Do I need to insure my diamond?

Have you just bought your diamond or jewel? Congratulations! However, in order for this moment to keep all its magic and for an unforeseen event not to bring you back to reality, it is better to take the initiative: do not forget to insure your diamond or your jewel!  An engagement ring, for example, is a priceless symbol of commitment, but it also represents a significant investment for most couples. By properly insuring your valuables, you can avoid the tragedy of loss, damage or theft, which are unfortunately common.

Once you have invested in a beautiful piece of property, it is essential to give it the protection it deserves, with a carefully selected insurance policy. If your peace of mind is priceless, rest assured that it is much more affordable than you may think. The cost is minimal compared to the gain you will get.

Remember, without insurance, you are fully responsible for anything that happens. If an uninsured diamond or ring is lost or stolen, or if the diamond detaches from its setting, the owner will be responsible for the loss.

If there is one piece of advice that is valuable when it comes to insurance, it is to purchase it from a reputable company in order to receive maximum coverage, benefits and security. 

This short guide provides you with the information you need to make a wise decision. We cover the details, including some of the key questions you should ask yourself before insuring your jewelry.


Does my home insurance cover jewelry?

You need to first of all, check if your home insurance (tenant or homeowner) covers your valuables, including your jewelry. Note that having an insurance policy does not necessarily mean that all your jewelries are automatically covered. There are many restrictions on coverage for personal property.

If this is not the case, you will need an endorsement to your current policy or to purchase new insurance from a company that specializes in jewelry or luxury items.   

What does my insurance cover in case of damage?

Insurance is essential, but you should also find out exactly what it covers and what the terms and conditions are. In particular, ask what the conditions are for replacing your jewelry. Also be aware of your policy’s coverage limits.

Ask your insurance agent what circumstances are not covered. Is a theft or loss outside your home covered? Is a loss abroad covered? It is fundamental to keep this in mind and ask many questions.   

How can I best protect my diamond or jewel with my insurance policy?

1. Keep all original receipts in a safe and secure place. You will need to have proof of the amounts paid and the origin of your purchase.

2. We recommend that you have an appraisal done by a diamond dealer or certified gemologist. Keep the appraisals up to date, as fluctuations in value often occur over the years. Diamonds; either mounted or bare, are long-term investments and as such have the potential to increase in value. If you want to get the most out of your insurance policy, you need to keep it up to date.

3. Ensure upon buying that the seller has provided you with a diamond certificate from one of the 4 most respected labs in the diamond industry: GIA, HRD, IGI, AGS.

All of them keep electronic copies of the certificate. All you need is your certificate number. Be sure to keep this number, as it will allow the lab to send you a copy in case of loss or theft.

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