The jewellery you love might be worth more than you thought - make sure it's properly insured

February is a celebration of everything you love - and that might include jewellery tied to memories and milestones. However, unlike that diamond heirloom, the value of these pieces isn't always set in stone.

Here's the problem. If your insurance cover still reflects an older valuation, you may get a much smaller payout if it's lost or stolen than what it's actually worth today. That's because insurance payouts are based on the insured value stated in your policy.

Why your jewellery may be worth more right now

Gold prices in South Africa have risen sharply. In 2025, the price of 24‑carat gold skyrocketed, and by February 2026, gold was trading at around R2,500 per 24-carat gram - much higher than a year ago.

This means that your gold jewellery likely increased in value, too, for example:

• A 9‑carat gold chain previously valued at R8,000 may now be worth up to R17,000, depending on weight and workmanship
• An 18‑carat gold chain valued at R15,000 a couple of years ago could now easily exceed R30,000, based on the 18K price rising to roughly R1,940/g

What is a jewellery valuation?

A jewellery valuation is a formal assessment done by a qualified jeweller or registered appraiser to determine the current replacement value.

It considers the current precious metals price, gemstone values, craftsmanship and design details, weight, and metal or stone purity. Valuations are usually done by reputable jewellers and registered appraisers (for example, members of the Jewellery Council of South Africa).

We recommend updating your valuation every year or so - and don't forget to request a written valuation certificate. Once your jewellery has been revalued, update your insurance cover to match the new value. This ensures your policy reflects the true worth of your items.

Discovery Insure members can send their policy details, the item to be updated, and proof of the new valuation to: insuremaintenance@discovery.co.za.

How Discovery Insure protects the jewellery you love

Discovery Insure's portable possessions cover ensures your valuables are covered when you take them out of your home. With this cover, your jewellery is insured for accidental loss or damage anywhere in the world. Along with jewellery, this cover also includes:

• Clothing
• Camera and media devices
• Computing equipment
• Mobile communication devices
• Watches
• Pedal cycles

You can choose how you want your jewellery insured.

Either opt for the insured value - where Discovery Insure repairs or replaces the item using a trusted service provider, up to your insured limit in your Plan Schedule.

Or opt for My Jeweller (automatically included in the Purple Plan) - where you choose the value shown on your Plan Schedule and use your preferred jeweller (often the original one).

Your jewellery represents stories, memories, and love. Making sure your cover reflects its true value is one of the best ways to protect the pieces closest to your heart. Update your valuations regularly, review your cover, and enjoy peace of mind knowing that your treasured items are safe.

To update your cover, call us on 0860 751 751 or speak to your financial adviser.

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