It's not uncommon for people looking for a diamond engagement ring to check about the possibilities of insuring their expensive jewelry. It's a valid question that is rarely addressed.
Fine jewelry, particularly diamond engagement rings, is the third most expensive purchase people make! A home, a car, and fine jewelry are among the most expensive purchases one can make. There is no definitive approach to insure expensive jewelry with diamonds and gemstones. However, you may be surprised to learn the benefits of doing so.
Benefits of Insuring a Lab Grown Diamond
So, what are the benefits of insuring your expensive lab grown diamond? Unexpected things happen. It's tempting to dismiss the chance of losing your diamond as unlikely, yet it does happen. To protect oneself from undesirable conditions, you must, like any other insurance plan or policy, exercise caution.
Similarly, you may require insurance for your diamond ring, for which you paid a fortune. But you wouldn't mind if your $90 cubic zirconia ring were scuffed or shattered, would you?
Imagine spending the day at a theme park. Enjoying the rides, food, and atmosphere.
Then, returning home and realizing your diamond engagement ring is gone. This would be a devastating realization. You've searched the car, the house, and even the theme park, but your valued ring is nowhere to be found.
First and foremost, a painful finding. Diamonds have a high sentimental value; therefore, it can be devastating to realize that something has gone wrong. Soon after, you get a terrible feeling about how much it will cost to replace the diamond.
When an unexpected expense arises, it can be difficult to come up with the money. Many people opt to purchase a cheaper ring, borrow money, or go without for a period of time. For a loss like this, insurance can be a big financial aid.
If you have ring coverage, you can file a claim. In most situations, you will be compensated for the cost of replacing the ring. While the situation remains tragic, at least some of the financial hardship has been alleviated.
Learn About Diamond Insurance
"Can lab grown diamonds be insured?" is the major topic right now.
Laboratory-created diamonds have become increasingly popular in recent years. This trend is especially prominent among younger people, who purchase them as engagement rings, and women who buy them for themselves. Their motives for purchasing lab-grown diamonds are simple:
Lab-grown diamonds are usually more affordable than natural diamonds. The price difference can be as much as 40-50%.
The quality of lab-grown diamonds is often similar to natural diamonds. Clients can often get a larger lab diamond of the same quality for the same price as a real diamond. This is due to the advancements in lab diamond technology.
It is important to protect your diamond by purchasing insurance. Your jewelry collection, or lab-created diamond, may have high value. This may mean that it is excluded from regular homeowner or renters' insurance.
Finally, it is determined by the worth of your diamond. The best diamond insurance typically covers you financially against the loss theft of your most expensive assets.
A diamond insurance coverage generally provides certain benefits depending on the diamond's use. It also outlines the steps to take if the diamond is lost, stolen, or destroyed. For example, unlike some home insurance policies that do not protect items outside the home, diamond insurance policies include daily wear. If you decide to buy a valuable diamond, make sure you insure a lab grown diamond.
How much does lab-grown diamond insurance cost?
Jewelry insurance costs vary by region. The percentage of the appraised value ranges from 0.5% to 3%.
The worth of the diamonds is determined by your lab. The consumer's place and the insurance company's rates are the three most important factors that influence the cost of diamond insurance. So, there's no justification. If you purchase a lab grown diamond rings, make sure it is insured!
The carat weight of any diamond, whether natural or lab-grown, is an important consideration to consider when insuring it. The larger the carat weight, the higher the insurance premiums. Lab-grown diamonds are valued based on size, cut, color and clarity, like natural diamonds. Therefore, carat weight is a significant factor.
It is important to differentiate lab-grown diamonds from diamond simulants. Examples of simulants include cubic zirconia and moissanite.
These simulants are not chemically equivalent to diamonds. As a result, while buying lab-grown diamonds, make sure that you are getting a real diamond and not a simulant. This distinction is essential for the insurance process, as diamond simulants are often not covered.
Conclusion
Lab-grown diamonds have the same chemical, physical, and optical qualities as natural diamonds. This is because they are essentially the same, with the only difference being their origin. They can also be insured because they are a diamond.
In short, lab-grown diamonds may be insured in the same way as mined diamonds can. Buying a lab-grown diamond jewelry can save money. The diamond itself will cost less. There may also be savings on the yearly insurance policy.
This is because the insurable diamond has a cheaper overall cost.
Protecting your property does not exclude you from wearing it. Contrary to what you might think, insuring your diamond can help you enjoy it more. Knowing that it is protected gives you peace of mind.