Is Insurance Required for Diamonds

Since crime has an increased manifold in the past few years, the need for all types of insurance has increased too. Since Diamond jewelry is a sure shot indication of wealth, it does attract thieves and robbers. They might either be after the diamond jewelry or your wealth in general. For this reason, a lot people keep their expensive jewelry in safety deposit boxes at banks and get them out only when they need it. Though this seems a good proposition, it does involve the hassle of going to bank again and again (and you still have the chances of getting robbed on the way or during the time you have the jewelry at home). Besides that, you also have the risk of losing your diamond jewelry through negligence or sheer bad luck (e.g., diamonds becoming loose and falling off from your jewelry).

So, how do you tackle this risk of losing your diamonds/ diamond jewelry?

Most people tackle this risk by getting their jewelry insured along with their household goods. However, this doesnt cover your risk fully. If any of the diamonds in your jewelry became loose and fell off when you were on holiday or away from home for work, your household insurance (in most likelihood) would not cover the loss. Hence, taking an insurance policy for different items of your diamond jewelry is much recommended.

However, getting the insurance is not difficult. You just need to get your jewelry appraised in order to determine the present value of your jewelry and get the insurance done from a reputed insurance company. Thus, for a small sum of money, you can buy your peace of mind. However, note that, most insurance companies do not reimburse you the amount of the lost or stolen diamond jewelry. They only replace it with something of an equal value. In such a case, insist on getting the item appraised by a known gemologist before accepting the item (even if a small fee needs to be paid to the gemologist, its worth it).