Case Study: The Importance of Insuring Your Jewelry

A cracked gold ring

When you lead a busy life, time tends to pass quickly without you realizing. We see it all the time at Doylestown Gold Exchange, repairing rings that people have worn for more than 20 years.

It’s easy to forget to have these rings and other jewelry checked a few times a year to make sure it’s in good shape.

And while many jewelry issues can be repaired, what about the things that can’t be fixed? Let us tell you a story that illustrates the importance of having your jewelry insured.

The Engagement Ring in the Trash

We recently worked with two customers who had just gotten back from a long overseas trip. Two days after they returned – still jet-lagged and getting settled – they had to head to a party after work. In a rush to get out the door, they accidentally threw away their wedding band and engagement ring.

By the time they realized what had happened, it was too late. The dumpsters outside their apartment had been emptied, and the rings this couple had had for two years were gone.

Fortunately, the husband had taken our advice when he bought the rings and had them insured. And because we’d custom-designed the rings, we had our computer-aided designs on file. All we had to do is get new diamonds and remake the rings.

Four weeks later, the rings were back on her finger, and the couple didn’t have to pay a dime. Without insurance, this would have cost $10,000.

10 things you should know about insuring your jewelry

If reading this story has you thinking about insuring your jewelry, here are some of the things you should know:

  1. When you first make a purchase, have your item appraised by a graduate gemologist and reputable jeweler. This appraisal should detail the item and include replacement costs.
  2. Pay your premiums to keep the policy from lapsing.
  3. Talk to your insurance agent about insuring your jewelry against loss, damage or theft.
  4. If you don’t have an insurance agent, talk to Jewelers Mutual, which specializes in jewelry insurance. There are no deductibles, and their plans cover theft, loss and damage. They’re the best in the business.
  5. Have your jewelry checked for damage or loose stones at least once a year.
  6. Make sure you can use your jeweler of choice to replace your jewelry. You want to go to a place you are comfortable with and not a store that works with the insurance company.
  7. If you need to replace a piece but don’t have a photo or a lot of details, try to work as closely as you can with your jeweler. Replacing an older item may not yield a perfect match, but jewelers understand the sentiment attached to some pieces and will do their best to make you happy.
  8. Make sure the insurance company will cover the claim. Understand how payment will happen? Will the insurance company pay you so you can pay the jeweler, or send payment directly to the jeweler? Make sure all parties are communicating.
  9. Once the item is remade or repaired, sign off so payments can be made and the claim settled.
  10. Go back to step one and start again.

If you have any questions about insuring your jewelry, contact Doylestown Gold Exchange. Our owner Greg Glemser is a graduate gemologist, and would be happy to answer any questions you have about the process. Call us at 215-345-6630 or visit us at our store. We look forward to providing you with peace of mind and helping you protect your jewelry.