Tips for getting your custom engagement ring appraised
Some people either forget or do not understand the importance of diamond warranties and insurance policies. After spending so much time and a significant amount of money designing the perfect custom engagement ring, the question is: are willing to risk losing that investment should something happen to your ring? If the answer is no, then you should definitely look into warranty and insurance for your piece of jewelry.
Adding onto your homeowners or renters insurance policy
Many couples will add on to their homeowners or renters insurance policy to protect their engagement ring and wedding bands. Although this is a legitimate option, it's not always the most cost-effective plan to take. Adding insurance for your custom engagement ring to your homeowners policy can cause your premiums to go up; however, the per-month cost of adding a jewelry rider is usually pretty minimal compared to the cost of insurance you're already paying. Be forewarned: Certain insurance policies will even cancel your coverage if you report your ring lost or stolen. For the ultimate protection and best run for your money, Brian Gavin Jeweler's advises couples to have their ring appraised not only by the jewelry provider, but by outside sources as well. Brian Gavin partners with Jewelers Mutual Insurance - after receiving a free evaluation for insurance and appraisal, Brian Gavin recommends their customers work with Jeweler's Mutual Insurance to have their ring protected.
Additional appraisal advice
Like any other inquiries regarding personal items or large purchases, you should take the time to get your engagement ring, diamond wedding bands or any other fine jewelry appraised by at least two outside parties so you have something to compare. If the appraisals are significantly different, consider having your jewelry checked out by a third pair of eyes before selecting your insurance coverage. Make sure to receive written proof that the appraisers are certified by the Gemological Institute of America and the American Gem Society.
During the appraisal, never leave your ring with the appraiser alone with your item for an extended period of time. Even though benefit of the doubt comes to mind, you can never be too cautious when it comes to protecting your custom engagement ring, or other valuable piece of jewelry. Disreputable appraisers have been known to swap out real stones for fake ones, so make sure that the diamond is in your sight the entire time of the consultation - and work with a trusted jewelry appraiser whenever possible.
Finally, Simone and Son advises having your ring re-appraised every three to five years. This time frame is a good number to keep in mind because market conditions at the time you purchase the ring will likely be different in the next few years, and thus will affect the value of your ring, making your last appraisal of little relevance to the current market.
