It goes without saying that it would be advisable to ensure your gems and jewellery, particularly the jewellery that is going to be worn out and about on a regular basis and is of value. It is suggested that you insist, when buying an expensive piece of jewellery from a seller that you receive a diamond or gemstone report that at the least covers all the required detail about the main gem or a report covering the entire piece of jewellery from a reputable gemmological laboratory. A copy of this report/s should be sent to the insurance house and they should acknowledge receipt thereof so that in the event of a claim the insurance house should replace the lost piece with a gem that has been certified and the report for the replacement gem matches the same gradings and detail as the gem or jewellery insured originally.
What I mean by value is that the cost of insuring custom type jewellery and less expensive pieces does not often warrant the monthly premium cost annualized. However, the valuable jewellery pieces are, in most cases insured on an “all risk basis”. Obviously the insurer will require proof of purchase and the value. What is not often adequately communicated to the person insuring the jewellery is that in many cases an updated jewellers valuation is regularly required for the piece as is the fact that the piece should be checked for wear and tear. The timeframe for both updating valuations and jewellery checking vary widely between insurance houses and you are urged to ensure exactly, what your insurer’s rules are, and get it in writing.