The Importance of Diamond Jewelry Insurance

Protecting your diamond jewelry involves understanding your insurance coverage. Homeowner’s and renter’s policies often cover theft, but it’s wise to review if they also include damage or loss.

Verify your existing coverage

Start by checking with your insurance provider to see what your current policy covers. Many standard policies have limits on the amount they will pay out for jewelry claims. This may not be enough to fully replace a high-value diamond ring or necklace.

Additionally, your policy may not cover unset gemstones or antique jewelry. If you have a large or valuable collection, you may need to purchase a separate insurance policy designed specifically for jewelry.

Documenting your diamonds

To ensure you're properly covered, it's important to have detailed documentation of your diamonds. Keep receipts and take clear, high-quality photographs of each piece. Store this information in a safe place, separate from where you keep the jewelry itself.

The importance of a diamond appraisal

A diamond appraisal is a crucial document that provides a complete overview of your diamond's key characteristics, including its carat, color, clarity, and cut. It also includes details about the setting, such as the weight, purity, and style of the ring, pendant, or other jewelry piece.

The main purpose of a diamond appraisal is to establish the current market value of the diamond, which is essential for insurance purposes. If your jewelry is ever stolen or damaged, the appraisal will help you get the proper amount of money from your insurance provider.

The difference between an appraisal and a certificate

While a diamond certificate and an appraisal share some similarities, they serve different purposes. A certificate is like a "car title" for your diamond, providing detailed information about its specifications. An appraisal, on the other hand, is focused on determining the diamond's monetary value.

Unlike a certificate, an appraisal will include the retail value of the diamond, which can be higher than what you originally paid for it. This is an important consideration when insuring your jewelry.

Getting an appraisal

Not every jeweler or diamond company offers appraisal services, but it's a crucial step in protecting your investment. When you purchase diamond jewelry from us, we'll provide a complementary appraisal so you can have the peace of mind that comes with proper documentation.

If you have diamonds or jewelry from elsewhere, you can have a tax done at Royal Coster Diamonds for a fee. Contact us here. Our experienced gemologists will thoroughly examine your diamonds, document their characteristics, and provide a detailed assessment of their current market value.

Protecting your diamond jewelry is essential, and the right insurance policy, combined with proper documentation, can give you the security you need.