When it comes to jewellery insurance, you need to know that the item that you’re insuring is exactly what it’s supposed to be. One way of doing this is by taking a look at the hallmarks that may be present. Certainly, at the time of investing in a new piece of jewellery, it’s vital that you know just what you need to be looking for.
What are hallmarks?
Jewellery insurance is something that will vary depending on the item that you’re looking to protect. If your jewellery is made of precious metal, then a hallmark can give you peace of mind. We’re going to explore just what hallmarks mean and what you should be looking for when it next comes to investing.
Hallmarks exist to give those buying precious metals a guarantee that what they’re purchasing is pure. They are official marks that are struck only on items that are made from the following precious metals:
Just how important are hallmarks?
Hallmarks are hugely important because they are there to protect consumers. The precious metals that are required to be hallmarked are extremely valuable and that means that there is a high risk of fraud. Criminal gangs have the ability to try and fool innocent buyers with items that aren’t the real thing. If you take a look at a gold piece of jewellery, it’s very easy to take a non-precious metal and simply plate this with gold. This would give it the feel and the appearance of the real thing but it would be nowhere near as valuable.
When sight and touch alone aren’t enough to verify the ‘fineness’ of a piece, consumers and suppliers are left in a vulnerable position. This is where hallmarks come in as a method of providing that a piece is genuine.
Who is responsible for adding a hallmark?
Given the fact that hallmarks are incredibly important, there are restrictions in terms of who can hallmark precious metal. When exploring jewellery insurance and locating the hallmark on your piece, it will have been added by the Government Assay Offices.
These Assay Offices ensure that precious metals are tested so that their levels of purity can be ascertained. These tests mean that you can be sure that any hallmarked piece is genuine and that you can avoid buying fakes. The hallmark will only be applied if the precious metal meets the legal requirements.
Need help protecting your hallmarked jewellery?
If you have a piece that you now know is made of precious metal, you may well want to seek out specialist jewellery insurance to ensure that your item is adequately protected. At Eagle Oak Insurance, we’d be delighted to provide the protection that your jewellery deserves. Simply get in touch and let our experts save with you just what your options are.
For a jewellery insurance quote, please contact us at 01202 440350.
