11/13/2024
As a gemologist and fine jewelry appraiser, the two questions I’m frequently asked by
clients are:
1. How to ensure adequate insurance coverage of their valuable pieces during these times
of rising metal prices and,
2. How lab-created (factory-made) diamonds are impacting natural diamond values.
These two questions are intertwined and the answers to both can affect the jewelry you own
and intend to purchase. Let’s dive in a little deeper.
Understanding Rising Insurance Rates
The cost of insuring fine jewelry has seen notable increases over the last few years. Inflation,
the rising costs of repairs and increased jewelry values all are contributing factors. Insurance
companies may raise their rates to cover these increases. To ensure you are not underinsured
or, conversely, overpaying for insurance, it’s essential to have your jewelry appraised regularly
by a certified professional.
Remember: most people working in a jewelry store are NOT gemologist or trained appraisers.
The Lab-Created Diamond Phenomenon
Lab-created diamonds offer a similar aesthetic and chemical composition of natural diamonds at
a more accessible price point. While lab diamonds are less expensive, they do still hold value.
It’s important to have an appraiser trained in the distinct value of lab-created diamonds to
ensure an accurate assessment so you are not overpaying for insurance.
Protecting Your Jewelry Investment
1. Regular Appraisals: We recommend every 5 years to keep your insurance values
accurate, particularly when market conditions fluctuate.
2. Proper Storage: To avoid scratches and damage that can decrease values, use
designated jewelry boxes and fabric pouches, especially for items with delicate
features.
3. Avoid DIY Repairs: Don’t be tempted just to regret it later! A skilled jeweler can
maintain the integrity and value of your piece.
4. Keep Up-To-Date Records: Documentation is invaluable in case of loss or theft.
Maintain up-to-date inventory of your collections including appraisals for better items,
photographs and brief descriptions of lesser value items.
5. Consider Specialized Insurance: These policies often provide better coverage than
solely homeowner’s insurance and are tailored to your individual needs.
Your jewelry deserves to be protected.
Gemcorp is here to help every step of the way.
404-851-9489 for appointments
