While her Majesty is set to dust off her crown, scepter and orb in time for the sixtieth anniversary of her coronation this Sunday, more and more of us ordinary folk are dusting off our jewellery collection and getting our gems valued.

A recent report from personal asset lender Borro found that Brits are taking an array of dazzling diamonds and unique gems to be valued to cover the cost of their borrowing needs.

According to Borro, the average loan amount for these types of assets has risen by 173% over the past year.

The top London auction houses have also seen a glittering stream of blue blooded jewels pass through their halls. This month Sotheby’s sold a diamond tiara c1900s for £119,000 while in April, the Christie’s hammer came down on an art deco diamond tiara and necklace at £22,500.

While most of us will not have a trunk full of treasure, it is worth looking around your existing collection in case you’ve overlooked something worth more than you think.

Those in need of a quick sum to cover the costs of an unexpected expense, or support an irregular income may be able to source money through assets already in your possession, rather than take out a loan from a lender charging inflated interests rates.

Sam Lilley, head of valuations at Borro, points out that even something that you paid pennies for could be worth quite a bit: “I once picked up a pair of reasonably priced faux pearl earrings in an antique shop in London which I noticed after purchasing were in a setting stamped 750, the mark for 18ct gold.

“The gold alone in the lovely old settings these pearls were in was actually worth more than the price I had paid. So it is always worth checking necklace clasps and the inside of rings and bracelets for hallmarks as you never know!”

Lilley’s advice when it comes to gold: “As the saying goes, sell when it’s high and buy when it is low. The gold market has fluctuated over the past week and so my advice is to hold on to any gold you own until gold prices stabilise again.”

Here are a few top tips on what to look out for to spot a real gem:

• Check the settings – A lot of Victorian jewellery may not be hallmarked, so see if the metal it is set in is tarnished. If it is showing discolouration, then it is most likely plated jewellery, but if not then it may be a gold set piece. To find authentic jewelry items, you may visit shops like Museum of Jewelry.

• Check the stones items are set in – Again, this is easier than it sounds. Often, items which are set with paste or glass are quite easy to spot as they lack the “depth” of other gemstones and diamonds.

• Avoid pearls which are peeling – These will be imitation and not worth a thing.

• Do not turn your nose up at costume jewellery – You would be surprised at just how collectable some costume jewellery is, despite being made of synthetic materials.

Check for signatures. For example, Chanel and Dior jewellery will command high prices at places such as Kerry Taylor auctions as well as “Vintage” shops.

• Trust your judgment and like the piece – If you think something is decorative and desirable enough it’s more than likely that you will have a unique piece that will not be available on the high street. You may also check out the Gema & CO homepage for more jewelry options.

• Check for Hallmarks – This sounds a lot more complicated than it is but the fact of the matter is that if something is set in precious metal of either 9ct, 14ct, 18 or 22ct, there is instantly a value in this.