breanne|1469406035|4058952 said:Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!
diamondseeker2006|1469406721|4058957 said:breanne|1469406035|4058952 said:Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!
If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.
It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.
sonnyjane|1469415384|4058979 said:diamondseeker2006|1469406721|4058957 said:breanne|1469406035|4058952 said:Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!
If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.
It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.
I've had my set insured with JM since 2008. I had it reappraised in 2012 because at that time the comps had gone up quite a bit. In the years that I haven't had it reappraised, JM has sent me a letter saying that if I don't submit an updated appraisal, they will just be increasing the insured value by a small % to account for inflation (and that's what they've done).
breanne|1469407371|4058962 said:Great, thank you. We purchased this diamond for $6552 USD, the setting came to $935 for platinum, we're Canadian so there was exchange, is this a good price to have it appraised at? Again any info would be great, total Canadian was 10,590.00 if that helps.
1.42
J color
SI-1
No Fluorescence
Depth 61.4
Table 58
Crown Angle 34
Crown Height 14.5
Pav Angle 40.8
Pav Depth 43
Star Length 50
Lower Half 80
Girdle - med to slightly thick, faceted 4.0
Culet - none
Edit** We purchased a month ago.
diamondseeker2006|1469418496|4058997 said:sonnyjane|1469415384|4058979 said:diamondseeker2006|1469406721|4058957 said:breanne|1469406035|4058952 said:Awesome, I'm in Ontario. My ring is complete, so I will be needing to look into insurance. I read somewhere on here that you can get the full value insured, and to have it reinsured every few years, just to keep up with inflation? Can anyone give me some feedback, tips etc? Thank you so much!
If you bought a diamond 3-4 years ago, it is likely worth less today than it cost then. So diamonds do not necessarily always go up in value. I have not reduced my insurance due to the value decline, because I figure prices will eventually rise.
It might be good once a year (before your yearly insurance renewal) to come on PS and check diamond prices for stones with the specs of yours under Resources: Diamond Search. I wouldn't worry about getting a new appraisal unless the value had gone up quite a bit (like maybe 15-20%). I'd never get appraisals when values went up something like 5% because it is a hassle to get accurate appraisals and it costs money, too. Some insurance policies do allow a percentage over your insured amount as inflation protection, as well.
I've had my set insured with JM since 2008. I had it reappraised in 2012 because at that time the comps had gone up quite a bit. In the years that I haven't had it reappraised, JM has sent me a letter saying that if I don't submit an updated appraisal, they will just be increasing the insured value by a small % to account for inflation (and that's what they've done).
That is very bad because prices have declined since 2012 when they were so high! So if they have been increasing the insured value since then, it is likely valued too high.
We consumers don't have access to sufficiently detailed information to offer an informed opinion, or even decent guesstimate, as to what a GIA-graded stone of those particular specs was selling for. For a general idea of the rises and falls, there's a chart (updated monthly) -- under the Resources tab at the top of the pages here -- that shows the percentage change of prices in D - I, VVS2 - SI2 diamonds, listed in the PS database, since December 2007:breanne|1469418906|4059001 said:So reading prices have declined, what would my stone have been appraised for prior to 2012? Just curious how much things have declined Might be a good time to buy a few more