Institute of Registered Valuers warns of hoax valuations

Following a warning in April 2012 the IRV has continued to receive reports that a small number of valuers claiming membership of the IRV have been valuing goods for both customers and retailers.

IRV co-ordinator Sandra Page has issued a warning, stating: “Valuers wishing to become NAG Institute registered valuers are required to follow a stringent course of training and prove their abilities before they can become IRVs.

“Because of these requirements many insurance companies now only accept valuations that have been produced by NAG Institute registered valuers. However, this has resulted in some non-IRVs saying that they are IRVs or ‘registered valuers’ when they are not.

“As one of the few major bodies recognised by UK insurers,” she continued, “an incorrect valuation by someone claiming to be a member of the IRV could be the difference between a successful claim and the loss of a valuable piece of jewellery, with no recourse for the customer or jeweller in question.”

The NAG recommends to its members that they only use an IRV to do their valuations and have urged anyone using a valuer who wrongly claims membership of the IRV to contact the Association.

You can check the status of your valuer on the IRV website at www.jewelleryvaluers.org or telephone IRV co-ordinator Sandra Page on 029 2081 3615.