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New Articles
10 Fluorescence
We're all familiar with the 4Cs of diamonds - cut, color, clarity and carat weight. But diamonds also possess a quality called fluorescence that's part of the evaluation and assessment of a diamond. It's actually called photo-luminescence...

22 Blue Heart Diamond
There is a spectacular diamond in the Smithsonian Collection called the Blue Heart Diamond. Fans of the movie Titanic might think the "Heart of the Ocean Diamond" was based on this stone, and it may have been! However, this diamond hasn't...


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Insuring Your Diamonds



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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, and all insurance policies that cover diamonds are considered Marine type policies.

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.' 


Today's Article

2 Minerals are crystals
The earliest forms of jewelry were items that early humans found naturally, such as shells or bits of bones. Early gravesites have also revealed that pre-historic man buried his dead with flowers and with carved ivory beads. These...
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.

 

Today's #1 Resources

28 Victoria Transvaal Diamond
The Victoria-Transvaal is a 67.89-carat, brownish-yellow pear shaped stone. It was cut from a 240-carat crystal that was found in the Transvaal, South Africa. The first cutting produced a 75-carat 116-facet stone that measured 1 x 1³/8...

39 Beryl
The beryl is the family of crystal that creates emeralds and aquamarines, when its color is green or blue-green, respectively. Red beryl is bixbite or red emerald or scarlet emerald, pink beryl is morganite, white beryl is goshenite, and a...

 

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One-hundred diamonds to the John Hay on its 100th birthday, and another for its copy of a book with handwritten notes by Galileo himself. We think we saw some annotations from him in the Rock bathroom, too. ...
TORONTO - Diamonds are in vogue again but the industry is changing as demand for the jewels in the rapidly growing Asian markets is outpacing that in Western countries, says Harry Winston Diamond Corp. (TSX:HW).
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