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Everything You Ever Wanted To Know About Engagement Ring Insurance
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Explaining the importance of protecting your engagement ring purchase should be a mandatory requirement for every jeweler. Unfortunately, it’s not. So you must be your own advocate in protecting this valued possession.
For 25 years I have stressed to my clients that insuring your ring can be a very simple part of this wonderful process, or a potentially costly oversight. As a newly engaged couple, there are a multitude of new, exciting and time consuming tasks at hand. Learning how to purchase engagement ring insurance is probably not going to be on the top of your ‘to-do’ list. However, your largest jewelry purchase of a lifetime must be protected against theft, damage, and being lost. I advise the purchaser of every engagement ring that it is simple, but vital, to eliminate all risk of financial loss.
The first step is to know how to properly insure your ring. The best option is through your homeowners or renters insurance. A rider can be purchased that specifically covers your ring. It is the easiest and most cost effective option, as it adds on to your existing plan at an average annual rate of 1.5% of the ring’s value. (For a $10,000 ring, that is only $150.) There should be no issue having the policy immediately approved by your insurance company.
If you don’t have homeowners’ or renters’ insurance, you can take out a policy through a company that specializes in jewelry insurance. But, be cautious. Some independent firms will charge much higher premiums. My research has shown Jewelers Mutual to be a reasonable alternative, charging a 2% premium in most cases.
Here are four key questions to ask your insurance provider before going forward:
1. Is the ring covered if you lose it accidentally, or only if it’s stolen?
The only acceptable answer is that you are fully covered for both.
2. Does the policy cover damage to the ring?
It should cover all damage to the ring, and the diamond. Diamonds are the hardest substance known to man, but can chip and/or crack. The safest of all diamond cuts is the round as it does not contain pointed edges, although round diamonds can be damaged as well.
3. Will the company pay all your claims by check, or will they require you purchase a replacement through a specific jeweler?
This is important, as you want the freedom to return to a jeweler you trust, or at least have the option to shop around. A jeweler with the best interests of the insurance company does not have your best interests as their priority.
This is important, as you want the freedom to return to a jeweler you trust, or at least have the option to shop around. A jeweler with the best interests of the insurance company does not have your best interests as their priority.
4. Are there any exclusions, or circumstances where you are not covered?
There should not be any exclusions. If there is: walk away.
The final step is the appraisal. This will be effortless if you use a jeweler that cares about their clients and is willing to go the extra mile in protecting your purchase.
All insurance companies require a replacement cost appraisal of your ring. You must always request this in order to protect the value of your ring, and to know what it is worth! A thorough appraisal will include the carat weight, cut, clarity, and color of all the diamonds, and the identification number of the accompanying gemological certificate. It will also show the type of metal such as platinum, 14kt, 18kt white or yellow gold. An honest jewelry professional will always provide a signed appraisal, on their letterhead, with all fine jewelry purchases. The appraisal serves as a guarantee of the diamond’s size and quality. Some insurance companies require a copy of the actual gemological certificate. The Gemological Institute of America (GIA) and The European Gemological Laboratory (EGL) are the two largest and the only true independent and acceptable diamond laboratories. Their reports serve as a unique, identifying ‘fingerprint’ of your diamond. Certifications from all other organizations are nearly worthless.
Lastly, you should always receive a verbal or printed confirmation from your insurance company before picking up your ring. I always encourage my clients to call their agent from my store at pickup, if they have not yet done so. This eliminates all risk completely. My advice is to have your jeweler assist you if, for any reason, your policy request is rejected by your insurance company. This issue is not uncommon, and the reason will likely surprise you. Insurance companies often lose money on these types of policies, so some take steps to discourage policy holders from purchasing them. I’ve had dozens of clients tell me they were rejected for coverage. In every case, I was able to correct the issue by calling the company and demanding an explanation. In most cases, it was something as simple as the name on the appraisal did not match that on the policy due to a missing middle initial.
The bottom line is to be your own advocate, if your jeweler doesn’t make the effort to help you protect this prized possession. So, enjoy every moment at this remarkable, romantic, wonderful time in your lives…everything will work out perfectly!
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SUMMER TRAVEL JEWELRY CARE
Weekend getaways, jaunts to the beach, and full-fledged vacations are perks that pretty much come with the territory during the summer months, so it’s no wonder that summer fashion tips such as what to wear, what to pack, what to buy—are at the forefront of our minds right now.
One thing, though, that’s not quite as readily on our radar is the idea of jewelry, and how the summer months might affect our pieces. Namely, how we can protect our beloved rings, jewelry, necklaces, and earrings from the season’s elements, and how we can keep them secure while jetting off somewhere sun-filled.
Our jewelry can take a serious bruising when exposed to summer activities such as lounging in the sand, applying suntan lotion, and traveling. Whether your summer plans include a weekend trip or a week abroad. Here are some helpful hints to keep in mind while you enjoy the beauty of summer
1. Sunbathe without your Gems
Sunscreen can coat gemstones, which reduces refractive and reflective light. Essentially, this means your stones won’t be as brilliant or bling-y. To avoid this, leave your fine pieces at home if you’re heading to the beach or the pool for the day, and be sure clean them regularly all summer. Check NYC Diamond Blog’s April 3, 2103 entry for tips on regular Diamond Jewelry maintenance
2. Organization is key when traveling.
When jumbled together, your jewelry doesn’t always get along. For example, a diamond can scratch a pearl, and a bracelet can get caught on a necklace, so always pack pieces in individual soft cloth pouches or lined jewelry boxes to prevent scratching, dulling, and the dreaded tangling of chains.
3. Keep it safe.
When selecting a hotel, be sure that safe deposit boxes are available. Never leave fine jewelry unattended in a hotel room, a rental car, or on a lounge chair—even if you’re just popping over to the bar for a mojito.
4. Shopping for something new? Do your research.
Oftentimes, vacation destinations are also prime shopping destinations, so if you get the urge to commemorate your trip with a new fine jewelry purchase make sure you’re buying from a jeweler that’s been in business for several years. When in doubt, check a retailer’s reputation and rating with the Better Business Bureau (www.bbbonline.org) and always ask for an appraisal. The appraisal should always have the store’s letterhead, and a clear signature of a member of store management.
5. Before you go away, be sure your jewelry is adequately insured.
If you decide to bring an especially valuable piece on vacation—perhaps your engagement ring, a pricey watch, or a family heirloom—always be sure it is fully insured. Always obtain insurance through your homeowners or renters policy, it is safe and more affordable than you would imagine.
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Analysts Predict Gold Will Drop to $1,200
NYC Wholesale Diamonds Founder and President Keith J Saxe has cautioned his clients to hold off on their gold jewelry purchases whenever possible since early June 2012. Value continues to exist in Diamonds, which have not experienced the huge price increases of many commodities such as Gold, Silver and Platinum. Many analysts have finally begun to realize this fact as witnessed by the following article that was published today in one of the jewelry trade’s premier periodicals.
How low will gold go? Commodities analysts at Societe Generale recently predicted the precious metal could sink as low as $1,200 an ounce now that the gold bubble has burst.
The analysts wrote that there has been a “paradigm shift” in investors’ attitudes toward gold after its dramatic drops earlier this year, news outlets, including the International Business Times, reported.
“We believe that the dramatic price drop in mid-April was the beginning of the deflation of a bubble,” the analysts wrote, according to the news report. “The gold price rally in the late 1970s turned out to be a bubble. We think this time is not much different.”
“We believe that the dramatic gold sell-off in April, combined with the prospect of the Fed starting to taper its QE programme before year-end, has resulted in a paradigm shift in many investors’ attitude towards gold, which is likely to result in continued large-scale gold ETF selling this year and next,” the analysts said according to the Wall Street Journal blog MarketWatch. “ETF gold selling has averaged about 100 tons per month since the April sell-off.”
At press time, the metal was currently trading at $1,367.
The Societe Generale analysts are not the first to offer this prediction.In May, Michael Widmer, metals strategist at Bank of America Merrill Lynch, predicted it might drop to $1,200 an ounce. And NYU professor Nouriel Robini has written that the metal could hit $1,000 by 2015.
The World Gold Council, however has said, that it feels the market’s fundamentals remain strong, noting increased jewelry demand in China and India.
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GEMS SPECIAL Alexandrite and Pearl, the birthstones for June
People have coveted natural pearls as symbols of wealth and status for thousands of years. A Chinese historian recorded the oldest written mention of natural pearls in 2206 BC. As the centuries progressed toward modern times, desire for natural pearls remained strong. Members of royal families as well as wealthy citizens in Asia, Europe, and elsewhere treasured natural pearls and passed them from generation to generation.
From those ancient times until the discovery of the New World in 1492, some of the outstanding sources of natural pearls were the Persian Gulf, the waters of Ceylon (now Sri Lanka), Chinese rivers and lakes, and the rivers of Europe.
During Christopher Columbus’s third (1498) and fourth (1502) voyages to the New World, he repeatedly encountered native people adorned with natural pearls. His discovery of natural pearl sources in the waters of present-day Venezuela and Panama intensified demand in Europe. However, within a hundred years, these natural pearl sources had declined due to overfishing, pearl culturing, plastic buttons, and oil drilling.
The first steps toward pearl culturing occurred hundreds of years ago in China, and Japanese pioneers successfully produced whole cultured pearls around the beginning of the twentieth century. These became commercially important in the 1920s (about the same time natural pearl production began to decline). From the 1930s through the 1980s, pearl culturing diversified and spread to various countries around the world.
Pearls are treasures from the Earth’s ponds, lakes, seas, and oceans, and they’ve always embodied the mystery, power, and life-sustaining nature of water.
The spherical shape of some pearls led many cultures to associate this gem with the moon. In ancient China, pearls were believed to guarantee protection from fire and fire-breathing dragons. In Europe, they symbolized modesty, chastity, and purity.
NYC Wholesale Diamonds offers wholesale prices on a wide selection of the very best quality Pearls and Alexandrite.
Alexandrite, with its chameleon-like qualities, is a rare variety of the mineral chrysoberyl. Its color can be a lovely green in daylight or fluorescent light, changing to brownish or purplish red in the incandescent light from a lamp or candle flame. This is a result of the complex way the mineral absorbs light.
Alexandrite’s dramatic color change is sometimes described as “emerald by day, ruby by night.” Other gems also change color in response to a light-source change, but this gem’s transformation is so striking that the phenomenon itself is often called “the alexandrite effect.”
Alexandrite is also a strongly pleochroic gem, which means it can show different colors when viewed from different directions. Typically, its three pleochroic colors are green, orange, and purple-red. However, the striking color change doesn’t arise from the gem’s pleochroism, but rather from the mineral’s unusual light-absorbing properties.
Because of its scarcity, especially in larger sizes, alexandrite is a relatively expensive member of the chrysoberyl family. It shares its status as a June birthstone with cultured pearl
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