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

MxMom

Rough_Rock
Joined
Aug 7, 2010
Messages
34
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

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
Wow I really need to get my ring reappraised and up my coverage.
 

Winks_Elf

Brilliant_Rock
Trade
Joined
Nov 28, 2008
Messages
1,675
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.
 

LGK

Ideal_Rock
Joined
Nov 27, 2007
Messages
2,975
MxMom|1312223240|2981701 said:
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

Brilliant_Rock
Joined
Jun 6, 2011
Messages
995
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

Brilliant_Rock
Joined
Nov 23, 2008
Messages
1,442
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!
 

Clairitek

Ideal_Rock
Joined
Jul 21, 2008
Messages
4,881
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

Ideal_Rock
Joined
Jan 18, 2009
Messages
2,201
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

Rough_Rock
Joined
Aug 7, 2010
Messages
34
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.
 
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