While insurance for your diamond engagement ring might not be the first thing on your mind after your proposal, it should be the second most important decision. After all, you never know what’s around the corner.
Consider these scenarios:
- You accidentally lose your diamond engagement ring in the rubbish when you’re cleaning the house one day
- By mistake, you leave your ring on a wash basin in a public bathroom
- You unfortunately lose your ring when you’re dancing the night away in a foreign country on your honeymoon
- You lose your ring when you take it off to go on a boat trip on your dream island holiday
These may seem like really specific examples, but that’s because they have happened to people. If you really want to make sure your example is never added to this list, it could be time to consider ring insurance. If you’ve yet to buy the ring, see what Serendipity Diamonds have on offer.
What If You Have a Bespoke Diamond Engagement Ring?
Before you pick the right insurance police, you should find out what compensation or a replacement your insurer will offer if you lose your ring. If you have a bespoke engagement ring, you’re going to be devastated if you lose it. Insurers generally offer a token remake from a retail jeweller. But, if that’s not what you want, you’ll probably be offered cash for the market value of your one-of-a-kind ring. That’s usually a similar rate to what you’d get if you took the ring to a local pawnbroker.
Luckily, having your jewellery valued doesn’t have to be a major ordeal. But, it needs to be done right. Here are a few things to look out for when having your diamond ring valued:
- Use a Registered Valuer
Choose a valuer that is registered with a regulatory body or official valuers network. Registered valuers undergo formal training in gemmology and other specialist areas and they have all the necessary equipment to conduct a professional and unbiased valuation.
- Use a Certificated Valuer
When getting your bespoke diamond ring valued, insist on a valuation by a certificated and registered valuer. Never accept a certification that’s done “on behalf” of a valuer or retailer. If you’re still looking for a ring, check out a distinctive collection online.
- Where to Get Your Ring Valued
You can return to the jeweller where you had the ring made. Most jewellers tend to outsource the professional valuations. You might have to wait around 3 to 4 weeks for the valuation.
Another option is to attend a valuation day, which many upmarket jewellers hold. You will likely need to make an appointment in advance as these days are popular.
What to Expect
A professional valuation for insurance involves photographing, measuring, cleaning and weighing your bespoke diamond ring so as to receive a comprehensive valuation portfolio. This will include hallmarking information, a detailed description of your diamond ring, as well as a condition statement and professional estimation of the value on the current market and the necessary insurance qualification.
Having your ring insured is just as important as shopping for a bespoke diamond ring.