Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

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

298 replies

BitShellshocked · 31/05/2024 17:05

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?

OP posts:
Gettoachiro · 31/05/2024 23:04

I am sentimental but I would sell it. If I was in a similar situation I'd be afraid of wearing it now in case it was lost or stolen and what's the point of it just sitting in a safe.

Sell it and use the money to do good things for yourselves.

ArnottL · 31/05/2024 23:05

Would never sell it. Ever.

Linearforeignbody · 31/05/2024 23:06

You don’t have to insure it.
You didn’t pay anything for it and if it were stolen it would be replaced with something of no sentimental value.
Either wear it and enjoy it, or sell it.

Interested in this thread?

Then you might like threads about this subject:

Clothing
Epidote · 31/05/2024 23:08

I would sell the 50K and keep the other. Can you do a replica in cheap? For the sentimental value.
I can get mortgage free with that money. I definitely would be selling the most expensive piece.

Saschka · 31/05/2024 23:10

Cofaki · 31/05/2024 17:09

But also, I would wear it and enjoy it.

There’s no way I’d leave the house with a ring worth £50k on my finger! I’d be terrified of losing it or attracting a mugger.

Fatotter · 31/05/2024 23:12

I don’t wear jewelry and I am not sentimental. I would sell it.

Tylot · 31/05/2024 23:12

Cofaki · 31/05/2024 17:09

But also, I would wear it and enjoy it.

Definitely this for me too!

35mph · 31/05/2024 23:17

My mil is an artist and has some pretty valuable pictures on her walls. Not hers, but semi famous artists. Maybe 5k to 20k per picture.

You can tell I'm only interested in the monetary value. So shoot me.

They hold significant memories and reminiscence of his childhood.

She wants to leave the most expensive one to him. (Prob will fetch about 20k)But we both know we would just sell it because we need the money.

His mother would be gutted that we sold it. But then again, if someone wants to pay 20k for it then they'll look after it better than we will. I would not want it on any wall in my house really. But we'll see.

35mph · 31/05/2024 23:17

There’s no way I’d leave the house with a ring worth £50k on my finger! I’d be terrified of losing it or attracting a mugger.

Me too

OvalLemon · 31/05/2024 23:17

Sell it, otherwise you pay a large amount of money (probably over a thousand) each year to insure it to sit in a safe and never get worn. Plus you’ll stress every time you go away that somebody might break in and steal it.

Ohmyfeet · 31/05/2024 23:21

Insure it then lose it. Obviously. 😜

goneaway2 · 31/05/2024 23:23

It's never going to go down in value. Keep it for now, can you put it in a bank safe?

LadyPoison · 31/05/2024 23:23

BitShellshocked · 31/05/2024 17:05

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?

Unfortunately the insurance valuation is not a true reflection of the value of your jewellery. It's the theoretical replacement cost.

Go back to your jeweller and ask him what he would give you for it if you wanted to sell it. Most second hand jewellery is sold at just above scrap value unless it is truly special. This sounds like it might be but it will be interesting to see what it is worth to the trade. I bought a beautiful Victorian18ct gold ring set with diamond chips the other day. I paid £80 for it which is about the value of the gold.

Sasqwatch · 31/05/2024 23:25

TwattyMcFuckFace · 31/05/2024 17:09

The insurance value and resale values are normally very different.

This

RogueFemale · 31/05/2024 23:27

Sell. It isn't any sort of dilemma.

Crispynoodle · 31/05/2024 23:28

Sell it and have a lovely time! Buy another cheaper Jewelrey piece to remember her by. Every time I watch antiques roadshow and people are given staggering valuations they all say they are keeping the item in the family. Why have something gathering dust when you could do something great with the cash

35mph · 31/05/2024 23:30

Sell it to somebody who wants it. You don't you just want the money.
Nowt wrong with that.

BamBamHam · 31/05/2024 23:32

Cofaki · 31/05/2024 17:09

But also, I would wear it and enjoy it.

I couldn’t enjoy wearing something so valuable! I’d also be worried constantly it was going to get stolen from the house.

NewName24 · 31/05/2024 23:32

I would sell it without a second thought.

IamSallyBowles · 31/05/2024 23:35

was in a similar position with some of my grandmother's jewellery - not to the same scale, but a few bits added up to a few hundred and one item was worth a few thousand.

A friend said that it wasnt something I was attached to, that my grandmother would rather see me use the money than hold on to a ring with no particular sentimental value and, as a keepsake, to just keep hold of something I liked that meant something to me.

I was never going to wear any of the jewellery and what was the point in it sitting in a box?

So I kept a pretty silver art deco lipstick and powder holder that looks nice on a shelf and sold the rest. I have no regrets, we needed the money and we had a lovely family holiday on Granny.

Keep something, but sell the rest and use the money for something she'd have enjoyed you using it for.

35mph · 31/05/2024 23:38

I can't imagine anything much better than being left a valuable piece of jewellery that's worth a lot of money. I would sell it because I do not need the jewellery but I do need the money.

And I'm late 60s, the boomer generation, who are all supposed to be loaded
to the hilt with money and generous pensions. Well, I am not.. A lot of us are not. Our income doesn't match our outgoings so a cash injection would be welcome.

50k would be the answer to all my worries.

Letsgocamping67 · 31/05/2024 23:41

I inherited jewellery from 3 female relatives but nothing I could or would wear so I sold it and bought a lovely garden furniture set for all the family to use as we love bbq’s etc and I thought that was a nice use for it.

35mph · 31/05/2024 23:45

I inherited jewellery from 3 female relatives but nothing I could or would wear so I sold it and bought a lovely garden furniture set for all the family to use as we love bbq’s etc and I thought that was a nice use for it

That's a perfect use for it. Can't think of anything better

MoonKiss · 31/05/2024 23:50

I’d sell if I didn’t even know it existed, it has less sentimental value than her everyday rings.

You really need to get a proper valuation from somewhere like GIA (a good jeweller or antique dealer should be able to help you with this but do your homework) and then approach reputable dealers or auction houses to sell. Depending on the quality and condition and possibly identifying where it’s from, you could get more than that for it.

Sgtmajormummy · 31/05/2024 23:54

IMO “sentimental value” expires when nobody remembers the person it belonged to.
After that it’s worth what you can get for it.

I feel that way about DGM’s engagement ring. I love it (mine is intentionally in a similar style) but I intend to offer it to DS if and when he finds the right person to do whatever he wants with it.
DD will get mine.

Swipe left for the next trending thread