Accidents will happen. Thousands of pieces of jewelry are lost, stolen or have strayed each year. Like it or not, your only protection against untoward circumstances is an insurance policy.The first step in getting your ring insured is to have it appraised. You will need an appraisal document to present to your insurance company. An appraisal will help you make certain you do not under insure your stone. Although there is not government requirement for an appraiser’s license, it is a good idea to go to a certified appraiser who has a background in the jewelry market and who has had some training from an organization such as the Gemological Institute of America or the American Society of Appraisers. It is perfectly acceptable to ask about this information, just as it is to ensure that the appraiser has a GIA graded Master Set of genuine diamonds for color grading.Your stone should be cleaned, plotted, photographed, flaws or needed repairs pointed out, and a fair market value then assigned A gemprint – which is a type of computer scan – of your diamond can be made. A gemprint is like a fingerprint of your diamond and can be used to identify it from among every other diamond in the world. It is registered in an international database, is available to law enforcement agencies and it will stand up in court.

There are three general types of insurance policies for diamonds:

Actual cash value – This is not very common for diamonds. The company replaces the diamond at today’s market value.

Replacement value – This is the most common. The company will pay UP TO a fixed amount. In most cases, this will work out fine.

Agreed value – This is fairly rare and is arrived at by a negotiation between you and the insurance company.

Above all: ask questions. Ask your jeweler, your appraiser, and your insurance agent. You have a vested interest in the oldest thing you will ever own. It needs to be protected.

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