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'd sell it. Family wouldn't want you to sit on something you would be scared to wear when it could be a life changing thing.

£50k into a pension scheme
Or £25k off the mortgage & £25k into a pension
Would make a huge difference to you medium- long term finances.
The pension investment would be a particularly good move for you if you've had time out of work/work part time due to children

You're not going to get anything near to 50k selling it. So not sure why people are saying pay off mortgage etc. Personally I couldn't sell it. A lovely piece handed down from my grandmother which has significant value? Nope. A camper van instead? That will depreciate really quickly IMO. Are there not younger generation family females who could potentially get it from you at some point? Also you'll never ever have a piece this nice again if you decided to buy new.

If you're near a large city then a safety deposit box might be cheaper than insurance.

If you can use it to improve your financial situation, that's a lovely gift from your grandmother.

I acquired a watch many years ago. It turns out that the replacement cost is 40K. I can't afford to fix it, although it kind of works. I'm afraid to wear it. I feel I'm stuck with it, as I don't think I can sell it.

If I was your nanna I would want you to sell it and be delighted it made such a huge positive impact on your life…xx

Bear in mind, insurance valuations are what the item would cost to replace . The resale value is approximately 50% of that. So you would have(max) 29k not 58k. Even so I would advise you to sell if you can't justify the cost of insurance...ordinary home insurance limits any 1 item to 1500 and may not pay out at all if you haven't declares items of significant value.
Don't worry about other people. 1. They don't need to know values or what you do with the items. 2. They were left to you

Very much this. Sorry to disappoint but this is very true..

This.

@BitShellshocked I think my DD may end up with a similar problem when I die, so this would be my advice to her...

If you can use the money to create wealth for you or secure your finances, sell it. If you are going to use the money to pay for a car or just to live, don't sell it. The money has to work for you and not just cover normal life costs ergo live within your normal means, use the money for long term financial wellbeing.

Hope this helps x

If you are only going to put it in a safe and never wear it then I would sell it and do something useful and memorable with the money in honour of your Grandmother, you will always remember being able to do that thanks to her and that is a far better way to remember her and probably what she would prefer.

Don’t buy a camper van as it’s a depreciating asset which a ring isn’t.

Also - the insurance won’t be that high. My house insurance plan covers 100k worth of jewellery (mostly inherited) and it’s only £600 pa.

I won a £10K piece of jewellery years ago that I've not been able to sell for love nor money.

You could appear on antiques roadshow with that. Or the repair shop on telly. That would be fun.

Then sell it.

If you sell take a photo first, including wearing it.

I'm a sentimental fool and I'd sell it.

During lockdown when we were all going to die I looked at the lovely huge diamond earrings MIL left me and said to my two sons that they could have one each for an engagement ring.

we got them valued at an eye watering sum but when it came to resale it was a modest but much appreciated few thousand.

Neither wanted the diamond for an engagement ring.

Why keep something to sit in a drawer? Life too bloody short.

If you want to know what you’d get for it if you sold and it’s an antique diamond or significant stone (which it sounds like it is) then I can recommend a fantastic honest dealer for quality items. She knows her stuff and won’t mess you around and will tell you straight what you’d get for it (evrn if you don’t sell it via her). Drop me a line and I’ll pass info on.

I inherited some family jewellery, made by an ancestor who was a master jeweller. I had it valued and since then it has sat in a bank vault. Sad really, I never wear the pieces. They’re mostly cameos and not easy to wear with modern dress.

Lovely problem but you now need facts, ask your insurer to give a premium cost to insure it, they’ll want the valuation and probably a claw/setting inspection, then perhaps get another quote. Then go to a couple of dealers and find out what they would give you if you sold it to them. Then you can make a decision. I’d keep it, but that’s me not you as you’re no worse off than the day before you inherited it, but I get that some funds could allow you to do/ have things you didn’t before. The ring should go up in value too over the years

I’d sell it too because I’m not keen on jewellery.

Please can you show us a photo of the ring? I do so love jewelry.

What makes an heirloom? My (unworn) jewellery box contains several items that have been handed down and some inherited over two or more generations. IMO, personally, I don't think a piece of jewellery is an heirloom unless it's something historic that's worn for a portrait by a distinguished painter for example.

DH's late grandma's engagement ring, a nice quality 1920 diamond solitaire from Mappin & Webb, valued for insurance at £4.5k, doesn't suit me and I wouldn't ever wear it, but I shall keep it so that when DS wants to marry, he can use it as a token to pop the question, but with the proviso that he and his bride can sell it (grandma's joke was that you could always sell it and buy a pig) or bring it up to date and have it remade in a more contemporary style.

I do like, enjoy and buy jewellery. But I like modern jewellery which suits me and my style, and which I know is Marmite. My sister wouldn't wear anything I love, and I wouldn't wear anything she wears, but we can admire the beauty and craftsmanship. Gems are the only thing men mine from the earth and make more beautiful.

With a piece valued for insurance at £50k, I think I'd be asking for a sale appraisal from two or three of the smartest jewellers, with interests in antiques, in each of the three largest towns/surrounding counties around you. Make appointments, don't pay for valuations and take your time, having nice days out. If all of them tell you about the same price, then that's reasonable. They might have it in their inventory for several years before selling it and the cost of capital has to be considered.

But don't buy a campervan: hire one, and hand it back.

Remember the value it is insured for is not the same as the value you could sell it for. It’s the cost to replace it. That said, it’s still obviously worth a pretty penny.

If you don’t intend to ever wear it but it has some kind of sentimental value, perhaps get a copy made to remind you of your grandmother. Either way, I would be selling it for five figures.

I used to think my high value jewellery items drove up my insurance. When I moved to a new insurance company a couple of years ago, they asked for an up to date valuation within a certain time. My trusted jewellers weren't able to complete it in time so the items were taken off the policy and the premiums adjusted accordingly. The difference in premiums was really small. When I got the valuation and added the items back on, the difference was insignificant. If you think you will make use of this piece of jewellery, keep it.

Won't it a,ready have been subject to inheritance from when her parents were bequeathed it? And its a gift