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 protected from damage or theft and that it looks its best at all times. To get the most from your jewellery, consider these tips for caring for your jewellery, getting it appraised, and finding the right insurance.
Whether you own a million-dollar ring or jewellery of sentimental value, consider this jewellery care checklist:
It is never pleasant to have a prized piece of jewellery stolen, lost, or damaged. But the right insurance, you can turn a horrible situation into a happier one. Here are a few things to look for in a valuable articles policy:
If you lose a piece, you’ll want to know that, even if it has appreciated in value, you’re covered for the loss.
Chubb covers jewellery items for more than the insured value (up to the sum insured for the full jewellery category) if the sum insured can be proven by an updated valuation dated within 2 years from that loss. 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 protected. That’s why getting regular appraisals is so important.
The wholesaler price of a two-carat diamond ring can vary wildly – from colourless ‘D’ at $95,400 to an ‘M’ colour, 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 jewellery 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 jewellery. Look for a graduate gemologist or a diamond gemologist. 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.
No part of this article may be reproduced in any written, electronic, recording, or printed form without written permission of Chubb.
Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
Get a quote online or leave your contact details and our representatives will get in touch with you.