Losing a diamond can be heartbreaking because they generally have great sentimental value, not only this but replacing a piece of lab grown diamond jewellery can be a serious financial burden.
Earth mined diamonds can be insured for a variety of situations such as loss, theft and damage, but can you insure a lab-grown diamond? There is a lot of misinformation out there about this topic, so we’re here to clear a few things up. A lab-grown diamond has the same properties and brilliance as an earth-mined diamond, hence, they can be insured. While diamonds are one of the hardest materials out there, there is still the risk of damage as well as loss and theft. You can insure anything from lab grown diamond rings, diamond earrings or even a lab grown diamond bracelet.
The Purpose of Insurance
Imagine you spend the day at a theme park having a fantastic day, only to get home and realise that your engagement ring is missing. You have checked the car, torn the house apart and even called the theme park, but your beloved ring is nowhere to be found. Firstly, a heartbreaking discovery. Diamonds tend to carry great sentimental value, so it can be horrible to discover that something has gone amiss. Soon after this, you have a sickening feeling about how much it is going to cost to replace the diamond.
When incidents like this occur, it is not often that you would have money sitting around, so many people resort to wearing a less expensive ring, borrowing money or simply going without for a while. Insurance can be a huge financial help for a loss like this. If you have coverage on your ring, you can file a claim and in most cases, be reimbursed the amount to replace the ring. While the situation is still sad, at least some of the financial stress is lifted.
Insurance, just like house insurance or car insurance, is there to protect us when things don’t quite go to plan and we either don’t have the financial means to amend a situation, or don’t want to have to cough up a grand sum of money during a difficult time.
If you want to protect yourself from the financial impact of losing your diamond you should invest in insurance of some kind.
Insurance through a Company
Just like any other diamond. You can take your diamond to an insurance company to get it valued and insured. It is a common misconception that getting a lab grown diamond insured is more difficult, however, that is not the case at all!
Getting a diamond insured is just like any other insurance, you will pay a monthly or fortnightly cost, and then if you need to make a claim, there will be a small gap to pay.
Self-insurance is another option. Some choose to have their diamond valued, and whatever that cost is, put that amount of money in a high-interest savings account. This way, you will have money sitting there to pay off the diamond if anything were to happen, but you will also have an extra lot of savings. Obviously, some people do not have the means to self-insure, so it's important to weigh up your personal circumstances.
There are many misconceptions about insuring lab-grown diamonds. It is important to note that while they may have different origins, lab-grown diamonds have the same properties as mined diamonds and hence, are just as valuable. Insurance is always a good idea to protect yourself from unexpected costs.