The Institute of Registered Valuers (IRV) was launched in 2008 by the National Association of Goldsmiths (now the NAJ), following on from their Registered Valuers Scheme.
The IRV is a professionally recognised body which gives valuers and valuations a higher profile and stronger recognition. The aim of IRV is to establish and maintain high standards in silver, watch and jewellery valuations, ensuring consumers receive the best possible service. Valuations today more than ever are required to be precise legal documents which your Insurer can rely on – Insurance fraud is sadly prevalent; therefore more and more insurers are turning to IRV’s for their professionalism, experience and high standards. IRV’s and the documents they produce follow a strict code of conduct, ensuring their documents will stand up in court if required.
The IRV has now become a world leader in silverware, jewellery and watch valuations and its membership is greatly desired by aspiring valuers. Currently, it has around 150 members and fellows across the UK, all of which have achieved the incredibly high standard set by the panel.
To become an IRV, the candidate must have a number of pre-requisites which are verified by the registration panel. Once they become a Member, they are closely assessed for the first year, then assessed again every five years to ensure they still meet the extremely high standards set by the Institute. The jewellery trade is a constantly evolving one – developments in technology mean new synthetics enter the market regularly (synthetic Diamond comes to mind!), along with different types of treatments on coloured gemstones. Keeping up to date with the trade is essential to make sure your items are assessed correctly – which is why the IRV’s Continued Professional Development is so important.
A gemmological qualification, such as the FGA, from the Gemmological Association of Great Britain (Gem-A)
A diamond grading diploma, such as the DGA from Gem-A
The Certificate of Appraisal Theory (CAT) from the National Association of Jewellers (NAJ) or the National Association of Jewellers Professional Valuers Diploma (PJValDip)
At least five years valuing experience
Once the above pre-requisites have been achieved the valuer must submit samples of their previous valuations to the panel. If these valuations meet the standards of the IRV, they are then invited to become a member
For a valuer to keep their ‘’IRV’ status Continued Professional Development (CPD) must be undertaken.
Sample Insurance and Probate valuations are required every five years as part of the IRV’s Monitoring Program. A panel of selected IRV’s review the sample documents, which are anonymously labelled to ensure no bias towards any member.
Once a Member has been with the IRV for three years, he/she is able to achieve Fellow status, providing they meet the criteria to do so. This involves achieving 85% or above in the monitoring program which must be undertaken after three years of membership.