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?

If you're not going to wear it and enjoy it then definitely sell it. I'm sure your Grandma would love to think you has put the money to good use. Rather than them being stored away.

Um, what's the dilemma?

You have 4 pieces of expensive jewellery! How many pieces of jewellery do you need to treasure your loved one?

Don't you just sell the £50K one (the insurance you can't afford) and pay off a large chunk of your mortgage and have more monthly income to support daughter?

Of the remaining 3 pieces, are there any you want to pass down as family heirlooms?

Or are you just feeling guilty and excited because you want to splash the cash from this windfall?

You could see if a museum would take it on loan and cover it under their insurance.

What sort of a museum wants to display a solitaire diamond ring?

I'm sure it's lovely but it's hardly museum worthy.

@Alwaysalwayscold maybe they wouldn't but sounds like it is an antique. Pretty sure I have seen jewelry in museums.

The insurance value is what you would have to pay to replace it not what you get to sell it....id get. some offers on selling prices before you decide.

Also - if something happened to it you would be very unlikely to want to replace it anyway, right? So you could choose to get it insured for a lower value.

Sell it. Someone will at some point.

Just out of interest (and I am in no way advocating insurance fraud but just hypothetically) if OP did have the ring insured at a value of £50k, and later
claimed it to be “lost” or “stolen” - would she receive the full value of the insurance valuation compared to if she sold it, in which case she would only get a fraction of that amount? Why is the resale value so much lower?

Sell and keep one or two of the lower value items

I wouldn’t bother insuring it and just be careful about when you wear it.

Get a safe at home (pretty cheap), only wear in environments it’s safe.

Exactly. My mother left me a ruby and diamond ring that she paid £8,000 for. She died very shortly after buying it, and as it did not suit me or my daughter, I decided to sell it. I had all the original paper work and went back to the very reputable local jewellers. The gentleman told me that if he bought it back, which he wouldn’t, he would give me £500. So it may be valued at £50,000, but I doubt you’ll get that for it.

I wore my grandmothers diamond platinum ring for 37 years, it was worth £11,000. One cold winters day, I lost it; I was devastated. On reflection, I wish I had of sold it years ago. I would advise you to sell it and make your life more comfortable

Sell and pay some or your mortgage off

It depends on the insurance. My insurance would pay the replacement value. When I have my jewelry valued I get a valuation of what it's actually worth not an inflated vanity value.

Is this valuation based on the weight of the gold or is it a valuation based on collectability? The first is fine, and you would get that amount for the item. If it's based on people collecting etc then the valuation is only as good as the fashion for the item lasts. I'd check before I thought I was going to get 50k for it.

I’d do my utmost to keep it, wear it and enjoy it.

I'd sell and obviously takes lots and lots of photos of said jewellery.

The jewellery has been given to her, it’s not in question now, family members having issue, with what she chooses to do with it.
The question is, getting it insured or selling.
I agree with other comments, regarding insurance, even if the ring is worth, said amount, you might only get half that, unless you sell privately, finding the right buyer.If you do sell, be firm, stand your ground, as people are going to be looking for a bargain or profit.

My brother spent £2000 on a platinum and diamond engagement ring for his now ex and which she returned to him. Independent valuation for insurance purposes is £2000. He’s been trying to sell it for months now. No jeweller wants to buy it, advertising it on gumtree for £500 had had zero responses and an auctioneer has told him he’ll be lucky to get £200 for it at auction. Jewellery is one big rip off! Sell it and hopefully you’ll get something towards whatever you dream of but please be realist.

Technically I think the act of inheritance is it passing from your parents to you, not your grandmother to them 30 years ago. I still wouldn’t worry about IHT personally.

If you really want the sentimental value then I would sell it and use some of the money to have a costume version made that you can wear without worrying.

I have a charm bracelet which belonged to my mum and im honest here, its ugly. I cannot sell it as my dad bought the charms and he is alive and well.

its not worth a huge amount but enough for me to buy another piece of jewellery i will actually wear.

so sell, and buy something else with a little bit of the cash. And dont tell anyone what you got!

Sell it. All those people on Anitiques Road show who say ‘it will always stay in the family’ are deluding themselves and / or lying. Your grandmother would want you to sell it if the money will make your life easier. You will have the other jewellery and your memories of her. Just be grateful and thankful and enjoy the money. A friend of mine inherited jewellery and discovered all the stones were fake!

@BitShellshocked Your dp would want you to spend the proceeds of your ring from your grandmother on a campervan for himself?? That's truly selfish. Please don't spend it on anything unless YOU stand to benefit from it-in your opinion, not his.