Lab-grown diamonds cost much less than mined diamonds, but an engagement ring or tennis bracelet is still a significant purchase, and one with sentimental value. Here's how to think about insurance.
Do you need it?
If losing or damaging the piece would hurt your finances, or your heart, it's worth considering. Engagement rings, larger studs and bracelets are the pieces most often insured.
Options
- Home contents insurance may cover jewellery, often with limits for single items or for items away from home.
- Specialist jewellery insurance usually offers broader cover, including loss and accidental damage worldwide.
Read the policy wording carefully, especially on loss, theft away from home and replacement terms.
Documents to keep
- Invoice stating "laboratory-grown diamond", carat, grades, metal and price
- Grading report (IGI or GIA) with the report number
- Photos of the piece from several angles
- A valuation if your insurer requires one
Valuations: get it right
Make sure any valuation clearly identifies the stone as laboratory-grown. Replacement cost should reflect current lab-grown prices. Over-valuing a lab-grown diamond as if it were natural can cause problems at claim time and inflate premiums.
Everyday protection
- Have prongs and clasps checked once or twice a year.
- Take rings off for the gym, gardening and swimming.
- Store pieces separately in a lined box.
- Clean regularly; see our cleaning guide.
Our paperwork
Every stone we supply is described as a laboratory-grown diamond on our invoices, with grades and report numbers where applicable, which makes insurance straightforward. Contact us with any questions.
