How Jewelry is Valued in a Succession

“What are these jewels worth?” In a succession, the answer is not solely a matter of market value: it follows a hierarchy set by Article 764 of the French General Tax Code. Understanding it allows heirs to choose the fairest — and often least costly — path.

1. Public Sale Within Two Years

If the jewelry is sold at public auction within the two years following the death, the net price obtained is retained as the taxable value. The rule has a logic: the market has decided.

This is a transparent route, but it has its constraints: sale deadlines, auction house fees, and the unpredictability of results — a piece may remain unsold or sell below its estimated value. We detail the differences with direct purchase on our page dedicated to auctioneers.

2. Inventory Within Five Years

In the absence of a public sale, the value stated in an inventory drawn up within five years of the death is retained. This is the most common route for jewelry: each piece is described, weighed, characterized, and then valued.

It is also the most controllable: you know what you are declaring, you keep the jewelry if you wish, and you have a legally enforceable document. Our written appraisal precisely serves this purpose; it is frequently requested by notaries, and we have written a guide for them: jewelry appraisal for notaries.

3. Estimated Declaration by Heirs

In the absence of the first two, the law retains the detailed and estimated declaration of the parties. This is the most exposed route: without an expert opinion to support it, a value stated “by guesswork” is difficult to defend in the event of a tax audit.

The Insurance Floor: The Often Forgotten Rule

For jewelry, gemstones, and works of art, section II of Article 764 adds a constraint: if an insurance contract against theft or fire covering these items was in effect on the date of death, and was concluded less than ten years before the opening of the succession, the declared value cannot be lower than that stated in the contract. When several policies coexist, it is the average of the valuations that serves as the basis.

Practical consequence: before declaring, one must know whether the jewelry was insured, and for what amount. We devote an entire page to this point: insurance and declared value.

Insurance Value, Market Value, Buyback Price: Three Different Figures

This is the most common source of misunderstanding in our consultations, and it deserves to be clearly stated:

• Insurance value corresponds to the replacement cost new at a retail store: it is the highest figure;
• Market value is the price at which the item actually trades second-hand: it is the reference for a succession;
• Buyback price is what a professional offers immediately in cash.

The same jewelry item may thus be “insured for €30,000,” “valued at €14,000,” and “bought back for €11,000” without any of these figures being wrong: they answer different questions. For the declaration, it is the market value at the date of death that matters — subject to the insurance floor mentioned above.

Updated on July 24, 2026 — rates and allowances may change with each Finance Act.