Insurance & Care

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Another issue to consider when investing in a diamond is insurance coverage. If you and your fiancé are combining households, you will probably acquire or update a homeowners or renters insurance policy as part of the process. Your ring will automatically be insured with the rest of your possessions.

However, be aware that under most homeowners or renters policies, automatic coverage is limited to between $1,000 and $2,500, and you’re likely to pay a deductible if a loss occurs. In addition, the coverage often is restricted to a few specific causes of loss. If your ring is worth more, you should request a separate scheduled endorsement or “floater” from your insurance agent.

A sales slip is usually insufficient for insurance purposes. It is important for your jeweler to provide a more detailed appraisal or report for insurance coverage, so your insurance company can pay to replace your ring with a one similar in both kind and quality in the event of a loss.

Another option is buying a separate jewelry insurance policy. This choice can include more comprehensive coverage in case of loss, theft or damage. It can also offer no deductible, a complete description and the value of the ring written on the policy, and annual inspections and cleanings of your ring by the jeweler of your choice to prevent wear and future problems. Finally, when you come home with your new ring, be sure to care for it properly so it can keep saying “I love you” forever. Clean your ring frequently to avoid dirt build-up which can accelerate wear. Unless your diamond is fracture-filled, clean it with an ammonia-based jewelry cleaning solution or rubbing alcohol and a soft toothbrush. Once cleaned, dry your diamond with a soft, clean cloth. Your jeweler can professionally clean your ring and provide you with additional maintenance tips.

Annual inspections by your jeweler will help identify potential problems, such as loose or worn prongs that could catch on fabric and cause your diamond to fall out of its setting. Whenever you suspect such a problem, have your jeweler inspect your ring immediately.