The answer depends on how willing you are to repurchase the lost piece of jewelry at retail. I’m not suggesting that you insure every piece of jewelry you own…just the most painful to replace. A diamond appraisal, jewelry appraisal, or gem appraisal is relatively inexpensive investment, and jewelry insurance is quite reasonable. As an independent jewelry appraiser in Denver, I’m happy to discuss the pros and cons. Independent appraisers conduct the appraisal because they are unbiased. Since they don’t buy or sell jewelry they are less likely to overvalue the jewelry. They will inspect all aspects of your jewelry (size, color, quality, etc) and will conduct market research to determine the value. If you own a piece that you could not afford to replace, and it is something that you wear daily, like a wedding set, diamond stud earrings or a fine watch, then insuring the item is critical.
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.