To truly enjoy your fine jewellery, you may want to do more than simply wear it on special occasions. Enjoyment may also come from knowing it is covered for damage or theft and that it looks its best at all time. To get the most from your jewellery, consider these tips for caring for your jewellery, getting it appraised and finding the right insurance.
How to care for your jewellery
Whether you own a million-dollar ring or jewellery that is far less valuable, consider this jewellery care checklist:
What to look for in jewellery insurance
It is never pleasant to have a prized piece of jewellery stolen, lost, or damaged. But with the right insurance, you can turn a horrible situation into a happier one. Here are a few things to look for when insuring your jewellery:
If you lose a piece, you’ll want to know that, even if it has appreciated in value, you’re covered for the loss.
In certain situations, Chubb covers jewellery items for an amount higher than the sum insured for that item. That means that if the market value exceeds the scheduled value at the time of loss, Chubb may be able to provide additional coverage. The problem, according to jewellery specialists at Chubb, is that many people are shocked when they find how underinsured they are. With a sharp rise in gold prices, for instance, a gold band purchased before the price spike may not be fully covered, even with additional cover provided. That’s why getting regular appraisals is so important.
What to look for in a jewellery appraisal
The wholesaler price of a two-carat diamond ring can vary wildly – from colorless ‘D’ at $95,400 to an ‘M’ color, highly included stone that wholesales at only $2,000. That’s why it is wise to have a professional appraisal performed for each and every piece of fine jewelry you own.
How do you make sure you’re getting a quality appraisal? First consider the credentials of the appraiser. After all, you wouldn’t want a store clerk to appraise your fine jewelry. Look for a graduate gemmologist or a diamond gemmologist. Then, make sure your appraisal includes the following:
While you’re there, have the appraiser do a condition check to make sure there aren’t any prongs loose or chips in the stone.
Disclaimer: This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.
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