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Appraising and Insuring Your Jewelry
 
I’ve seen it time and time again. Customers come to have estimates or appraisals done for their lost, stolen, or damaged jewelry. They ask if the appraisal can be done without seeing the jewelry or if it can be done based on their recollection of what it used to look like. Unfortunately insurance companies will not accept this form of evaluation or appraisal, and certainly not after the fact. In the following article I will explain what to do in order to properly appraise and insure your jewelry.

Creditable Appraisals

Insurance companies require that your jewelry policy be based on official and creditable appraisals done by a reputable jeweler. Jewelers that have studied or have been train by the Gemological Institute of America (GIA) will provide the most acceptable appraisals. Being trained by GIA ensures a conservative grading analysis and a correct evaluation of the jewelry’s worth. Most insurance companies
do not require that you have your jewelry appraised by GIA graduates however; it’s always better to have one done by someone with these credentials.

Your appraisal should include the information regarding the precious metal content including it’s weight, karat purity, and color. The diamonds and gemstones should be described in terms of shape, carat weight, color, clarity, and cut grade. If the diamonds are pre-certified by a grading laboratory then you should give a copy of the certification to the appraiser and ask them to list this information on the appraisal. If possible have the appraiser photograph the items and attach this photograph to the appraisal when submitting to the insurance company. Always keep a copy in a safe deposit box or in a fire proof safe.

Jewelry appraisals should be reassessed every 7-10 years to determine if the value of the items has appreciated. Jewelry is a commodity and like all commodities they are subject to fluctuations in value. In recent years the value of certain diamonds have actually doubled in price because of shortages in the marketplace for high demand shapes and sizes. A loss after such a gain in value without proper reassessments will result in gaps in your jewelry coverage when trying to replace the item.

Choosing the Proper Insurance Coverage

The biggest mistake consumers’ make is assuming that their homeowners insurance will cover them in the event of a loss. This could be further from the truth. The typical home insurance only allows $1500 – $5000 for personal articles and with that is a deductible of $500 – $1500. Along with that is the fact that some homeowners’ insurance policies do not allow for loss of the item, damage, or diamond loss from the setting.

The best way to insure your jewelry is to get a personal articles policy written by your agent. This policy should include loss of the item, theft of item, damage, and loss of gemstones & diamonds. Ask your insurance agent to quote the policy with no deductible and with the above coverage. The going rate for jewelry insurance is $1.50 – $1.85 per hundred and if you’re quote higher then your probably paying too much. To calculate the annual premium take the appraised value of the jewelry and multiply is by the rate and then divide it by 100. Example (appraised value $10,000 X $1.50 = $15,000 Divide by 100 = $150 per year).

Some local insurance agents aren’t familiar with jewelry insurance policies and you may feel like you’re not getting the proper assistance. There are a couple of jewelry insurance companies that provide superior service and if your agent fails to give you proper assistance I recommend you give them a call. The two I like most are CHUBB Insurance and Jewelers Mutual. These companies specialize in personal articles policies and generally have the lowest rates with the best coverage. I can discuss these companies with your further at www.andrewsjewelers.com

Insurance is one of those things that you have to think about until you really need it. I will say though that a jewelry insurance policy makes a lot of sense. Let say you have a wedding set worth $5000 that you wear every day. How often do walk around with $5000 cash in your pocket? Almost never right? Well is some cases you walk around with the jewelry equivalent all the time. If you have valuable jewelry that you wear everyday then you are certainly increasing your chances of having an unfortunate loss. Jewelry valued at $5000 can cost as little as $75 per year to insure. It’s worth every penny to give you the peace of mind to wear it with pride and without worry.

Andy Moquin President Andrews Jewelers Inc. 716-630-7091

Andy Moquin has spent 20 years in the jewelry business buying and selling over $20,000,000 in diamonds, engagement rings and custom designed jewelry. He as traveled to Belgium and Israel to work with international diamond dealers and works as an advisor for DBC Diamonds an international consortium of diamond dealers. His experience in the jewelry business has become invaluable to consumers and business owners. He can be contacted at 716-630-7091, www.andrewsjewelers.com  www.custom jewelry design

Tag: diamonds, jewelry appraisals, gia certification, jewelry insurance, jewelry homeowners insurance.

Appraising and Insuring Your Jewelry by ANDY MOQUIN

Gems – Information, History and Folklore – Page 1
 
Throughout the centuries jewelry has been created and worn by people of different cultures. Every culture had it gemstones that they valued and they attributed a special meaning to each. Today the list of precious and semi-precious gemstones is very large and each one has a history and folklore associated with it. The Quality Jewelry Directory has created a list of the most popular gemstones and gives a brief outline of each.

Alexandrite: One of the most valued and sought after gemstones is Alexandrite. Born in metamorphic conditions that bring together specific chemical elements to produce the mineral chrysoberyl, the gemstone has been valued by jewelers throughout the ages for its unique ability to change color from green to shades of red or very soft purple when exposed to daylight and incandescent light. Russia is the primary source for most gem quality alexandrite and was named after the Russian Tsar Alexander II. With a rich folklore history, alexandrite was thought to impart wisdom, creativity and to strengthen a individuals insight. Listed on the Mohs Scale of Hardness at 8.5, it is a perfect gemstone to design into high quality jewelry.

Ruby: Ruby is a beautiful gemstone that is part of the mineral family corundum. Corundum is found within crystals of metamorphic rock and is considered to be the second hardest mineral next to diamonds. Corundums come in different varieties and can be considered a sapphire in different colors. Some of the best rubies are in true red and come from Burma. They can also be found in other areas throughout the world, such as Australia, Kenya, Pakistan, Sri Lanka and the United States. With its well known sturdiness, it makes a perfect gemstone for jewelry. Often set with sapphires and diamonds, it is a perfect stone to pair up. The ruby was thought to have mystical powers and was often worn as a Talisman to ward off great evil. The ruby’s color was often associated with blood and was thought to have the ability to stop bleeding and to heal ailments associated with it.

Sapphires: Sapphires belong to the mineral family of corundum and are found in weathered alluvial deposits from pyroclastic flows. Most sapphires are blue stones which range from slight blue to a deep indigo coloration. The most valued of the sapphires are ones that have the medium blue coloration and these are referred to “cornflower blue”. Sapphires come in many colors and these are often called “fancy sapphires”. Only in the case of red, are corundums called rubies. Sapphires are found throughout the world but primarily in Australia, United States. Sri Lanka, Thailand, Burma, Kampuchea, Kenya and Tanzania. The name “sapphire” comes from multiple sources. In Persian, it is “safir” and was associated with Saturn. In Latin, “sappheiros” for the island where sapphires were mined. Ancient folklore is rich with stories related to sapphires. Seen as a stone that changes its hue when the wearer was engaged in impure behavior, it was given to the wearer to help impart fidelity. Also thought to bring inner peace to the soul and spiritual enlightenment.

Amethyst: Amethyst is a purple colored gemstone that is from the mineral “quartz” and derives it beautiful purple color from the iron impurities within the crystal. Throughout the world, amethyst is primarily found in Mexico, Brazil, Canada, Uruquay, Madagascar and Australia. Amethysts occur as long prismatic crystals that form six-sided pyramids end to end and grow in druzes within crystalline crusts or in sandstone formations. Amethysts are believed to bring the power of peace and calm and are often used in meditation. Due to its rich color and calming effects it is used to relieve stress from every day work and to relieve headaches due to tension or migraine headaches. Amethyst is often seen to encourage deeper understanding, encourage love and awareness. Amethyst was often worn to bed to produce and encourage peace and beautiful dreams. Amethysts are adorned in some of the richest displays of jewelry such as the British Crown Jewels. Catherine the Great was very fond of amethyst as were the Egyptians.

Pearl: Pearl is the modern birthstone for the month of June. The beautiful pearl is the only gem that is created from a living organism, the oyster. The process of pearl formation is actually a reaction to an irritant within the oyster itself. This irritation causes a material called nacre to envelope the irritant and over time creates a beautiful pearl. Pearls come in different varieties such as cultured pearls, freshwater pearls, tahitian pearls, black pearls. Other varieties of pearls are barogues which display an irregular appearance and Mabe pearls that are cultivated blister pearls. The name “pearl”, comes from the latin word, “perula” or small pear. The Chinese were the first to cultivate pearls in saltwater, but over the years they were cultivated in saltwater and freshwater alike. Today, some of the finest cultivated pearls come from Japan. Pearls are associated with purity, wisdom through experience and perfection.

Emeralds: Emeralds are actually the green version of the mineral beryl. This type of beryl contains small amounts of chromium and iron which give them their unique color. Emeralds are commonly found in sedimentary rock that has undergone changes in temperature and pressure. Emeralds can be found in the Russian Federation, United States, Pakistan, Norway, India, Malagasy, and Australia. Some of the best emeralds are found Colombia and these crystals exhibit the best quality for their size. The name emerald comes from the Greek term “smaragdos”, which loosely translates to “green gemstone”. The quality in the emerald is determined by it’s clarity and it’s deep grass green coloration which exhibits a slight hint of blue. Emeralds have a deep history and folklore. The history of emeralds can be traced to the ancient Babylonians and the Egyptians where tools have been found in ancient emerald mines where the Queen Cleopatra’s emeralds originated. The Incas also mined emeralds and the largest and highest quality stones were once worn by nobility. Unfortunately, many emeralds were lost to time, due to invasions, greed or through the inclusion of these gems in private collections.

Diamonds: Diamonds are the hardest known natural material and have other qualities that make the diamond a true king of gems. Based upon the element “carbon”, diamonds are actually similar to graphite, but like carbon they have a unique crystalline composition. The dense atomic structure of diamonds makes them extremely valuable in jewelry but also in modern day industrial applications. Diamonds are formed deep underground where pressure and temperature are critical for their formation. In ancient times, India was the only known source of diamonds, until after the 1800 century, deposits were discovered all over the world. Diamonds come from a variety of sources but the primary deposits are from large openings in the Earth called volcanic pipes. These are often called kimberlite pipes. The vast majority of all diamonds originate in Africa but other significant finds have been discovered in Russia and in the northwestern territories of Canada.

Turquoise: One gemstone that is very popular is turquoise. Turquoise is a copper aluminum phosphate mineral that is found in locations that have high concentrations of copper. Turquoise is created from a variety of natural process and is found in areas that are arid in climate. These climate conditions are important in weathering and oxidation of copper deposits and producing the conditions that support the creation of turquoise. Turquoise can also be created from hydrothermal actions, leaching and precipitation of surrounding copper deposits to form turquoise. Turquoise comes in variety of shades such as blue-green, and green with flecks of gray with traces of iron and chrome. The best quality turquoise is “sky blue” or often called “robin egg” blue. Turquoise is found throughout the world, but comes primarily from the United States, Iran, Afghanistan, China and Mexico.

Topaz: Topaz is a silicate mineral that has been used as a gemstone for centuries. Topaz is considered the hardest of silicate minerals but has interesting properties that make it similar to diamonds in its ability to be cleaved into smaller increments. Unlike diamonds, the crystals of topaz can come in very large sizes. Topaz is usually found in pegmatities, quartz veins and inside of granites and rhyolites. Topaz in its true form is clear, but can come in a large assortment of colors due to various impurities within the crystal lattice. These colors can range from red, green, orange, brown and yellow. Topaz in its natural state forms short or long multi-faceted crystals and is prized as a mineral specimen in its natural state. Topaz is located throughout the world but is primarily found in Russia, Australia, Africa, Mexico, Brazil and Pakistan and some of the best quality and prized topaz deposits are found in Brazil. Certain regions of the United States have topaz deposits, most notably in San Diego County and the Thomas Mountain Range in Utah which is renowned for its beautiful blue topaz.

If you are shopping for jewelry look to the Quality Jewelry Directory to help you find what you desire.

Additional information can be found in other areas of our website: Gemstones, Jewelry Cleaning, Birthstone information and Anniversary Stones

We are always looking for websites that wish to be listed in our directory, so feel free to add your website by selecting your “jewelry category” and clicking “suggest link”

The following list is small breakdown of each gemstones history and folklore. The list is not intended to be the end all of gemstone information and should not be looked upon as such. Each gemstone has it’s own mineral data, history and folklore and all data cannot be written about each one. It is recommended to seek other websites for deeper knowledge on each.

Tag:  jewelry, gems, gemstones, precious gems, precious gemstones, semi-precious, fine jewelry, diamonds, rubies, sapphires, amethyst, pearls, emeralds, diamonds

Gems – Information, History and Folklore – Page 1 by NORMAN MILLER

Diamonds, Engagement Rings, Wedding Rings – Internet VS. Retail
 
Retail Jewelry Stores A common belief is that all jewelers are out to get you and that you’re going to pay too much for a diamond or engagement ring. This is true for all industries and businesses, not just the jewelry industry. There are good businesses and there are not so good businesses. There’s always a chance to pay more than you have to when buying a car, electronics, jewelry, or whatever. The key is to do your homework and find a jewelry store that you know is creditable; sometimes a referral from a friend is the best place to start. Now it’s true that most jewelry store prices will start off listing higher than many of the on-line businesses, but you have to consider all things. Who will size your ring when it needs to be done? How much will it cost when you have it done? How long will you be without your ring? There is a huge amount of convenience when buying local because many jewelers do all their work in-house. This means no waiting and sometimes you can actually have your ring sized or altered on the spot. Imagine proposing to your girlfriend and then telling her she has to wait 2-3 weeks before wearing it because it has to be shipped back to the on-line jeweler for sizing!

Other benefits are the warranties that come along with the purchase from a local jeweler. I had a customer come to our retail showroom not too long ago with a ring he bought from Bluenile. He brought his fiancé in to be fit for the ring and we sized the ring for $75.00. 2 weeks later she came back and said that she chose to have the ring sized too small and needed to be sized again. Another $75.00! Now they’re up to $150 in additional fees and they’ve only owned ring 2 weeks. Imagine the expenses you’ll accumulate over the lifetime of the ring! Another issue is the replacement of missing diamonds; today’s engagement ring styles are very complicated and can be set with intricate diamond combinations. These tiny diamond accents are prone to falling out. When you need to have a small diamond accent replaced you could pay $75.00 to $150.00 in repair costs. Do you see the repair costs adding up? Most local jewelers value your business; in effort to keep you happy they’ll take care of any costs associated with the upkeep of your ring. If you think I’m being one sided don’t worry, I have a lot of positive things to share with you about buying on-line also.

One of the other benefits of shopping locally is the ability to see and examine the diamonds before buying. A big misconception is that all diamonds are graded exactly the same way and that an SI2 on-line is the same as an SI2 in a store. Truth is that every diamond is uniquely different and some diamonds are better than others even if the grades are identical. There are good VS2’s and there are bad VS2’s how do you know which one you have? I’m assuming of course that you know what a VS2 is, if you don’t you can visit The Real Scoop on Buying Diamonds and I’ll be happy to explain it further to you. You really need to see the diamond first hand and look at it under a microscope to be able to compare one to the next. You can have two diamonds graded exactly the same but one may be poorer a version of the same clarity grade because it was graded by two different people with different opinions. This of course greatly affects the value of the diamond and you’re not aware of it unless you see them first hand. Shopping locally empowers you by allowing you to compare one diamond to next in real life situations. Now if you say “That’s all well and good but I still want the best deal I can get” and the bottom line price is still you’re biggest concern then simply be honest with the people you’re shopping with. Truth be known, most jewelers are flexible in their pricing. You just have to communicate your needs with them properly so they know where you stand. They don’t read minds and if you want the best deal you can get for a diamond then say that to them. You can’t get what you don’t ask for and nobody is going to volunteer this unless you ask for it. If you tell the local jeweler that you have been shopping on-line and you want them to match the price, they’ll probably do it.

The best strategy is to bring the Internet listing from the website that you are shopping with and give it to the jeweler. Ask them to show you a diamond of the same size, clarity and color, this way you are comparing apples to apples. In some cases they’ll match the price and you’ll get the best of all worlds including warranties, service, price and convenience. There are no magical formulas or pixie dust that allows one on-line jeweler or retail jeweler the ability to buy a diamond for less than their competitors. Retailers and on-line jewelers pay the same amount for a diamonds and the going rate is the going rate. So your local jeweler has the ability to sell the diamond at the same price as the Internet jeweler, you just have to give him reason to. The best advice I can give you is “Don’t make them jump through hoops”; if they’re going to give you a great deal don’t make them work hard for it. Otherwise they may lose interest in the sale and say “No Thanks!”. Be honest and fair with them and you may be surprised at how helpful they can be. Internet Jewelers

Ok I know you have been waiting for this, so here it is… Yes you can buy a diamond for less on the Internet! You’ll also save the sales tax. But you need to know that not all Internet jewelers are created equal and you really need to become familiar with whom you are dealing with. Lets start with some important issues. First, you should know that most Internet jewelers don’t own their own diamond inventories. What they do is create computerized lists from diamond wholesalers and suppliers from around the country and place these lists on their websites. Now the problem with this is that these Internet jewelers have never seen the diamonds that they sell so they don’t know what they are giving you. If you see a diamond listed on their site and ask them to describe it to you they have to call the supplier who owns the diamond and have them describe it to them first so they can describe it to you. That’s fine as long as you are aware of the process. Now, there are Internet jewelers who do own their inventories and actually hand select the diamonds that go on their website.

The benefit is that these Internet jewelers have the ability to weed out problem stones because they get to see the diamonds before they buy them for resale. Allow me to give you an example of a problem diamond, take an SI1 diamond for instance. By definition, an SI1 diamond should not have imperfections that can be seen to the naked eye. However, I’ve seen GIA certified SI1 diamonds with imperfections that were plain as day when viewing the diamond to the naked eye. How does the Internet jeweler that’s selling computerized lists of diamonds know what kind of SI1 he/she is selling? They don’t! That’s why its important to choose an Internet jeweler who owns their inventory and hand picks each diamond personally. The benefit is that you can call them and ask them to describe the diamond to you to be sure that it’s not a problem diamond. When wholesalers have problem diamonds that retail jewelers and Internet jewelers (that own their inventories) won’t buy, they list them on Internet websites because there’s nobody to verify the problem.

In the end you suffer because you unknowingly buy the problem diamond. What’s the solution? Work with an Internet jeweler that can hold the diamond in their hand and inspect it for you. Or work with a smaller yet trustworthy Internet jeweler who has a pulse on all the suppliers that they work with so they can verify the validity of the diamond grade. The larger Internet jewelers like Bluenile undoubtedly have a harder time weeding out the problem diamonds because they sell so many diamonds from these published virtual lists. You’re diamond purchase is just another number to them while the smaller Internet jewelers can spend more time with you on the phone answering your questions and sorting through their diamonds. Another benefit to shopping online is the lack of pushy salespeople to deal with. As with many retail environments you’ll occasionally run in to the hard-core salesperson at local jewelry stores. If you’re the type of person who likes to move at his/her own pace and doesn’t like to be pressured then the Internet jeweler is a great option. If you find an informative site you’ll have the time to gather information about diamonds at your own pace without the pressure of having to make a quick decision. You’ll also cover a lot of ground very quickly because you can compare thousands of diamond prices with the click of a mouse. Shopping locally can be a long laborious process while spending hours at each location before going on to the next store.

If you choose to buy your diamond online require several things from your Internet jeweler. First is a no-frills return policy, the standard for an established and creditable Internet jeweler is 30 days. Next is gemological certification, this is important because you want to be assured that the diamond is graded as fairly as possible. I would only choose the Internet jewelers that display the BBB-Online Seal. The Better Business Bureau is a great consumer advocacy group and won’t allow any website to display the seal unless their identity has been verified. They’ll also remove the seal if the Internet site is abusing the use of the seal or is using unfair business practices. In the end you’ll have to decide what’s more important, price or guarantees. Some people would never buy a diamond from an Internet jeweler and some hate shopping locally. There are no secrets or shortcuts but you have to take the time to understand that there are pros and cons to both options. Nobody can say what’s best for you and your fiancé but you.

Good Luck Shopping and feel free to contact me for any information about diamonds or diamond engagement rings!

Andy Moquin President – Andrews Jewelers Inc. CEO – Rokstok.com

Contact Information:

engagement rings,loose diamonds,wedding rings,the 4c’s

andrew@andrewsjewelers.com

Andy Moquin President Andrews Jewelers Inc. 716-630-7091

Andy Moquin has spent 20 years in the jewelry business buying and selling over $20,000,000 in diamonds, engagement rings and custom designed jewelry. He as traveled to Belgium and Israel to work with international diamond dealers and works as an advisor for DBC Diamonds an international consortium of diamond dealers. His experience in the jewelry business has become invaluable to consumers and business owners. He can be contacted at 716-630-7091, andrew@andrewsjewelers.com, www.andrewsjewelers.com

Tag: engagement rings, wedding rings, diamonds, the 4c’s, how to buy a diamonds, diamond information

 Diamonds, Engagement Rings, Wedding Rings – Internet VS. Retail by ANDY MOQUIN