Surging gold price creates jewellery risk

PEOPLE are being urged to check how much their jewellery and watches are worth to avoid record gold prices costing them a mint.

- By Tim Stewart

Gold has surged to an all-time high of more than £2,300 per ounce tripling in value from less than £700 a decade ago.

The huge spike means that luxury items including wedding and engagement rings, necklaces and watches may be worth thousands of pounds more than when they were bought and insured.

Noel Summerfield, of insurer Admiral, said he has seen claims from customers who failed to update the value of their items since the 1980s with some pieces of jewellery increasing in value by over 700%.