Buying a diamond engagement ring is an extraordinarily special event, filled with anticipation and happiness for a lifetime of shared love. As diamond rings are costly, they should be aptly safeguarded. What if the ring gets misplaced, or worse, pilfered?
Luckily, there are preventative measures one can take to safeguard their investment. Jewelry insurance is an excellent first step. It’s usually possible to extend your homeowners’ or renters’ insurance to include coverage for jewelry, or you could opt for an independent jewelry policy (Leo Hamel Fine Jewelers can provide further details). The reasonable expense of such insurance is worth the comfort it affords.
In shops like Leo Hamel Fine Jewelers, for significant purchases, an insurance document detailing the item’s specifications and cost is provided. Often, this is all an insurer needs to secure a policy, although some may require a formal evaluation.
But what if the diamond ring wasn’t purchased recently? Perhaps you received it a while back or inherited it, and lack any related documents. Or, you bought the ring many years ago and are unsure about its current value. In these cases, having the ring professionally evaluated is essential. An appraisal, while just a simple account, informs both you and your insurer about your ring.
An insurance appraisal is an assessment of your fine jewelry that assigns a replacement value. It takes into account factors such as the size and quality of the diamond or gemstone, precious metals’ weight and karat, and other specifics like the setting type. Contrary to popular belief, insurance appraisals don’t provide an accurate resale value for the ring. The value determined is strictly for estimating the cost of replacing the ring, assisting insurers to draft an appropriate policy.
Unlike a diamond grading report, an insurance appraisal includes all the unique details that make your ring valuable. This not only gives comfort, knowing you can replace your ring if lost or stolen, but it’s also useful when comparing insurance policies. An official assessment ensures a full return on your investment should your ring get lost or stolen.
If you decide you need a new or updated appraisal, choose the appraiser wisely. Not all are skilled to assess fine jewelry accurately. Make sure they possess the required expertise to evaluate your items accurately – typically someone with a history in gemology is most qualified to conduct a suitable assessment.
To have your valuables appraised, expect to pay a fee. Rates usually depend on the intricacy and quantity of 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!
