All About: Jewelry Insurance FAQ

All About: Jewelry Insurance!

We sat down with our GIA Graduate Gemologist and Appraiser, Beth Sabato to go over all the frequently asked questions about jewelry insurance!

How does jewelry insurance work?

Jewelry insurance is coverage for your pieces of jewelry that will help repair or replace your jewelry if it is damaged, lost, or stolen. You will either need an appraisal or receipt of purchase to obtain coverage through your homeowners insurance or another insurance company like Jewelers Mutual. A fee will have to be paid every year for the coverage.

What should I insure?

The general rule of thumb is if you'd have a hard time covering the cost of replacing an item if it were lost, stolen, etc., you should have it appraised and insured. Example: Losing an engagement ring might be a large financial hit if you lost it so that's usually one item we highly recommend is insured. We generally tell clients that anything over $2000 could warrant an appraisal and insurance, BUT the most important thing is to check with your insurance provider to make sure the deductible makes sense relative to the overall cost of the pieces.

What is the process of an appraisal?

Gather the pieces you would like to be appraised and bring them by the store. We will inspect the items to see if any repairs are needed before being appraised. After initial inspections, the pieces will be cleaned. Information will be gathered on the diamond(s) and gemstone(s) size along with color and clarity and if any treatment has been done to the gemstones, metal type, how the pieces were made, Marker's mark stamps, serial numbers, etc. The information gathered will all be assessed to figure a current retail replacement value based on current market conditions or like pieces in the market.

Important information!

  • Our appraisals cost $95/piece
  • Expect an appraisal to take about 10 days
  • If you need it rushed, we can accommodate you for a faster turnaround for a little higher price. Please call to make an appointment.
  • If you have any prior paperwork on your piece (GIA report, receipt, etc), please bring it when you drop it off!

For any other questions on jewelry insurance or our appraisal process, please give us a call at (317) 844-9003!