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Insurance and rising diamond prices.

jsb1976

Rough_Rock
Joined
Jan 7, 2011
Messages
53
I purchased a diamond about 7 weeks ago. Had an appraisal for insurance purposes, and was given a replacement value of X. Now, with the diamond price jump, my replacement value is only $100 more than the actual price of a replacement diamond.
Does this mean I need to have my diamond re appraised? Or am I able to just insure my diamond for $1000 over the appraised value?
 

dreamer_dachsie

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
24,360
jsb1976|1303374644|2901708 said:
I purchased a diamond about 7 weeks ago. Had an appraisal for insurance purposes, and was given a replacement value of X. Now, with the diamond price jump, my replacement value is only $100 more than the actual price of a replacement diamond.
Does this mean I need to have my diamond re appraised? Or am I able to just insure my diamond for $1000 over the appraised value?
I dont know of any company that will let you insure a ring for more than the appraised value. For now you are fine, you can replace your ring if it is lost of damaged beyond repair. But it wont be too long until you need a new appraisal!

This is why I like a slightly inflated appraisal, so it lasts a little longer. I got my ring appraised 12 months ago and it was apprasied for about $4k more than the price I paid. But since I am Canadian and the exchange needed to be factored in, plus the extra potential price of buying from a B&M to replace a lost stone if that is what I chose to do, I left it as it was. Now, 12 months later, the appraised price is very close to the actual value. I would likely have needed a new appraisal in about 6 months or so to keep up with inflation. Since I plan to reset my diamond in the next 6 months, I will hold off though, as I will need a new appraisal at that time anyways.
 
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