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