Halifax Home Insurance has issued the warning after recording an 18% increase in claims for lost and stolen jewellery over the 12 months to February 2018.

While the average cost of an engagement ring stands at £1,500, Halifax pointed out that the price of diamonds has increased by 10%, while the cost of gold has risen by 30%.

Lynn Tones, fellow of the National Association of Jeweller’s Institute of Registered Valuers, Aurum Jewellers, commented: “The price of precious metals and stones fluctuates over the years, so it’s important to have your jewellery valued every two to three years by a professional accredited valuer.

“Over the last five years, many will be surprised to find out that the price of their wedding band increased significantly therefore it is important to have an expert to provide an accurate value of your jewellery.

With this in mind, it is important to make sure you have the right level of insurance in place for your jewellery, particularly engagement and wedding rings.

David Rochester, head of underwriting at Halifax Home Insurance, added: “For newly-engaged couples, engagement rings have both emotional and financial value. It is important that you have insurance in place.”

Five ways to protect your ring

Here are Halifax’s top five tips to ensure you protect your precious items.

1. Take photographs of your valuable items, as this can help insurers to process a claim more easily, or to help have the item recreated
2. Ensure you tell your insurer about a high value item, so that your ring is protected. Keep valuation certificates or receipts in case you need to claim
3. Do you need to take out additional cover to ensure you always have your most precious items covered at home and away?
4. Don’t leave your jewellery in conspicuous places like windowsills which can be easily reached by burglars
5. Keep your ring safe, either in a safe or locked cabinet and avoid ‘safe’ places, such as under the bed or in bedside drawers. These are the first places burglars look