Should I Insure My Diamonds?

January 28 2023

The straight answer for you, is yes.

The engagement of Prince William and Kate Middleton was of the most romantic stories to make the headlines in 2010. But Will's proposal whilst the two were holidaying in Kenya could have taken an embarrassing turn. According to news reports, he carried his mother's engagement ring (worth around £85,000) in his rucksack for three weeks before popping the question.

Given that many of us can't remember where we left our keys on a good day, this begs the question: what if it had got lost? Can you imagine the scene? "Kate, will you marry me? I had a ring; I don't know where it is now. I last saw it over by those lions..."

Fortunately, I imagine you or anyone we know will never have to worry about losing a royal heirloom worth almost a hundred grand. But that doesn't mean it wouldn't be a right royal disaster if you or your loved one misplaced your cherished wedding or engagement ring. 

Suffice it to say, although insurance might be the last thing you want to think of when you're planning the most romantic occasion of your life, it's probably worth spending a few moments to safeguard something you intend to hold onto forever.

Even just the thought of your engagement ring or diamond jewellery getting damaged or stolen is heartbreaking. Diamonds aren’t the kind of thing you can replace easily: they usually have a sentimental value and they’re investments! You may not have the spare cash to replace it. 

Insurance can be so important for these reasons. Taking out financial cover for your diamond jewellery (especially engagement and wedding rings) is a good way to provide you peace of mind. This way you’re able to get the jewellery piece fixed or replaced without leaving a big dent in your bank account.

This can also help you enjoy your ring without worrying about possible problems. And, it’s easier now than ever to source the perfect insurance policies for you. You should be able to find the insurance coverage that is affordable and meets all the requirements you have. 

At Quality Diamonds, we’ve arranged for jewellery insurance specialists T H March to give you advice and a free quote. As we have teamed up with them, if you insure your jewellery with them, they will come to us to replace your jewellery. 

If you want to insure with your own, or another insurance company, that’s totally fine! When purchasing your jewellery, we will provide you with a valuation - this gives you the overall value based on attributes such as the diamond certificate, as well as the jewellery metal. Though we do tend to have the valuation worth higher than what you actually paid for. This is due to the fact that other insurance companies may send you to a High Street jeweller to replace your jewellery, in which case you would pay double the price for what you would have spent with us - due to our competitive price. Therefore we make sure you can get what you paid for. 

It’s safe to say, getting insurance is a good idea. At the very least, it might save you from having to wrestle a lion...

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If you'd like to discuss the merits of insuring your diamond jewellery with us, click here.