The precious metal has seen a surge in value, making it a tempting target for thieves. But what happens when your gold jewellery or luxury watches are stolen? If you’re not properly insured, you might be left with a significant financial loss. Luxury watches have become increasingly valuable, with Cartier soaring by 35%, Omega by 31.5%, and Rolex by 6.5% in just two years. The UK saw a significant rise in thefts, with £60 million worth of luxury watches reported stolen in 2024. Admiral Home Insurance has dealt with over 300 claims for watches stolen outside of the home, with two-thirds of these valued over £2,000 and specifically listed on policies. As luxury watches surge in value, thieves are targeting these items, with many homeowners unaware of the risks. Regularly reviewing your policy and valuations is crucial to avoid under-insuring your luxury items. The Royal Mint has seen a shift in its customer base, with Millennials now making up a larger portion of its database. In 2020, this age group made up 11% of customers, while today they account for nearly 29%. Market Insights Manager Stuart O’Reilly says: “Millennials are actually overrepresented in our database versus the wider UK population, suggesting strong future demand as they reach peak earning years. UK gold buying has traditionally lagged behind the USA, Germany, and Australia, but record bullion coin sales and our highest-ever number of customers indicate a major shift in attitudes.”
Over the past year, nearly 90% of The Royal Mint’s online buyers have opted to have gold delivered to their home, rather than storing at a facility. This shift has led to a 1oz gold Britannia coin now surpassing £2,000, making it essential to ensure that gold items and luxury watches are fully covered.

1. White and rose gold contain pure gold mixed with other metals, so their value is based on the cost of materials plus labour involved in making the piece.
2. Selling gold for scrap only gets you the value of the materials, not the work that went into making it.
3. When selling for scrap, it’s better to sell as a second-hand piece rather than to a scrap dealer.

To avoid under-insuring your luxury items, Admiral recommends the following steps:

Keep receipts and purchase documentation to track an item’s value.

Create an inventory and maintain a secure, up-to-date record, including high-quality photos.

Check your policy to ensure items worth over £2,000 are listed as ‘specified items’.

Store valuables securely when not in use, and consider storing items over £10,000 in a safe.

Update valuations regularly, especially if an item’s value changes.

“Gold prices have tripled in a decade – if your valuables haven’t been revalued in years, now’s the time,” says Noel Summerfield, Household Director at Admiral Insurance.

With many at risk of being under-insured, Admiral’s Contents Calculator can help determine the right level of cover for your luxury items. In some cases, an expert valuation may be necessary to ensure that your items are fully covered. Noel Summerfield emphasizes the importance of providing up-to-date valuations to your insurer to avoid financial loss.

1. Thieves target luxury watches, with many homeowners unaware of the risks.
2. Regularly reviewing your policy and valuations is crucial to avoid under-insuring your luxury items.
3. Millennials are making up a larger portion of The Royal Mint’s customer base, indicating a major shift in attitudes towards gold buying.

Stay ahead of the market with Admiral’s Contents Calculator, and ensure that your luxury items are fully covered. Don’t risk being left with a significant financial loss – take the time to review your policy and valuations today.