Jewellery Insurance – 5 Tips from TIVON to avoid heartache

LK: From your experience, what are the most common reasons why jewellery gets damaged or breaks?

Ariel: Jewellery can get accidentally damaged in any number of ways. It could be a case of simply dropping an item of jewellery on a hard surface or inadvertently knocking the item of jewellery against something solid, such as a car door or a wall. Jewellery is bought to be worn and, in many cases, they are worn pretty much 24/7, such as, engagement & wedding rings, or watches.

Accidental damage is therefore a risk that can happen to anyone, no matter how careful they are. However, some damage can be avoided through regular care and maintenance. Diamond rings, for example, should be checked by a jeweller regularly to ensuring the claws holding the gemstones are strong and the gems are held tight. If you have the misfortune to damage your ring then have it inspected by a jeweller to prevent further more serious damage.

LK: How is a typical insurance replacement produced and how are the right gemstone(s) selected?

Ariel: Initially, the first place we always look is the most recent valuation, accompanied by any independent certificates attesting to the quality and grade of gemstones/diamonds. Good quality images of the original piece are also crucial. 

What needs to be kept in mind is that the policyholder has just lost something dear and precious to them. They want a virtual copy of the original at the least to take the pain of loss away. So, it is extremely important to get as much detail as possible about the original items so that we can take every measure to ensure the replacement exceeds their expectations. Through the aid of technology, old-school master craftsmanship, 57 years of experience & a world-wide network, making up the finest supply chain we ensure that the customer receives only the best.

LK: What are gemstones, their intrinsic qualities, and any weaknesses?

Ariel: There are a multitude of gemstones from around the world. Some are extremely rare and finite while others occur in abundance. Each gemstone has its own unique properties and occur in a variety of qualities and each is susceptible to its own risks.

Diamonds are of course one of nature’s hardest materials but they can still get damaged, chipped or cracked. In each and every case we seek to source the very best gemstone in its category thereby eliminating many of the risks associated with each gemstone.

LK: What are rare gems and the impact of the price?

Ariel: Rare gems seem to get rarer by the day. What has to be understood that truly rare gems are rare not because someone is artificially controlling their flow into the market but because Mother Nature has decided in her wisdom to create a very limited, finite source and quantity of that gemstone.

A great example is certain naturally coloured diamonds or very large high-quality diamonds. Others are gemstones like Spinels, Tzavorites, Paraiba Tourmalines, certain types of Sapphires, Rubies & Emeralds to name but a few. The rarer the gemstone the higher the value and most often the more they increase in value as time goes on as supply becomes more difficult.

LK: How do gemstones get validated so you know your purchase is genuine?

Depending on the gemstone, often the best way to ensure the stone’s validity and quality is an independent certificate from a world recognised gemmological laboratory. The alternative is a high skilled, highly trained eye of a professional jeweller or gemmologist.

LK: Who are the leading diamond grading authorities?

Ariel: There are a multitude of gemstones from around the world. Some are extremely rare and we personally prefer to use the GIA (Gemmological Institute of America)or HRD for diamond grading. For coloured gemstones, our preference lies with either the Swiss GRS Laboratory or the Swiss Gübelin Gem Lab.

Without disparaging any other laboratory out there, we just find that these laboratories are recognised as the world authorities when it comes to grading and evaluating gemstones.