How to Become a Jewellery Valuer by Peter Buckie 8 June 2003

HOW TO BECOME A JEWELLERY VALUER

Peter Buckie takes a look at what is involved

1.00	Employment
1.01	The first thing really is to get in on the ground floor and seek full time or part time employment either with a prestigious retailer, preferably in central London (Bond Street, Knightsbridge, Kensington etc) and if at all possible one that has a jewellery valuation department, or alternatively with an Auction House (Christie's, Sotheby's, Bonhams). Personally, I believe the Auction House is the very best route and the one that I wish I had taken when I was in my early twenties instead of the retail one I embarked upon. The beauty of the Auction Houses is that they handle such a vast quantity of diverse goods that one can't help but learn quickly. The down side is that they are inundated with requests from young interested bright people who are willing to work for NOTHING just to get the experience and to have the kudos of working for Christie's, Sotheby's etc. So this field is far more difficult to get into.
1.02	If full time employment is secured, I consider that the minimum time needed to grasp the essentials is probably five years in a retail environment or three years in the Auction House scenario. Obviously, if one only secures part time employment in either of these situations, the periods mentioned will need to be extended accordingly.
1:03	Obviously, another possible route would be to try and seek employment with an established jewellery valuer. However, there are only approximately fifty independent registered jewellery valuers in the UK and most of them, like me, are in business in a very small way. Consequently, they cannot afford either the time or the money to take on a novice who, until he/she can be productive and earn their keep is a liability. Speaking from experience, I have in the past taken on several student valuers but most of them have either lost interest when they realise just how much background work there is to learn and/or when they finally did learn enough to be of real assistance to me they have then gone off on their own. Not a very rewarding experience for me.
2.00	Acknowledged Education & Training/Qualifications
2.01	To become a competent professional jewellery valuer is perhaps generally considered as reaching the apex of the jewellery industry. As such, one has to have an in depth knowledge of and training in all aspects of the industry including gemmology, manufacture, wholesale, retail, auction etc and in the new, secondhand and antique fields. In the UK, there are several training courses available in respect of jewellery/gemmology but on the valuation side there is really only one. All these courses are important and participating in one or more of them is essential.
2:02	National Association of Goldsmiths (NAG) - arguably, NAG is the most established professional body offering training in general jewellery education in the UK. The Association runs several diploma courses (mostly distance learning courses with 'hands on' sessions) for students from the very novice to the experienced jeweller. To my knowledge they do not run any residential courses. The Association's telephone number is 020 7613 4445.
2:03	Gemmological Association of Great Britain (GA) - on the gemmological side, the qualification that is the undisputed pinnacle of gemmology training in the world is the FGA (Fellow of the Gemmological Association) and this ordinarily is a two year distance learning diploma course, again with 'hands on' sessions. The FGA course most definitely has a scientific bias and the commercial aspect of gemstones is not contemplated in any major way. I do believe they now offer the FGA course as a six or nine month intensive residential course as an alternative. Another diploma course offered by the GA is one specifically related to diamonds and this is termed the DGA course. This is a one year distance learning course with 'hands on' sessions and it is not advisable to embark upon this course unless one has completed either the Association's own FGA Course and/or the Gemological Institute of America's (GIA) Graduate Gemologist (GG) course. The telephone number of the GA is 020 7404 3334.
2:04	Gemological Institute of America (GIA) - another heavyweight contender that cannot and should not be ignored in jewellery and gemmological education. The Institute has recently opened a Leaning Center in London and, of course, their diverse training courses in all aspects of jewellery/gemmological education are very well renowned worldwide. There are several countries one can choose from to study with GIA and they offer distance learning and/or residential courses. GIA, of course, is the undisputed world leader in the grading of diamonds and their 'Certificates' (termed Diamond Reports) are universally recognised and accepted as being reliably accurate. The Institute's courses are exceptionally well researched and written and professionally presented. Coupled with their global presence and their extensive research resources, GIA is probably considered as the world's foremost source of education in the jewellery and gemmological industry. To my knowledge the Institute does not offer any courses in respect of jewellery appraising but they most certainly do run courses on Diamond Grading, Colored Gemstone Grading and Pearl Grading - all essentials for the trainee valuer. The telephone number of GIA London is 020 8265 1304.
2:05	Comment - It is generally considered that, as well as being educational academically, GIA's courses tend to have a commercial bias - in my view, essential for anyone who is either already working within the trade or is contemplating embarking upon a jewellery related career. Using my own terminology, I consider that GIA teaches 'commercial gemmology' whereas GA teaches 'scientific gemmology'. Far be it from me to say which is the 'better' - personally I believe the two courses do not, in fact, compete with each other but do, in essence, complement each other. Whenever giving advice to young people wishing to become valuers, I normally recommend that they take the GG course initially and then go on to take the FGA course and finally the DGA course afterwards. The essential characteristic of jewellery valuation is one that it is a continual learning process and, of course, the more courses and seminars one can take the better. My own jewellery valuing training started over forty years ago and I am still learning today. This takes me on to my penultimate section on education and training for the aspiring jewellery valuer.
2:06	NAG Registered Valuer Status - as mentioned in paragraph 2:01, in the UK there is really only one recognised course specific to jewellery valuing. In 1987 the National Association of Goldsmiths (NAG) launched their Registered Valuer Scheme. NAG's Registered Valuers has done more than anything/anybody else to improve the standards of jewellery valuation in this country and I am very proud to have been associated with part of its introduction and development. Currently, there are approximately 500 NAG Registered Valuers in the UK, including the 50 or so independents (or 'trade' valuers as the NAG calls them) mentioned in paragraph 1:03. Full details on how to apply for membership are available from NAG but, quite correctly, there are certain criteria to be fulfilled as requirements before membership can be granted and some form of entrance 'examination' needs to be passed. Therefore, membership is not possible for the novice valuer. However, NAG do offer a distance learning course for aspiring valuers and 'hands on' classes which teach basic methodology and valuing techniques. Also, for those valuers who wish to gain a 'professional qualification' NAG does now offer a diploma course in this respect but before embarking upon this course it is, in my view, essential to have firstly learned the basics and already be a proficient practising valuer. Unfortunately, learning to become a jewellery valuer can be likened somewhat to learning to play golf. To do the latter, one needs to actually play and practise golf and to do this it is essential to play on a golf course. However, most golf courses will not let you play unless you can prove that you have a handicap - something you cannot achieve unless you've played consistently on a golf course!
2:07	Finally, to complete this section on education and training I must mention the most important factor in this respect, which I consider to be 'experience in the market place'. Whilst courses, seminars and professional qualifications are all essential for the modern day jewellery valuer, the one thing that cannot be 'bought' or substituted is 'experience'. It is paramount, in my view, that all jewellery valuers get out into the market place and experience actual transactions, 'hands on' dealing and pricing in their own specific geographical areas. This will most definitely include attendance at auction sales, flea markets and antique fairs, and general 'window shopping' in high street jewellers. Even if working in a retail or auction house environment, it is not enough to place values on jewellery based simply upon the pricing structure of one's own particular store or firm. Value can be very different from price and although the two are inextricably linked, the former is normally based upon an average of numerous prices which reflect different margins and pricing structures in different retail scenarios. Even though there are excellent pricing resources now open to the valuer (see paragraph 3.02), a valuer cannot simply take these in isolation, as by doing so one can easily become what I term 'an academic jewellery valuer' and arrive at values that bear no resemblance whatsoever to prices in the 'real world'.
3:00	Pricing Guides
3:01	Most jewellery and silverware appraisal involves a consideration of the metal itself, the quality of gemstones, the standard of workmanship, the type of manufacture, the maker/designer, rarity and/or provenance. Condition and originality are also important factors, as is the degree of any repairs/restorations and the element of design, which, in itself, is governed by trends and changes in fashion. Each one of these components needs to be researched, assessed and calculated. Whilst it is true that generally the cost of skilled labour always rises, the prices and values of the other components mentioned can fluctuate greatly depending upon their availability and desirability.
3:02	There are now numerous sources where valuers can obtain pricing information. Apart, of course, from 'surfing' the internet, there are several publications and periodicals, which are essential pricing sources for the valuer. These include, The Guide (diamonds, coloured gemstones & pearls etc), Rapaport Diamond Report, Registered Valuer Diamond Price Guide, Diamexpress (diamonds & coloured gemstones) and Palmieri's Market Monitor (diamonds, coloured gemstones & pearls), to mention a few. These pricing guides are invaluable aids but it should be remembered that they are 'guides' only and can be very misleading if not interpreted correctly by experienced valuers. Additionally, no valuer's collection of such pricing guides is complete without the mandatory collection of auction sale catalogues and the subsequent 'results' sheets wherein one can check the actual 'hammer price' against the initial auction estimate recorded in the catalogue.
4:00	Equipment, Instrumentation, Security, Insurance & Data Protection
4:01	It never ceases to amaze me that some people practise (if that is the word?) jewellery valuation with hardly any gemmological equipment whatsoever. I am on record as continually stating that 'one cannot be a good carpenter without a good saw'. This analogy most certainly applies to jewellery valuers. I am not going to list here all the numerous 'necessary' pieces of equipment - suffice to say, I think, that the very basics, in addition to the mandatory loupe and diamond gauge which no self respecting valuer is ever without, should include a binocular microscope, a refractometer, an ultra violet source, a diamond daylight grading lamp, a Leveridge gauge, a spectroscope and a polariscope. Another essential 'piece of equipment' is a certificated set of Master Diamonds for colour comparison purposes.
4:02	Almost all modern day jewellery valuations now include digital images of the pieces appraised. Consequently, it is important to have a good digital camera and a controlled lighting source. Several are available. My own include the Image Dome used in conjunction with a Nikon Coolpix 990 Digital Camera, the Gesswein Computer Imaging System linked to a Sanyo VCC-3770 colour video camera and a Sony Digital Mavica FD Drive Camera. The latter is used primarily for when I undertake 'on site' commissions e.g. bank vaults, solicitor's offices, private homes etc,.
4:03	Again, it never ceases to amaze me that some valuations, even today, are handwritten. This is most unprofessional and is frowned upon by any self respecting valuer. Accordingly, a computer, or word processor at the very least, is essential. Furthermore, there are now several valuation software programs available, mostly from America, and many jewellery valuers use these on a day to day basis. I must confess that I do not. I have tried several of them and they do not suit my own particular way of working neither do I find them particularly suitable for the type of jewellery I tend to value. Also, I have never found them to be time saving in any way, shape or form. Other well known valuers use them and swear by them and so, it's possibly me being very old fashioned!
4:04	Security is also a nightmare for most valuers, as, unless work is only being carried out at other's premises, a satisfactory alarm system and secure good quality safe is a requirement. Both of these considerations are a considerable cost factor when setting up as a valuer.
4:05	Adequate insurance cover is a must. Clearly, not only should a suitable overall limit be negotiated for when jewellery is in the custody of the valuer but a reasonable amount in respect of cover for Errors & Omissions (Professional Indemnity) is also paramount. Insurance cover is anything but cheap but it is a necessity.
4:06	The Data Protection Act is a very real consideration and all jewellery valuers need to be registered under it. Hard copies of Valuations need to securely stored and electronic information suitably protected by Firewalls and the like. Records should be kept for a minimum of five years and there needs to be a disaster recovery programme in case of data 'losses'. Incidentally, I personally still have a copy of every Valuation I have undertaken since 1973.
5:00	Reference Library
5:01	This is another source of my concern. So many so called valuers possess only a handful of reference books. In my view, it is essential to have a good comprehensive library of reference books on a variety of subjects such as gemmology, jewellery, watches, silverware, and jewellery appraising as well as other related subjects. Far be it from me to dictate which books are 'necessary' but there are a few 'bibles' in these respects, which are the standard reference works. My own library extends to several hundred books, which I have collected over the years. For many years, I used to have a little 'deal' with myself. Whenever I was paid a 'worthwhile fee' I would always buy, at least, one reference book, as a reward.
6:00	Conclusion

I find being a jewellery valuer to be very gratifying and stimulating. It requires a lot of commitment in the early years studying etc, a considerable financial investment in respect of course fees, equipment and books etc, and ongoing monetary expense keeping abreast with technology as it develops, and for security, insurance, pricing publications and auction catalogue subscriptions etc. It requires a lot of discipline, especially in carrying out the necessary methodology in breaking down various component parts into manageable elements for stone weight calculation and subsequent pricing.

Financially, it is not particularly rewarding. I am on record saying that 'you'll never become rich being a jewellery valuer even though the perception is that you are' and I herewith re-iterate that statement. There are, of course, different ways of charging for your services but most professional jewellery valuers now employ a time based fee structure. However, whilst for some reason, being a jewellery valuer has a certain 'glamour' associated with it, because the majority of people think that you can just 'glance at a piece' and instantly give an accurate value, they are not prepared to pay 'fancy' fees. Although I do sometimes achieve very profitable fees, especially if I am involved in legal work or travel abroad on an assignment, my average fee per hour is probably no more than you pay your motor mechanic.

So why do I do it???? - because from a very early age I always appreciated beautiful things, no matter their nature. I've had a passionate love affair with jewellery for over forty years and it still holds a captivating fascination for me. I am never happier than when I am examining minutely a beautiful piece of jewellery, establishing its authenticity and researching its provenance and value.

One can even build a rapport with certain items of jewellery, especially if they are somewhat obscure. Sometimes, after I've researched and/or calculated the value of such a piece I am not convinced it is correct and so I conduct a little trick I learned from a former colleague of mine at Garrard, Brian Dunn, now Chairman of the NAG Valuations Committee. I place the piece on my desk and study it intently without any visual aid. During the course of the day I will go about my business and every now and again stop and study the piece again. To coin Brian's phraseology 'at the end of the day it will tell you its value' - and it does!! There is another little game I often play with myself. When I firstly look at a piece a figure magically comes into my head. I then set about the process of actually appraising it and when I finally arrive at a value I compare it to the original 'guesstimate'. Thankfully, on the majority of occasions I am in the same ball park. Neither of these practices is to be recommended, especially not for the inexperienced valuer, and you won't find such methodology in any text book.

As some valuers have found to their cost, a Valuation can now be regarded as a legal document and values ascribed to goods should be 100% justifiable. I have always conducted Valuations with an imaginary barrister on my shoulder questioning everything I do. In my view, it may be acceptable to get a value wrong but it is most certainly unacceptable to be negligent. It's all a bit of fun really and I suppose when it stops being so and I continually get the answers wrong, I'll hang up my loupe!

Peter R Buckie

January 2003