes, experts have said.
They said it will also enable methodical record-keeping of personal jewellery Vinod Hayagriv, Managing Director, C Krishniah Chetty Group of Jewellers, said prices of jewellery fluctuate a lot and most of the people don't know the real value of the valuables that they are holding. "In order to ascertain the real value of such valuables, we request jewellery owners to conduct the valuation of these items," he said. A jewellery valuation is a professional examination and appraisal of the jewellery. Its value is determined to its correct monetary price based on the appropriate market, specific purpose that is intended like insurance, foreign travel, family settlement, fair market value or a for sale value. A jewellery appraiser is a trained expert with experience and knowledge counting in specialised and period jewellery. These professionals examine and appraise the jewellery by detailing its complete description and verification of the jewels besides prominence or period to arrive at the correct monetary value, regardless of the sentimental importance of the owner, or very high price and the uniqueness of the item. "By doing this kind of valuation, people will be to know the real value of gold jewellery. With gold jewellery inherited from generation to generation, you may be required to disclose the same to the government while filing income tax returns when you exceed the threshold income tax slab as stipulated. Therefore, jewellery valuation is worth getting appraised by a reputable appraiser with experience every year," Hayagriv said. The jewellers charge a nominal fee for conducting such kind of valuation. Jewellers also said that valuation is not common in India and most valuation happens for the purpose of sale and purchase of valuables. Ashok Minawala of Danawala Jewellers, said normally, valuation of jewellery is done for the purpose of wealth tax, sale and purchase of valuables, etc. "The valuation of jewellery is normally done for monetary purpose and sale," he said. Jewellers said defined, verified valuation in a printed format is considered especially important and is respected and trusted and serves as a legally binding valuation document for authorities of various departments like insurance companies, police and tax department besides helping joint families. "Such detailed documents can also serve as historical documents if you wish to auction them later, bearing in mind their uniqueness. It can serve as a document to portrait your wealth, what ancestors had in store for you," Hayagriv said. (ANI)
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