BASIC INFORMATION ON INSURANCE FOR YOUR DIAMONDS

Insuring a diamond takes a bit of thought, planning, and shopping around. Diamond insurance isn’t like purchasing car insurance. It is quite different. Depending on the state that you live in, there are basically three different types of policies that will cover diamonds.

The first type of insurance policies for diamonds is an Actual Cash Value policy. If the diamond is lost or damaged beyond repair, the insurance company will replace the diamond at today’s market value, no matter how much you paid for the diamond to begin with. This type of insurance policy for diamonds actually is not that common.

The most common type of insurance for diamonds is Replacement Value insurance. The insurance company will only pay up to a fixed amount to replace the diamond that was lost or damaged beyond repair. This does not mean that they will pay that amount – it means that they will pay up to that amount. In most cases, the diamond can be replaced at a lower cost.

The third type of coverage offered for diamonds is Agreed Value. This is sometimes called ‘Valued At.’ This type of coverage is very rare. In the event that the diamond is lost or damaged beyond repair, the insurance company simply pays you the amount that you and the company agreed upon. This is the best type of insurance to have, but it is rarely offered. If you can’t get Agreed Value coverage, Actual Cash Value coverage should be your next choice.

Your rates will be determined by the value of the diamond, the type of coverage that you select, and the area that you live in. If you live in an area with a high crime rate, you can expect to pay more for your diamond insurance coverage. It is important to remember that insurance agents are not qualified jewelers, and jewelers are not qualified insurance agents. It is best to get a certificate for your diamond, and to provide the insurance company with a copy of that certificate. This leaves the insurance company less room for arguments over the actual value of the diamond.

Don’t rely on separate coverage to cover your diamond. For instance, if you diamond is stolen from your home, it is probably covered on your home owner’s insurance policy – but the diamond probably won’t always be in your home, and once it leaves your home, there is no coverage.

PLATINUM IS PERFECT FOR CASUAL AND DRESS

Platinum jewelry is very sturdy and resilient, making it ideal for everyday wear. Platinum jewelry, like other types of metal jewelry, can become scratched, but a scratch won’t damage platinum in the same way that it damages other precious metals. Platinum jewelry will maintain its color, brilliance and weight even when scratched, while other metals may lose their luster or become blemished or discolored.

Because this metal is so versatile and so rare, platinum jewelry makes a very special gift that will be cherished for a lifetime. Many people own gold jewelry, while far fewer boast jewelry made of platinum. If you want to choose something truly unique and exceptional for that special someone in your life, consider platinum jewelry.

Platinum jewelry has taken a little change over the past few years, especially since the price has risen along with Gold.

In order for the industry to keep prices competitive, they have started to classify Platinum Alloys with the 800pt or 850pt marks etc – which is quite acceptable as they are NOT using the word ‘PLATINUM’ (which indicates the pure metal).

While that term (800pt) may be a little misleading, especially if it were not brought to the purchasers attention, it is never-the-less quite acceptable.

You also have to remember that not all jewelry is made in the States and many items made in Europe or overseas may not have such stringent rules and regulations.

REGARDING PLATINUM VERSES WHITE GOLD

White Gold is harder because of the way it is mixed with other metals. Traditionally, Platinum is best used for setting diamonds because it doesn’t throw any color back into the stone. Diamonds are graded by their lack of color so the less reflection from the ring – the better. Platinum is elegant and timeless but it still is a personal decision in the end.