All About Diamonds Insurance

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.’ 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.

All About Spotting A Fake Diamond

In this world of advanced technology it is  almost impossible to simply look at a  diamond and determine whether it is real or  not – especially if you don’t know much  about diamonds. There are some steps that  you can take to avoid buying a fake diamond, however

First, only deal with reputable jewelers, and  when you find a reputable jeweler, stick with  them. Avoid buying diamonds or other  jewelry from jewelers that you have never dealt with before in the past. Ask to see the certificate for the stone. If no certificate exists,  walk away.    

Look at the setting that the stone is in. Fake  diamonds, such as zirconias, are usually set  in low quality metals. Take a close look at the stone. Fake diamonds are not durable –  natural diamonds, on the other hand, are the most durable stone on the planet. Look for  scratches or nicks.  

  

After purchasing a diamond, take it to  another jeweler for appraisal. In fact, take it  to two or three other jewelers for an appraisal  to make sure that the appraisals are all fairly  close. If you find that you have purchased a  fake diamond, you may be accused of  making a switch when you return to the store  of your purchase; therefore, it is important to  have a certificate for the diamond. No two  stones are alike.

All About Selling Diamonds

There are many reasons why you may want  to sell a diamond that you own. Perhaps  you’ve gotten divorced, or you are strapped  for cash. The reasons why don’t really matter  – getting the best possible price is what  counts! The way to obtain the best price  for the diamond is to not be in a rush. Slow  down, and carefully consider all of your  options – there are many.

 

First, have the diamond appraised. In fact,  have it appraised by two or three jewelers to  get an accurate idea of the diamonds value.  Tell the appraiser that you want the Rappaport Value. This is the wholesale value of the  diamond, and it basically tells you the highest  price that you can sell your diamond for. If your  diamond has no certificate, you should  consider getting a certificate from GIA. This  may help you get a better price for the  diamond as well.  

 

First, try to sell the diamond yourself, to  people you know. Friends and family  members may be interested. If you don’t have  any luck with friends or family members, you  should turn to outside sources. Absolutely avoid pawn shops! A pawn shop will only offer  you about 10% of what the diamond is worth!  Also avoid offers of selling the ring on  consignment. There are many things that  can go wrong, and there is no shortage of  diamond scams – even in well known  jewelry stores.   

 

If the diamond is important, you should  strongly consider auctioning it off through  one of the famous auction houses, such as  Christie’s or Sotheby’s. If it isn’t what is  considered an ‘important’ diamond or a  high-end diamond, you should try to sell it  to an individual using classified ads, or even  eBay. However, selling to an individual that  you do not know could put you in danger –  especially if the diamond is worth a lot of money.  

 

Your final option should be a jewelry store. It  is vital that you not let your diamond out of  your sight while in the jewelry store – you  might find that the diamond you walked in  with is not the same diamond that you walk  out with! The jeweler will try to tell you that  your diamond is of poor quality or low  weight. Inevitably, there will be some  problem with the diamond. This is where  your appraisal and/or certificate will come  in handy.   

 

If the jeweler is fair, they will offer you  between 60% and 80% of the value of the  Rapaport Value. Do not accept anything less  than this. Again, do not let the diamond out of your sight until you have been paid for it.

All About Cleaning Diamonds

Through our day to day movements our  diamonds get smudged and soiled.  Even  when we are not wearing them, they collect  dust.  Lotions, soaps, our natural skin oils,  can cause film and grime on diamonds  and inhibit their brilliance.  

    

Want to keep that Brilliance and Shine?    Diamonds require cleaning so that maximum amounts of light can refract fiery brilliance.   Remember that all it takes is a few minutes  and a little care to keep that diamond as fiery  as the day you first saw it. 

You can use an small soft brush such as an  eyebrow or lip stick brush and soap and  water to clean your jewelry.  Simply make a  bowl of warm sudsy water with a mild  detergent and place your pieces in the mixture. Then brush the diamonds with the  soft bristles of the brush while they are in  the suds.  You will need to make certain that  you rinse them clear of the suds after  cleaning them.  You can use a small kitchen strainer such as a tea strainer to contain  them while rinsing under warm water.  Use  a lint free cloth, or a jewelry polish cloth to  pat them dry.

If your diamonds are in need of a stronger  cleansing, you may want to soak them for 30  minutes in a solution of half and half water and ammonia.  Once they have soaked for 30  minutes, remove them and gently brush the  mountings with a small brush.  Then replace  the pieces to the solution and swish them  around in the mixture before removing them  to rinse and pat dry. 

If you find your self too busy to be mixing  soaps and ammonias, many department stores sell liquid jewelry cleaners. Most are  kits, with everything you need included.  You  need to read the labels to determine the one that is right for your diamonds and other jewelry. Read the complete directions and  follow all the precautions.  

And if you find yourself more the  “high-tech type”, even in your diamond cleaning routine, there are multiple ultrasonic  cleansers on the market.  These machines  use high-frequency to create a cleaning motion. All machines are not the same, so please read  the instructions before using.  

Only you can choose the cleaning method  right for you.   But, it is essential to keep  your jewelry clean to keep it brilliant and  sparkling.  Between cleaning, try not to touch your clean diamonds with your fingers or handle your jewelry by its edges. This will  help maintain its shine and brilliance for  longer periods.  

All About Taking Care for Your Diamond

Caring for a diamond takes more than occasional cleanings. Diamonds are forever, but they can be damaged if you are not careful. By learning how to properly care for your diamond, you will ensure that your diamond is indeed forever.   

First, you should take your diamond jewelry to a jeweler once a year. Have him check the mountings and prongs that hold your diamond in place. Have him make any needed repairs. This will prevent your diamond from falling out of its setting and becoming lost.   

Diamond jewelry that is not being worn or diamonds that are loose should be stored in a fabric lined jewel case, or in a jewelry box where it can be kept separate from other jewelry. Each piece should have its own compartment. This will keep diamonds from becoming scratched, and it will also keep your diamond from scratching other jewelry as well.   

Remove your diamond jewelry when doing physical work. Diamonds can be chipped and scratched easily. Also avoid allowing your diamond to come into contact with bleach or other household cleansers – this can damage or change the color of the settings and mountings, and it may even irreversibly change the color of the diamond!