Posts Tagged ‘Engagement Ring Insurance’

5 Things to Ask Your Jeweler Before Buying a Diamond

Monday, November 15th, 2010

young-couple-looking-at-engagement-rings

Purchasing a diamond is a big step and finding the right one can be pretty intimidating. However, it doesn’t have to be. Before you make your purchase of a lifetime, make sure to ask the following 5 questions to your jeweler.

1. May I see a selection of diamonds to compare?

It’s important to see an assortment of diamonds that fall within your price range. Because buying a diamond is such a big investment, make sure you’ve explored your options before making a decision.

2. Can you tell me how the diamond grades against the 4Cs?
Nearly 50 years ago, the Gemological Institute of America (GIA) created the now world-famous 4Cs of diamonds: Color, Cut, Clarity and Carat Weight.
Diamond Color: Measures how close a diamond is to being colorless. The more colorless a diamond, the more brilliant it appears under light.
Diamond Cut: The cut of a diamond impacts its brightness and how much it sparkles when exposed to light.
Diamond Clarity: Diamonds can contain tiny imperfections that naturally occur during its formation. Clarity is graded by how visible these markings are at 10x magnification.
Diamond Carat weight: The most obvious characteristic of the diamond, carat weight is relative to the size of the gem. While size is important, the perfect diamond is one that satisfies your requirements for Color, Clarity and Cut as well.

Your jeweler should have no problem explaining the 4Cs to you in more detail. In fact, to determine what Cs you find most important, you may want to ask your jeweler to show you diamonds that provide the best example of a certain characteristic, such as a colorless stone.

3. May I have a grading report for this diamond?
Insist that your diamond comes with a grading report from an independent, accredited gemological laboratory, such as GIA.  Their reports are highly regarded and are one of the most widely used reports in the world. An independently generated report will ensure your diamond’s value, quality, and authenticity. GIA also offers a Diamond Dossier®, containing the same information found on the traditional grading report, but in a more compact format, and available for stones of up to 2.00 carats.

4. How can I protect my investment?
Keep your purchase secure by having your diamond appraised or insured. Appraisers and insurers rely on diamond grading and identification reports to evaluate the quality and value of your diamond. Your professional jewelry can you provide you more information on diamond appraisal and insurance.

5. How can I take care of the diamond?
Diamonds are durable, but they aren’t indestructible. Talk to your jeweler about care and cleaning tips to keep your diamond strong and beautiful for years to come.

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To learn more about buying a diamond, visit www.gia4cs.gia.edu.

Does Insurance Cover My Engagement Ring?

Wednesday, February 17th, 2010

Double Halo Ruby Engagement RingThe
 average engagement ring costs over $1,500, yet many of us forget to get adequate coverage in case it is lost or stolen. While you can never replace your ring’s emotional value, there are ways you can insure its monetary value. Purchasing diamond jewelry insurance doesn’t have to be complicated.

When planning a romantic proposal, insuring a valuable gift is not necessarily the first thing that springs to mind, so we are reminding people to make sure expensive jewelry is fully covered.

First, get your ring valued by a jeweler or appraiser, who should give you a valuation certificate.

Then check if it’s covered by your home and contents insurance policy.

Once you’ve got your insurance, take a photo of your ring, as this will help your insurer to process any claim more quickly.

Finally, if you lose your ring, inform your insurer immediately, and if it’s stolen, contact the police and get a crime reference number, as this is essential for a theft claim.

Diamond Jewelry Insurance Chart

 

What is a Diamond Grading Report?

Tuesday, July 21st, 2009

A Diamond Grading Report is a document issued by a Gemological Laboratory describing a Loose Diamond. The laboratory will not issue reports on Diamonds which are set in a mounting. A Diamond Grading Report (certificate) issues a “grade” indicating the physical properties of the Diamond “at the time of evaluation”. A certificate is a document which retains its value over a long period of time, assuming the Diamond does not chip or is not otherwise altered.

An appraisal can be performed on a loose diamond, a mounted stone, or jewelry. If the stone is not loose, the physical properties are estimated using various estimation techniques. Most importantly, an appraisal indicates the Dollar Value of the piece under consideration. Obviously, the Dollar Value can easily change considerably over a relatively short period of time. Appraisals are most often used for insurance purposes.

whiteflash santorini ring

Santorini Engagement Rint

Many people make the mistake of using an in-house appraiser to evaluate the purchase price of their diamond. This is a big mistake. Firstly, appraisals are often over-estimated, and are therefore a very poor estimation of price. More importantly, any in-house Jeweler may be biased towards their own merchandise.

To further complicate matters, many people have become more educated when it comes to buying diamonds, and have learned that its important to have a GIA certificate. What they have not learned, unfortunately, is how to differentiate between a GIA GTL (Gem Trade Lab) Grader, and a GIA G.G. or Graduate Gemologist. Many assume that getting an appraisal by a GIA gemologist is the same as getting a GIA Grading Report. Some unscrupulous Jewelers attempt to further that illusion.

old whiteflash logo

The GTL (Gem Trade Lab) Grader is a GIA employee who performs the Diamond Grading for the Institute. A GIA Graduate Gemologist, on the other hand, has simply passed the GIA Diamonds, Diamond Grading and Colored Stone, Gem Identification and Colored Stone Grading courses.

The GTL grader has all of the above and more. S/he is far better trained in grading and usually has far more experience than a G.G. Further, the GTL grader does not have the same vested interest in the outcome of the grade of the stone they are evaluating.

About the author: Whiteflash is the first company in the U.S. to specialize in the coveted Hearts & Arrows diamond and bring the sheer beauty of “super ideal cut” to the Internet. In addition, Whiteflash offers original handcrafted platinum and gold settings, diamond engagement rings and wedding bands, custom designed engagement rings and diamond jewelry.

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