A jewelry appraisal should reflect the true replacement value of an item. In other words, the cost your insurance company actually pays to replace an item. Many people love to see a “feel good” high-value jewelry appraisal. The problem is that in the event of a loss, if you choose a check instead of replacing the jewelry, you’ll only receive the actual replacement value instead of the over-insured value. Over-insuring only costs you more in premiums…insist on a realistic diamond appraisal or jewelry appraisal.
Jewelry insurance works similarly to other insurance policies you may have. Since it’s designed specifically for jewelry it will typically cover more than a homeowner’s or renter’s insurance policy. Say you have a $10,000 vintage watch that you want to insure. Like any insurance policy, before you buy it you’ll get a quote from an insurance provider. You can start with an estimated value: $10,000. When you’re ready to buy, in order to ensure your quote is accurate and your coverage sufficient, you will need to provide an appraisal. This can be done either before or shortly after you buy coverage. The diamond ring appraisal will confirm how much the item is worth – perhaps that vintage diamond ring has become a favorite of collectors and its value has risen to $12,000. An appraisal helps both you and the insurer feel comfortable that if you do need to repair or replace jewelry that was lost, damaged, or stolen, you will have enough coverage to do so. Your appraisal can also be of help if you decide to sell diamond jewelry rather than wear it.
A couple of things to be mindful of when getting a jewelry insurance quote: Be sure to understand exactly what coverage the quote includes. Also make sure to inquire about any available discounts. The last decision you’ll make when buying jewelry insurance coverage is how large a deductible you want. A larger deductible can lower your premium, but means that you’ll bear more of the cost should you ever need to make a claim on your insurance policy.

A good rule of thumb in choosing a diamond jewelry appraiser is if you don’t know where to go to get jewelry appraised…read your local jewelry appraiser reviews. If you only choose one item, a diamond ring appraisal would probably be your best choice.  Also, if your purpose is to sell diamond jewelry, a current jewelry appraisal will help you decide a better selling price.