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5 Ways to Protect Diamond Jewelry

1. Store properly. The worst thing you can do to any type of jewelry is to treat it nonchalantly by leaving it lying around the house. Rings by the sink can easily get knocked in and fall down the drain. Delicate necklaces left in a heap can become tangled and break when you try to sort them out. If your goal is to keep your precious pieces in good condition, then your best bet is to store them in an appropriate jewelry box or cabinet.

2. Regular cleanings. You will likely want to go in for professional cleanings once or twice a year, but in the meantime, you can keep your diamonds sparkling with at-home cleanings (as long as you do it right!). Avoid chemical cleaners and abrasives (believe it or not, bleach can actually cause diamonds to yellow) and stick to a simple solution of rubbing alcohol and water (at about a 1:10 ratio). You can use a soft-bristled brush to gently scrub out dirt, then a soft cloth to dry and buff.

3. Pay for appraisals. You wouldn’t buy a house without first having an appraisal of the value conducted. So when you purchase diamond jewelry, the first thing you should do is have it appraised and certified. It won’t cost much compared to the value of the jewelry (generally around $25 per piece, possibly less if you have several pieces) and it will ensure that you got what you paid for. It will also make pieces easy to insure.

4. Get insurance. There’s just no reason not to. You likely have homeowners insurance and it’s easy enough to add valuable items in your home to this coverage. If a few items carry a particularly hefty price tag, you may even want to store them in a safe deposit box.

5. Mum’s the word. There’s no better way to raise the wrong kind of interest in your diamonds than to flash them around and pronounce their dollar value. So wear them if you want (you might as well, that’s what they’re for) but resist the urge to brag. You’ll look a lot better wearing your best pieces if you sport an attendant attitude of maturity and confidence.

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How to Insure Your Diamond Jewelry

Like most valuable items in your home, diamonds can be covered by insurance. Not only can you insure your diamonds, but considering their value, there’s no reason you shouldn’t. However, there are a couple of steps you must take first and a few options available where coverage is concerned, so there are a few things you should know to get started.

To begin with, you need to know the value of your diamonds. That means you’ll have to take your collection to a jeweler and get each stone individually appraised. This can get a bit pricey if you have a lot of items, but considering the cost of replacing them after theft or damage, the price of appraisal is minute. Upon completion, you will receive a certification stating the particulars of each diamond and its estimated value, which can be used to determine your coverage. You should make copies and photos to provide your insurance company.

So what options are there where insurance is concerned? Really, there are three types, and only you can decide which one is right for your collection. The most commonly used coverage is called “Replacement Value” and it covers the cost to replace your property. This is the least expensive coverage because your diamonds can often be replaced at a much lower cost than their stated value. You could also select the “Cash Value” option, which will pay out the current market value of your merchandise (although the price of diamonds, as with other commodities, is constantly fluctuating, so depending on when you need to cash in your policy, you may not even receive the amount you paid for your stones).

Finally, you can opt for one last type of coverage, which is called “Valued At” insurance. It is not very commonly used and there are two reasons. It tends to be the most the most expensive option, and insurance companies don’t generally like to offer it because they must pay out an agreed upon value for the items covered. This means if you have a diamond that you purchased for $1,000, but the value at the time of coverage is agreed to be $1,200, that is what they will pay you, even if it is only worth $800 at the time of theft or irreparable damage. Most insurance companies are loath to pay even a fraction of what something is worth, much less more than it’s worth, so you can understand why they charge more for this coverage.

In any case, you will have to choose the insurance that best suits your needs and your budget, but being aware of the steps necessary to get the proper insurance and knowing the different options available is a good first step towards making sure you get the value out of your diamonds in the event of accident or theft.