Insurance for LGD/MMD

[lemonbeagleuws]

Hi all, I am wondering if anyone has any experience insuring their lab-grown diamond jewelry? Does it work similarly to insuring regular diamond jewelry where they will replace the appraised value? What companies are best for insuring both lab-grown and diamond jewelry? Many thanks!

 

[MeowMeow]

So I cannot speak to lab diamonds but I can to lab coloured stones. I honestly can't think of a reason why it would be different for lab diamonds. So usually my new pieces come with an appraisal or a receipt or both depending on what store I have gotten it from. If they have an appraisal I use that to insure them because it's a little closer to being future proof vs just using the purchase receipt. I use Jewellers Mututal for my insurance.

So for instance my lab sapphire. I got my lab sapphire centre stone for sub 400 dollars a few years ago now. I found a pre loved setting at the store i usually use and they set it and created an appraisal for it. The appraisal thinks it would be 1kish to replace the stone with like kind so that is on there. And then they wrote down what it would cost to find a similar setting with similar diamonds. I gave that written appraisal to JM and it was simple to get it insured.

However my lab spinel purchase I made at a different store was more difficult. All the other store did was give me a receipt for the setting and that was all. I think I had to give JM my receipt for the lab spinel and the receipt for the setting and it had to go to underwriting and get a new picture on special paper for them and then they insured it. Pretty nerve wracking. So I basically never want to go on just a receipt again unless it's for a stoneless band. So yeah hopefully that helps a bit even if it's not lab diamonds. I just cannot imagine why it would be much different.

 

[MMtwo]

No different at all. At one time I insured a pair of lab studs through Jeweler's Mutual.

 

[breanne]

I asked jewelers mutual and they said they would insure my upcoming LGD, as MMtwo mentioned, nothing is different from what they told me.

 

[Slickk]

I use Jewelers Mutual to insure my lab diamond. Very easy. I just sent in my receipt so I would not pay more on the higher appraisal amount.