Purchasing a diamond engagement ring is a very special experience, filled with joy and excitement at the prospect of a lifetime of love and romance. Diamond rings are expensive and should be protected as such. What if the ring winds up lost, or worse, stolen?
Thankfully there are steps one can take to secure your investment. Having jewelry insurance is a good start. You can often add jewelry coverage to your homeowners’ or renters’ insurance or purchase a stand-alone jewelry policy (contact Leo Hamel Fine Jewelers for details). The reasonable cost of this kind of insurance is worth your peace of mind.
At some jewelry stores, such as Leo Hamel Fine Jewelers, an insurance document is provided for important purchases, containing details about the item, as well as the purchase price. This is sometimes all an insurance company needs to secure a policy, although some still require a formal appraisal.
But what if you didn’t just buy the diamond ring? Maybe you were presented with it some time ago or inherited it from a relative, and don’t have any documentation. Maybe you bought the ring many years ago and worry that the value has changed. In these instances, it’s imperative to have the ring professionally appraised. While just a simple document, an appraisal will tell you and your insurance company all you need to know about your ring.
An insurance appraisal is a document that assesses your fine jewelry and gives it an assigned replacement value. This valuation takes into consideration the size and quality of the diamond or gemstone, the weight and karat of precious metals used, and other details like the type of setting. A common misconception about insurance appraisals is that they provide you with an accurate resale value for your ring. The value determined by an insurance appraisal is strictly meant to establish how much it would cost to replace the ring, which in turn helps insurance companies draft the best policy for you.
Unlike a diamond grading report, an insurance appraisal includes all the specific details about your ring that make it valuable. Not only does this information keep you worry-free knowing you’ll be able to replace your ring should it be lost or stolen, but it also helps when it comes time to shop jewelry insurance policies. An official appraisal ensures you’ll receive the full value of your investment should your ring end up lost or stolen.
If you decide that you need a new or updated appraisal, be sure to choose the appraiser carefully. Not everyone is qualified to appraise fine jewelry. Check that they have the necessary credentials to accurately evaluate your items. Someone with a background in gemology is often most qualified to produce a proper assessment.
Expect to pay a fee to have your valuables appraised. Rates will depend on the complexity and number of the pieces being evaluated.
If you have jewelry that needs to be appraised for insurance purposes, you’ve come to the right place! Elliot Grunwald is a Graduate Gemologist from the Gemological Institute of America with many years of experience evaluating and appraising gemstones and jewelry. You can rest assured that your jewelry appraisal will be professional, complete, and absolutely accurate. And your appraisal will remain on file in his offices in case future copies or updates are needed. Browse the appraisal rates here. Then make an appointment with Elliot today for a consultation!