Jewelry Insurance: Jewelry Appraisals

The first step in getting your ring insured is to have it appraised. You will need an appraisal document to present to your insurance company. An appraisal will help you make certain you do not under insure your stone. Although there is not government requirement for an appraiser's license, it is a good idea to go to a certified appraiser who has a background in the jewelry market and who has had some training from an organization such as the Gemological Institute of America or the American Society of Appraisers. It is perfectly acceptable to ask about this information, just as it is to ensure that the appraiser has a GIA graded Master Set of genuine diamonds for color grading.

Your stone should be cleaned, plotted, photographed, flaws or needed repairs pointed out, and a fair market value then assigned A gemprint – which is a type of computer scan - of your diamond can be made. A gemprint is like a fingerprint of your diamond and can be used to identify it from among every other diamond in the world. It is registered in an international database, is available to law enforcement agencies and it will stand up in court.

Thus armed, you can proceed to your insurance company. Many companies will offer a 10% discount if you have a gemprint.

Next: Types of Diamond Ring Insurance Policies

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