Sitting on a gold mine - Brits urged to check value of jewellery & watches as price of gold triples in a decade

• The value of gold has tripled (191%) in the last decade - soaring by £1,526, according to Admiral Home Insurance
• With gold prices surging by 45% since 2024, many jewellery items may now be underinsured
• Admiral’s data shows luxury watch brands like Rolex, Omega, and Cartier are outpacing inflation, with Cartier’s value alone jumping 35% in just two years
• With many insurers requiring jewellery pieces worth over £2,000 to be individually listed on the policy, Admiral urges owners to review their cover
• As gold-buying trends shift, Market Insights Manager at The Royal Mint, Stuart O’Reilly, shares expert insight - while Admiral offers crucial advice on protecting your valuables

Admiral Home Insurance is urging Brits to review their cover for gold jewellery and luxury watches as soaring gold prices could leave many valuables underinsured.

New data from Admiral and LMG Jewellery reveals gold’s value has tripled in the last decade - skyrocketing by £1,526. Just last year, gold prices surged by 45%, meaning many existing policies may no longer provide adequate cover.

The Golden Touch – jewellery and luxury watches climbing in value

Admiral is warning jewellery owners to have gold revalued as the correct amount of cover needed may have changed since they bought their jewellery, or last had it valued. Data provided by LMG Jewellery illustrates how much the price of typical gold items has increased in the last year:

Since items worth over £2,000 must be individually listed on Admiral Home Insurance, it’s more important than ever to check with your home insurer which items need specific cover.

The value of luxury watches is also outpacing inflation, with Cartier soaring by 35%, Omega by 31.5%, and Rolex by 6.5% in just two years. But as prices rise, so do thefts. £60 million worth of luxury watches were reported stolen in the UK in 2024, while Admiral alone dealt with more than 300 claims for watches stolen outside of the home in 2023 and 2024. Of these, two thirds were valued over £2,000 and specifically listed on policies - underscoring the need to regularly check valuations.

The Gold Rush – a rise in gold investment

As prices rise, The Royal Mint has seen a shift in people investing in gold, with a younger demographic making up a larger portion of its customers. In 2020, Millennials made up just 11% of its customer base - today, that figure has nearly tripled to 29%. Market Insights Manager Stuart O’Reilly notes:

“Millennials are actually overrepresented in our database versus the wider UK population, suggesting strong future demand as they reach peak earning years. UK gold buying has traditionally lagged behind the USA, Germany, and Australia, but record bullion coin sales and our highest-ever number of customers indicate a major shift in attitudes.”

Over the past year, nearly 90% of The Royal Mint’s online buyers have opted to have gold delivered to their home, rather than storing at a facility. With a 1oz gold Britannia coin now surpassing £2,000, many may not realise the insurance implications. As is the case with gold jewellery, coins or bullion bars worth over £2,000 will only be covered if specified on your insurance policy.

The Golden Rules of Insurance

With many at risk of being underinsured, Admiral is providing expert advice to ensure gold items and luxury watches are fully covered:

• Keep receipts – Store purchase documentation to track an item’s value.
• Create an inventory – Maintain a secure, up-to-date record, including high-quality photos stored safely, such as in the Cloud.
• Check your policy – With Admiral Home Insurance, any item worth over £2,000 must be listed as a ‘specified item’, and if you take the item out of your home, make sure you have selected appropriate cover.  Personal possessions cover is needed for protection for any item, below £2,000, to be covered away from home. Other insurers may have their own thresholds and requirements.
• Store valuables securely – When not in use, keep items in a lockable box. Some insurers require items over a certain value to be stored in a safe. Admiral requires jewellery, items containing gold and watches worth over £10k to be stored in a safe.
• Update valuations – Most high-street jewellers and specialists like The Guild of Valuers & Jewellers offer valuation services. If an item’s value changes, submit an updated document to your insurer.

Noel Summerfield, Household Director at Admiral Insurance, emphasises the risks of underinsurance:

“Gold jewellery and watches hold both financial and sentimental value, so you want to ensure they’re fully insured. Providing up-to-date valuations to your insurer is essential so if you do have to make a claim for theft, damage or loss, you will be covered for the full value of your items. If something is undervalued, insurers might not pay out its full worth. 

“Gold prices have tripled in a decade - if your valuables haven’t been revalued in years, now’s the time. Depending on the value of your item, your insurer may need you to provide proof of how much it’s worth when you add it to your policy. However, it’s also important to make sure you check the value of your item regularly and if it changes, you should update your policy to make sure you’re fully covered. It’s easy to get an updated valuation, some high street retailers will offer it as a service and the National Association of Jewellers website has a find a valuer page.

“We don’t want anyone caught off guard by rising prices. Our Contents Calculator can help determine the right level of cover, and it’s always best to have an expert revalue your gold - especially since items worth over £2,000 must be specified on Admiral Home Insurance policies.”

Learn more about insuring your gold jewellery, engagement rings, and other valuable pieces to ensure they’re fully covered by visiting Admiral website.