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?

Sell immediately

You're reaching. It was a tongue-in-cheek comment I made upthread in the context of conversations DH and I have had about retirement life. We've talked a lot about buying a campervan and going travelling TOGETHER. However we also need a downstairs loo!

He's not 'selfish' or wanting the money for himself. Honestly, MN is daft sometimes.

I've taken all the well-made points and advice on board re: sale value, insurance, making sensible purchases etc. Thanks all.

On my insurance if I lose an item I will be given the amount of the valuation given by the jeweller.

I would sell it and pay off my mortgage, don't give to your son as a deposit if you still have your own mortgage to pay off. If you can't afford the insurance then you won't wear it and will be keeping it as a burden for another family member down the line. If you still have three other bits of jewellery then that's lovely. I'd get another opinion on the price though and consider selling it at auction with a minimum price.

You should get an offer price on what a jeweller will actually give you before you make a decision. Having had similar high value items, there is a preference to have the original verification documents which I am presuming you don’t have - won’t stop you selling but may reduce what they give you.

I think your decision then is whether you want the reduced amount ££ versus keeping the ring. Insurance will be pricey and you may need to get a safe installed to even get the insurance, they also prefer you to wear the high value item to have it in your sights at all times. And actually it sounds lovely so worth thinking whether you could and should wear it every day! Suspect your gran knew its value and was too scared to wear it, much better to get the use especially if you have it insured.

I'd sell but also get an independent valuation. It's unusual where I live for jewellers to give insurance valuations so I'd pay an independent to ensure it's not higher and your jeweller is keen to buy it from you at that price. Maybe an independent antique valuer could help. Sell though, great legacy.

I am a big Jewellery fan!!!! Any chance we can see a picture pls OP??

It's so hard, isn't it. My Mum left a few bits and bobs for my sisters and me but nothing of great value, except one ring worth about £4K. As the oldest she always said it would come to me.

I'm not sure of its provenance but there was a name engraved inside which was nothing to do with her family (as far as we know). Anyway, we had the jewellery valued and it was the only thing of value, and although I always felt it was 'mine' it seemed unfair on my sisters. It was not something I would ever wear or that would even fit my fingers, so I agreed we should sell it and split the proceeds.

A part of me felt awful and that she wanted her oldest daughter to have it etc etc - but that is aa very outdated approach these days, and people like us no longer go to places where we would wear that sort of jewellery anyway. It sat in my Dad's safe for 30 years and would have done the same in some hidey hole in my house until I died, and my DD would have sold it then.

So yes - you should sell. You have other lovely things to remember your gran by - and that really is enough money to make a difference to your life! Send her a little prayer of gratitude.......🙂

It rather depends what it is. If you will never wear it and have no daughter or granddaughter to pass it on to then sell it. If it suits you and you like it I’d be wearing it and feeling a million dollars.

Could you get the jeweller to recreate the ring using costume jewellery stones, so for sentimental purpose you still have a ring that looks exactly the same, but sell the valuable version and use the money wisely?

I would sell it. I also wouldn’t be letting anyone else know the value either. nobody’s business but yours so keep it zipped. Only you know if you pay it off your mortgage or gift some to your kids

I would keep it. What are the chances of you owning a piece of jewellery that lovely again? Hang on to it, wear it everyday (enjoy the sparkles!) and save up for that downstairs loo!

I think I would rather have the real thing. An heirloom. The mortgage will get paid off and you'll have a downstairs loo or whatever, but never have that item of jewellery again. Keep it.

People are absolutely batshit!! I'd definitely want my husband to have something he loved if we had that kind of money. Perfect normal thing to do for your spouse!

Does your Dad know he's given you something so expensive? I mean, if you thought it was costume jewellery, could he have thought the same? I would sell it, but only if he knew how much he was giving away. It doesn't sound like he has a clue. Maybe he needs the money!

Don't sell it

What do you think your gran would want?

the other thing you need to bear in mind is the cost of insuring it. I have a piece of jewelry which is worth £25k. It costs £500/year to insure and the insurance is only valid if I’m wearing it or it’s in what’s known as a 5k safe, which costs several thousand.

I've now had the insurance quote through, which is v. hefty, plus the cost of a safe (which is several hundred but not thousands).

I'm wearing it now and it's beautiful, but not sure it's really 'me'. Do keep staring at it though 😄

Could you find our about a Safety Deposit box in a bank when you’re not wearing it?

Lol. I used to work in a bank and we did do safety deposit boxes like that back in the 80s. But I think it stopped in the 90s, and there are no banks any more anyway.......

How about installing a safe - not that pricey.

I’m not surprised! Nothing catches the light like a high quality diamond. Costume jewellery doesn’t come close imo.

I think it’ll surprise you how used to it you get once you’ve worn it for a while. Think of it as a small daily joy that has unexpectedly fallen into your lap. As others have said, life will go on, the mortgage will get paid and the downstairs loo will be put in eventually, but now against all that you’ll be able to look down at a beautiful thing and have a little moodboost everyday

I have something that's very special that I was left by a grandparent and it is valued at £12k and the insurance is totally unaffordable. I just don't have it itemised separately on the home insurance.
Sentimentally it's not replaceable anyway, so if it went in a burglary it went.