Are Your Gemstones Protected?
"How protected are my gemstones, and what can I do if they get lost or stolen?"
The gemstone itself does not carry a manufacturer's warranty, like your new smartphone would have. If you lose your smartphone you can go back to your carrier and get a replacement. The same does not apply to your gemstones; if you lose your gemstone you cannot go back to the gemstone dealer or jeweler you bought it from and ask for a replacement. So what can you do? Here are a couple of steps you can take to properly protect you and your gemstones.
The first step is to make sure you are buying from a reputable gemstone dealer, such as GemSelect.
Once you have the gem certificate, the next step to protect your gemstones, is to get the gemstones appraised. Appraisals should be done by a professional appraiser. Professional appraisers usually charge a fee for their services, so it is very important that you do some research before selecting an appraiser. A common mistake is to believe that a jewelry retailer is also an accomplished appraiser. Some questions that should be asked of an appraiser include:
According to Joyce Panitch, a member of The National Association of Jewelry Appraisers and Gemologists, a quality appraisal will include specific information about your gemstones. The appraisal should include a photograph of each gemstone appraised, a description of the main gemstone, mountings if any, and a breakdown of each gemstone part. In the breakdown of each part the appraisal will contain some of the same basic information as the certificate; weight, color, shape or cut, dimensions, and type of gemstone. Moreover, it should also include information regarding proportions, clarity, trademarks (if any), and a header that contains your name, address, the date of appraisal, and the report number.
After receiving the appraisal, the next step is to insure the gemstones. If you have a homeowner's or renter's insurance policy, your gemstones will be covered under personal property. This type of coverage is called 'unscheduled property', and is very limited with regard to the amount of coverage. Depending on the type of insurance policy, the combined limit for this type of coverage is in the range of $1000 - $2500. The meaning of combined limit is the amount of money the insurance company will pay out for ALL of your gemstones and jewelry. If your gems and jewelry are worth more than $2500, this is not a very attractive option.
A better option would be a scheduled jewelry rider, which is added to your existing insurance policy. The appraisal value is the amount of insurance needed for the scheduled jewelry rider. Most insurance companies request the appraisal before they will add the jewelry rider. The extra insurance increases the amount of the existing insurance policy, which is another reason to get a professional appraisal. An appraisal that is too high will result in over-payment for insurance, which adds up over the years. An appraisal that too low will not adequately protect your gemstones in case of loss, theft, or damage, and you will be left feeling angry when the insurance company does not pay you what the gemstones are really worth. A good insurance agent will be able to walk you through the best options to insure your gemstones and give you the best peace of mind.
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Happy gem hunting,Your friends at GemSelect
- First Published: July-01-2011
- Last Updated: October-28-2014
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