Tips for Protecting Your Investment in Diamond Engagement Rings

Many individuals look at the purchase of a diamond engagement ring as a showing of love and affection for another. However, this type of purchase is indeed a financial investment as most diamond engagement rings are expensive due to their preciousness and value. Therefore, when buying a diamond ring for your engagement there are a few tips to keep in mind in order to protect your investment which is the beautiful ring purchased for your loved one.

Appraising Your Diamond Engagement Ring

Some individuals wonder whether it is a good idea to have their engagement ring appraised. This is definitely a wise idea as again, diamond engagement rings are a big investment and valuable items. Therefore, you want to be sure that the item which you are paying for is worth that amount. There are a few different places where you can have your diamond engagement ring appraised. Some of your options include the jewelry store where you are buying the ring, an outside appraiser at a different jeweler or an independent appraiser who works in the personal property arena. Just be certain that the appraiser has been trained in the personal property field, has credentials, and has a minimum of 5 years of appraising in addition to his gemology training that he has.

Insuring the Engagement Ring

In addition to having your engagement ring appraised to ascertain its true value you should also contact insurance agencies regarding insuring the piece of jewelry. Although the sentimental value cannot be replaced should the ring ever be lost or stolen, your financial investment will be safeguarded should loss occur. If you are insuring the engagement ring you will have to have it appraised in order for the policy to accurately reflect its value. There are many different insurance companies which will issue policies on personal property items such as jewelry. The best way to locate an insurance company to insure your diamond engagement ring is to shop around, see which company offers the most competitive premium and consider the other benefits offered by the insurer with regard to policy coverage.

When the insurance policy is issued, it will be based upon not only the diamond gemstone but the setting upon which it is mounted. If a diamond grading report has been completed reference to this document should be contained in the policy as well. You may find that if you have a current homeowners insurance policy you will be able to add your diamond engagement ring to the policy coverage. This makes it easier than having to acquire a completely new insurance policy from a different insurer.

Keeping Your Diamond Engagement Rings Safe and Secure

Once you have had your diamond engagement rings appraised and insured the final step to protecting your investment is keeping the ring safe and secure while in your possession. Make sure that if the ring is not on your finger it is in a safe place where it will not be visible to the outside world. In addition, make certain that the place in which you keep your diamond engagement ring is a spot where it will be safe from being banged around and scratched.

To learn more about the many facets of a diamond engagement ring visit James Greene at http://www.diamondmarketwatch.com where you'll find this and much more about diamond rings and other fine jewelry.

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