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?

Can we see it?

I would be selling it. Having something sat in a drawer gathering dust makes no sense to me when it could change my life for the better in so many ways. Pay off a mortage, let me and my family see the world. What good are objects when you could actually gain so much more financial ease in life by selling.

Jinx great minds think alike 😉😂

Sell, definitely.

It may not be an "heirloom" piece at all. Ot may be a modern piece only owned by grandmother. My mum in her 80s has lovely jewellery (and expensive) bought by my Dad but they wouldn't be heirlooms as such.

OP if you do sell I wouldn't mention to other family members you have or what for.

I sold some jewellery recently and got around 40% of the insurance valuation.
A specialist auction will get you a decent price but nowhere near the insurance value as they quote retail price to replace.
Sellers need their margin and pay around half that ( if not less).

I’d sell it in a heartbeat.

If it was something that your grandmother kept in a jewellery box, I'd sell it. If it was something that she wore every day and it's a nice piece of jewellery, I'd wear it and remember her fondly.

It will increase in value when you then gift it to your DC.

If you left a piece of jewellery to your grandchild and they ended up in your position, what would you want?

I would absolutely, 100% want my loved ones to benefit from the money and the uplift in quality of life/financial security that could provide. And I'd be so thrilled to think I'd been able to leave that legacy for them. I can't understand any loving relative preferring that you spend money you can't really afford on insurance and watch your DS struggle to get on the housing ladder just so a ring can sit in a drawer for decades. That makes no sense whatsoever.

@fc123 , could you please tell us how you went about selling your jewellery? I have some I have been thinking about selling but I have no clue how to go about it. Thanks!

Sell it use the money for now. Is there anybody else In the family that would object or to be miffed about it?

Insurance valuation is not the same as what you would get for them if you sold them. The insurance valuation is an inflated price based on what it would cost to replicate that exact ring were it to be stolen. I think you would be really shocked to realise what you would get for the rings if you sold them- it would be a tiny fraction of the insurance valuation. So you would certainly not be getting anything like 50k for them.

I would wear them and enjoy them and if you can afford the insurance don't bother.

How much of an heirloom piece is it? If we’re talking engagement ring that’s been handed down for generations, I’d probably keep it if I wasn’t in a precarious financial position. If it’s something nice that she bought/received, I’d definitely sell it. You still have other pieces to remember her by, you don’t need to run a museum.

Does it have any sentimental value at all? Was it given specifically to you for any particular reason (rather than being given to someone else)? Will/would you wear it and get joy from doing so? Has it been in your family for generations? Will it appreciate in value? (ie - could it become something with even greater value to your children)

If the answers to these are all no, I would sell it without hesitation. In fact, it would take quite a lot for me not to sell it. I'm sure your grandmother would rather you had the opportunity to improve your life rather than wear a ring/necklace etc every so often (and particularly if it's going to cost you money to keep it, through insurance)

I would get a sale valuation before you make a decision, but there's nothing wrong with selling of that is what you decide.

Yep- in reality how often are you going to get it out to look at it? its going to bring value to your life far more if you sell it.

Life is about experiences and living, not about a piece of jewellery gathering dust in a safe.

I used Fellows in London for some things I inherited that had antique value as well as the stones/ gold etc.
I got a fair price but nothing like the price they would retail for in a jewellery shop ( as they have to make a margin).
Recently I went to Hatton Garden and sold a diamond ring with an antique specialist and visited several places before accepting his offer .

www.fellows.co.uk/

Lots of good points! To answer a few qs:

It's not something I remember her wearing - my grandfather liked buying her jewellery so she had a fair bit, some of which was sold after her death 30 years ago (and I know my mum always regretted doing that which may be clouding my judgement a bit)

I'm the only remaining 'direct' female relative. Dad is doing his own version of Swedish death cleaning, I think, and getting rid of stuff 😕. My db has had an expensive watch in this 'clear-out' and his wife has been given a ring.

It's very beautiful but big, obvious and I think I'd feel nervous wearing it. We are in a bit of a rough area 😂

Could you get it remade into something you would wear? .50 grand though😳

Have you considered having it remade? You could use the metal to make something for you and sell the stones. Or keep some of the stones and the metal. Or break them all down, make something you love out of the parts and then sell the surplus stones.

The 3-4 pieces coming to around £8k wouldn't make any difference to our insurance as long as nothing is individually over around £3k. We haven't got anything anywhere near that, other than I suppose the car and even that's debatable, so it's never worried me.
The £50k the insurance company would need to be informed, but I'm not sure how much more it would cost.

I would sell the 50k ring. And I’d wear the other three.

Im sure your grandmother would be happier to see you mortgage free and enjoying your retirement

To get it covered on insurance, they may specify all sorts of conditions like keeping it in a safe when not worn, or having a functioning burglar alarm system, or not being covered if it is worn out of the house and so on, as well as charging you a hefty premium.

My mother had a huge diamond solitaire inherited from my grandmother that she barely wore because of the insurance conditions - I just don't see the point in having something like that.

Unless you love it, I would just sell it.

It's basically one large stone so doesn't lend itself well to being re-set or changed. I don't actually really wear jewellery anyway (but could be persuaded...!)

The consensus here seems to be to sell. Ugh, I don't know. Dh would be after a campervan with the proceeds 😂

Is it a wearable piece or tiara or a huge Princess Kate style necklace or whatever?
Would you ever wear it? If not, consider selling.

Take it to an auction house or dealer for get an appraisal not for insurance purposes (which will be way more). You will probably only get half that at a sale.

I was given a diamond ring which I couldn't even justify the cost of insuring - but to be honest I wouldn't replace it even if it was lost or stolen as I don't particularly love diamond jewellery, just the fact of who it belonged to. So I just wear it uninsured; I figure it's probably as safe on my finger as anywhere else, given that I never take it off.