Inherited ring - mindblowing insurance valuation - wtf do I do?

[BitShellshocked]

Have namechanged for this and it's not a stealth boast. My mind is a bit scrambled and I'd appreciate the thoughts of the MN hivemind.

I was recently given a few bits of jewellery that had belonged to my grandmother. All v. nice pieces but as far as we knew worth maybe a couple of thousand altogether, max. Anyway, our house insurance is due for renewal so I took them to a local jewellers to get an up-to-date valuation, more out of curiosity than anything else.

3 of the 4 pieces come to around 8k altogether. Lovely surprise! The 4th has had an insurance valuation of 50 fucking K. My mind is completely blown by this and I'm honestly not sure what to do for the best. I had no idea.

The jeweller says that the insurance premiums are likely to be significant, possibly too much for me to afford easily! That amount of money would make a big difference to us if I sold - could give ds a big lump sum towards a deposit or pay off a good chunk of our mortgage. We've talked a lot recently about financial planning for retirement etc and this would really help.

My gut says I don't want to sell it, but am I being completely ridiculous if otherwise it's just going to sit in a safe, locked away? WWYD?

I would 100 percent sell it. Without compunction.

Sell. Absolutely sell.

Unless they were of sentimental value to you, I would sell them.

I would sell it without hesitation and keep the other pieces in memory of your grandmother.

Sell! You could always keep one or two for sentimental reasons and sell the most valuable.

Take beautiful pictures of it and of course sell.

I would sell it but I would be worried other family members might not be happy, especially if they don’t know how valuable it is and/or if it wasn’t specifically left to you in a will. Otherwise, crack on and enjoy!

Honestly I would sell it

Keep one or all of the cheaper (not that they are cheap!) pieces so you have a sentimental keepsake and sell the expensive one.

It's a big enough amount to be mildly life changing and that's better than having a piece of jewellery not being worn

It's an heirloom piece. I couldn't sell. It's a piece of your family history. I think it's awful how easily people will sell family pieces these days.

But also, I would wear it and enjoy it.

Mind you although it's been valued at 50k you probably won't get anything like that amount if you sell it.

The insurance value and resale values are normally very different.

Be aware, though, that a valuation for insurance and what you would actually be offered for selling it are very different. The insurance is for you to replace it retail. As a seller you will have to allow for the purchaser and eventually reseller to make a profit too.

Where did she get it?
I would get the valuation checked and just be aware that insurance value isn’t the sam as real life, sellable value.

Just be aware that an insurance valuation is not necessarily what you could achieve when selling.

Agree with everyone else that insurance value does not always translate to what you could sell it for today.

Reckon on about half of the insurance amount for resale.
personally, I might spend a couple of £k to get a replica made, then definitely sell it! Are there any other family members who would need to be factored in?

I'd rather be mortgage free than wear a piece of jewellery. If the ones we had were worth more they would have been sold in a heartbeat. But I am sure I could rock a pocket watch if I wanted.

Did she leave them specifically to you? Her beneficiaries may have issue with it otherwise? Should the executor have got them valued ? Of course if left to you then not the case.
I would sell, financial security is a great gift from your grandmother, and you have other jewelry of hers to pass on

I know the insurance value will be higher than the re-sell value but it would still be significant (for us).

Why don't you find put what your insurance premium would actually be first before jumping the gun?

Sell it. Enjoy the money

To echo the above, if the £50k piece is a diamond ring, you could expect to sell it probably around £10-15k depending on the quality. Still a large amount of money but just to temper your expectations.

I would sell and use some of the money to recreate the remaining jewellery into a piece of jewellery that you would love to wear to honour your Grandmother -

Then pay off some mortgage and help give your son a good start.

Wow what a lovely problem to have. I would get a cheaper copy made and sell. If the money will be truly life changing. Take it and run with the opportunity. Nothing can buy time!