Coleman Insurance Brokers is urging everyone to take the time to check the adequacy of their insurance cover, particularly in respect of diamond jewellery.
Head of Private Clients at Coleman, Jennie Fraser explained, “Diamonds are the smallest, lightest and most concentrated form of wealth in the world today. Their values keep going up too! On average diamond prices have increased by more than 14 per cent per annum for over 50 years. If you have had a diamond or gold piece of jewellery for ten years or more it will certainly have increased in value, probably quite significantly.”
Jennie continued, “We are having new customers coming to us who had found out too late that they did not have the right level of cover. With rising values it is really important to check not just your total sum insured for your valuables, but also the single item limit for unspecified jewellery which can vary considerably from Insurer to Insurer.”
Jennie advised, “Getting valuations can prove to be an expensive additional cost, but definitely worth the investment. It is hugely important that the valuations are done professionally. This includes ensuring that the origin of a diamond is verified and its grade, in terms of the colour and clarity of the stone, and weight is noted. Valuations provide not only proof of ownership but also evidence the true value of your treasured item. We would also recommend taking photos of yourself wearing the item of jewellery, again, good proof of ownership.”
Coleman Insurance Brokers, which has offices in Poole and Exeter, is offering the same advice to home owners who might be considering purchasing a piece of jewellery for a loved one for Christmas. Jennie concluded, “Make sure that your new valuables are adequately covered and on a worldwide basis too. If you’re away over the festive break it’s important to have that peace of mind that all is covered should the worst happen”
The advice given by Coleman has been mirrored by Roderick Harris, Director of WHY Jewellers in Corfe Castle, Dorset. Roderick added, “As diamonds are traded internationally in dollars their value is determined by the currency rate, another reason why values can change. At WHY Jewellers we specialise in the rare, natural coloured diamonds and these have been going up by some 15 to 20 percent per year over the last ten years.”
Roderick advised, “Nine tenths of the World’s production of pink diamonds comes from just one mine in Australia. It is estimated that within ten years this mine will be worked out hence these diamond supplies are rapidly diminishing and values will continue to accelerate and soar.”
Established in 1928, with roots going back to 1903, Coleman is one of the UK’s longest established, truly independent insurance brokers, employing some 60 staff at locations in Poole and Exeter.
https://thecolemangroup.co.uk/
