Coleman urges everyone to check the value of their diamonds and jewellery pieces as values can soar
Coleman Insurance Brokers is urging everyone to take the time to check the adequacy of their insurance cover, particularly in respect of diamond jewellery.
Manager of Private Clients at Coleman, Jennie Fraser explained, “Diamonds are the smallest, lightest and most concentrated form of wealth in the world today. Their values keep going up too! On average diamond prices have increased over 10 times in 50 years. If you have had a diamond or gold piece of jewellery for ten years or more it will certainly have increased in value, possibly quite significantly.”
Jennie continued, “With rising values it is really important to check not just your total sum insured for your valuables, but also the single item limit for unspecified jewellery which can vary considerably from Insurer to Insurer.”
Jennie advised, “Getting valuations will incur a cost but is definitely worth the investment. It is hugely important that the valuations are done professionally. Ensuring that the origin of a diamond is verified and its grade, in terms of the colour and clarity of the stone, and weight is noted. Valuations provide not only proof of ownership but also evidence of the true value of your treasured item. We would also recommend taking photos of yourself wearing the jewellery, again, good proof of ownership. This will help to speed up the claims process if you are unlucky to suffer a loss.
“If you are considering purchasing a piece of jewellery for a loved one at Christmas make sure that any new valuables are adequately covered and on a worldwide basis too.”
The advice given by Coleman has been mirrored by Roderick Harris, Director of WHY Jewellers, formerly of Corfe Castle and newly opened in Canford Cliffs, Poole. Roderick added, “As diamonds are traded internationally in dollars their value is determined by the currency rate, another reason why values can change. At WHY Jewellers we specialise in the rare, natural coloured diamonds and these have been going up by some 10 – 15 percent per year over the last 15 years.”
Roderick advised, “Nine tenths of the World’s production of pink diamonds comes from just one mine in Australia. It is estimated that within ten years this mine will be worked out hence these diamond supplies are rapidly diminishing and values will continue to accelerate and soar.”
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