Yes there is insurance for almost everything this day in age, and this continues to be true when you are speaking of diamonds. The question for diamond owners becomes, is it worth the cost to get your diamond insured in the first place? Essentially, it will depend on who you are and what you particular situation may be. With that said, working with insurance companies can be difficult especially when dealing with a lost or stolen diamond. First and foremost, diamond insurance companies will generally speaking require an extra rider clause to your homeowner’s insurance policy. There are many additional hoops you will and/or would be expected to take to ensure the insurance coverage of your diamond. Did you know that if you do not have a certified diamond with a legitimate grading report, some insurance companies will attempt to take that opportunity to replace your diamond with a lower quality diamond. Keep in mind that insurance appraisal values of non-certified diamonds are but merely an opinion of the overall quality of a particular diamond, as such this will allow a significant amount of room for interpretation by the insurance company when the topic of diamond quality eventually needs to be addressed. This is and of itself helps to explain the importance of a certified diamond. When purchasing a diamond, it is essential that you buy one that has been independently certified, which will restrict the insurance company’s ability to “low-ball” you on the value of the diamond in question. It is highly recommended that you get updated and current appraisals ever two to three years to assure your diamond is up to date value wise. Continuing the long list of complicated issues when it comes to insurance for diamonds is that all insurance premiums are generally based on “replacement value” covered by the current diamond appraisal. Like any for-profit business, the insurance companies will be giddy to collect high premiums based upon the at time, ridiculously inflated replacement values, yet when it comes time for them to hold up their end of the bargain, they are hesitant to payout their required end of the deal which is to provide repayments of fully documented diamond values and they are likely to attempt to choose to force the client to possibly okay a payout which is less than their documentation states the value of their diamonds would otherwise earn. The big three reasons, so to speak, as to why it is so important for you to get your diamonds insured are: • Damage: This can occur when you least expect it, but it happens and it is nearly unavoidable. Diamonds can easily crack, fracture, chip or just flat out break if it gets struck in the right spot. The slightest little bump could potentially cost you thousands of dollars in repairs. • Theft: One of the most common causes of people to look for an insurance payout is the theft of a diamond. This happens more often that people care to realize, and since the ease of secretly pocketing a diamond and disappearing never to be seen again is so simple, theft of a diamond is hands down the number one reason people should and do get their diamonds insured by a reputable company. • Accidents: As much as we would like to deny it, accidents happen, and they happen to all of us. More often than not, accidents tend to happen when we least expect them to as well. All it takes is one slight deformity or simple little prong to weaken, and suddenly your diamond has disappeared into the abyss certainly never to be seen again. Many times, you won’t even remember where the last time you saw the diamond was because it can be accidentally lost so easily and subtly that you never had a chance to retrieve it even if you had known it had fallen off.

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