If you expect to find some bling under the tree this Christmas, your new year’s resolution might be to ensure you get that treasure insured.
But before you do, you need to be aware of just what that insurance policy covers – and why, should you lose or have your item of jewellery stolen, it may not be possible to replace it on a like-for-like basis.
Given fluctuating prices of precious metals and gems, insurers are increasingly looking at just what jewellery people are insuring with them.
Gold, for example, has rocketed in price by almost 60 per cent so far this year, as has silver, while diamonds have fallen by about 30 per cent in recent years.
It means that insurers are looking for more regular valuations.
A spokeswoman for Aviva says that when insuring any diamond jewellery you’ll need the diamond certificate, a detailed professional valuation as well as the purchase receipt.
The insurer also recommends having your jewellery professionally valued every two years. Chubb Insurance suggests you do it every year.
While an accurate valuation may offer you comfort, it d
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