| Here are some tips and guidelines for
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| | would suggest you do your own research to
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| ensuring that you get the 'most
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| | confirm this. Call a couple of
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| appropriate' insurance premium that will
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| | competitive jewellery stores and ask them
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| ensure you are put back into the same
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| | what you could expect to pay for the
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| position in the event of loss or theft of
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| | ring? Would you pay $20,000 elsewhere or
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| your jewellery.The very first step you
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| | are other stores also charging around
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| should take with regards your jewellery
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| | $10,000. Do you still think you got a
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| is to ensure that it is 'fully'
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| | bargain? Note that when making such
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| described.What does this mean?Ensure you
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| | comparisons, always ensure the diamonds
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| have a set of photographs that show
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| | are certified by a recognised diamond
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| enough detail of the articles. If your
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| | grading laboratory!Ok, so you have
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| camera allows, set it to print the date
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| | established that this diamond ring would
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| on the photos.
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| | likely not cost you $20,000 to replace,
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| Ensure your gemstone are certified. You
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| | but rather $10,000. What should you
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| should have a diamond grading certificate
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| | insure the ring for? Remember that in the
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| for your diamonds and similar
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| | event of a loss, the insurance company
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| certificates for any other valuable
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| | will only have to fork out $10,000 or
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| gemstone.
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| | less (this will be explained later) to
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| Make sure you have an up-to-date
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| | replace the item. Also your premium is
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| valuation or appraisal certificate for
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| | based on the value insured, so would you
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| your jewellery.This documentation will
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| | like to pay double the premium for half
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| assist you in ensuring your jewellery
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| | the insurance? I know I would not.You are
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| gets replaced with items as close as
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| | now in a position to shop around for
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| possible to your existing pieces.The next
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| | insurance. You should first check you
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| step is to ensure that your jewellery is
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| | home contents insurance policy. Speak to
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| valued 'correctly.' This means that the
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| | your current insurer to determine if your
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| appraisal or valuation certificate should
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| | jewellery is covered under this policy.
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| reflect a value that will ensure the full
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| | Check the insured limits for jewellery
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| replacement of the articles as described
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| | under this policy. If this policy
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| by the documentation in step 1. Remember
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| | provides you with adequate cover, simply
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| that with diamond jewellery, most of the
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| | keep your documentation in a safe place
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| value is in the diamond itself. Then
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| | in case you need it.If you are not
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| comes the workmanship and value in the
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| | covered under you household policy, you
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| supplying retailer or jeweller and then
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| | should now shop around. Firstly get
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| the metals and other components.When
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| | quotations from your current insurer and
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| obtaining your valuation, decide whether
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| | broker. Also find out which other
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| you would like the item to be replaced by
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| | insurers provide specified item jewellery
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| the jeweller at which you originally
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| | insurance. Get quotes from them too. When
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| purchased the item, or from any jeweller.
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| | comparing these quotes, do not only look
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| Make sure your valuer takes this into
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| | at the premiums charged. Also consider
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| consideration when producing your
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| | the features and restrictions on each of
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| valuation.The simplest way to confirm if
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| | the policies. Check whether you would be
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| the valuation is adequate, is to call a
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| | insured outside of the home, interstate
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| few jewellery stores, describe the
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| | or overseas. Check whether you are
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| diamond and article of jewellery and ask
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| | insured for loss, damage and theft. Check
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| for a quote to purchase such a piece.
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| | whether you simply get paid out or if the
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| After all, that is what you would do if
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| | insurer sources and provides the
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| you were looking to replace a lost or
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| | replacement jewellery.Many insurers will
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| stolen item.A good rule of thumb is the
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| | not pay you out. They will endeavor to
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| best value for insurance replacement is
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| | replace the jewellery themselves. The
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| your invoice value! Consider this, if you
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| | reason they do this, is they have working
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| purchase a diamond ring for $10,000 what
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| | relationships with many retail and
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| is it likely to cost you to replace if
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| | wholesale sources and are able to replace
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| you lose it within the next year? The
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| | the goods at a price far cheaper than the
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| simple answer is $10,000. Therefore your
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| | retail price you paid. This is another
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| valuation should be only slightly higher
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| | reason why paying premiums on a valuation
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| than the $10,000 paid, allowing for
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| | of $20,000 when you paid $10,000 is not a
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| fluctuations in diamond and metal prices
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| | clever move. The insurance company is
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| as well as inflation.Many people love to
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| | likely to replace the goods for something
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| see 'high' valuations for newly purchased
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| | closer to $8,000!Once you have picked
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| diamond jewellery. It makes you feel like
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| | your insurer and policy make absolutely
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| you have really got a bargain. Take the
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| | certain that you submit the insurer
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| example above, assuming you purchased the
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| | copies of the following documents:- The
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| diamond ring for $10,000 at a '50% off'
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| | original purchase invoice
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| sale. The ring comes with a $20,000
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| | - The valuation certificate
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| valuation certificate! How does this
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| | - The grading certificate
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| affect your insurance? What should you
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| | - Photographs of the itemVisit us at
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| think about the valuation?Well, firstly,
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| | for more diamond jewellery advice.
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| you may think you got a great deal! I
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