Yikes...setting increased $2,865 in a year

[MxMom]

I was deleting favorites from my computer last night and clicked on the setting we purchased last August. We purchased it for $2,550 and it is now listed at $5,415. That is over double in one year. I immediately called Jewelers Mutual and have them increase my policy $3,000 to cover the difference.

I would suggest updated appraisals/policies if you haven't already done so. Gold and diamond prices are raising so quickly, it's hard to keep up.

 

[Amys Bling]

Wow I really need to get my ring reappraised and up my coverage.

 

[Winks_Elf]

At this moment, gold is at $1,620. About a year ago it was about $420 less. Diamond melee prices have risen dramatically since a year ago too. It's definitely a good idea to reassess insurance coverage.

 

[centralsquare]

I've increased my insurance twice this year already. Hopefully the last!

 

[LGK]

I was deleting favorites from my computer last night and clicked on the setting we purchased last August. We purchased it for $2,550 and it is now listed at $5,415. That is over double in one year. I immediately called Jewelers Mutual and have them increase my policy $3,000 to cover the difference.

I would suggest updated appraisals/policies if you haven't already done so. Gold and diamond prices are raising so quickly, it's hard to keep up.

Ugh, I know right? Both my rings are vastly under-insured right now. I paid $8500 for my 3.39 ct OEC in 2008, it was appraised for $20K retail then, now I couldn't come CLOSE to replacing it for that- try $26K mayyyyybe, realistically more like over $28K. And my 1.22 ct OEC, purchased in 2007? I paid $2500 for it including the gorgeous antique filigree platinum setting. I just helped my mom find a similar ring and setting (which was even lower in color than mine!) that we paid $5500 for... and it was a *deal* compared to the comparables out there right now! Sigh. Thanks for the reminder, I know I need to take care of it soon...

 

[TristanC]

Yes, the collapse of the US dollar really has changed the game for jewelry. Especially given how big a market the US is. Also especially now that India and China is getting in on it, and have strengthening currency values.

So there is stimulus for being in a country with a strong domestic performance. Your diamonds are 'cheaper'.

 

[hoofbeats95]

Can you just call them and update it like that? You don't need an appraisal? Hmm. I don't think my company does that. I will have to get mine appraised next year. I think since I just got it earlier this year I'm still well covered, but these price increases are crazy!

 

[centralsquare]

You may need an appraisal; I did. It may differ by insurer.

 

[Clairitek]

I had my platinum solitaire (cushion) reappraised two months ago and I was disappointed that it hadn't gone up that much. At least it was only $30 (I was having other stuff done). I think he increased it $250 from the original replacement price. BUT my ring was purchased in October 2008 and I feel like diamond prices dropped a bit after that and then have shot back up past where they were then.

That setting price increase is nuts! I would definitely get it reappraised.

 

[centralsquare]

Your comment on the cushion raises an interesting question...have prices gone up for all diamonds, or only certain types (be it shape, cut, etc)?

 

[MxMom]

I am insured with Jewlers Mutual and when I purchased my policy, I included my appraisal and the printout from website of the item purchased. I told them that the same website had increased and that I had verification based on the online pricing. I printed out the new price and placed it on the safe with my appraisal and the original printout. They said it was enough to bump it $3,000 without a new appraisal. The price difference for the remainder of the policy---through December-- was $11. That could be the best $11 I've ever spent in my life. Hoping I never have to use the policy but I slept a whole lot better last night.