You may be overjoyed right now that the man of your life has finally popped the question and slipped that gorgeous diamond ring on your finger, but don’t get too carried away just yet. You have a lot more important things to do to ensure that that alluring sparkler won’t get lost somewhere. Get your engagement ring insured and appraised to protect not only its monetary worth, but its sentimental value as well.
What Is a Ring Appraisal?
Basically, it’s a document that contains the specific details of the ring, but it’s different from diamond grading report sheet you get from your jeweller. While a diamond grading report tells you everything about the stone (like the 4Cs), the appraisal contains the value of the entire ring, taking into consideration the centre stone, side stones, and the metal band.
Why Is It Important?
An appraisal will serve the purpose of an official receipt in the event that you lost or damaged your engagement ring. This is an important requirement in order to get jewellery insurance or if adding a rider to cover your wedding rings on your homeowner insurance policy. And in case of theft, you can use this as proof of ownership to claim your jewellery to the police.
Where to Get a Jewellery Appraisal?
If a gemologist can verify the important facts about your gem and an appraiser has the ability to verify the value of the ring, a gemologist-appraiser is licensed to do both. Some Singapore jewellery stores have on-site appraisers that you can meet up with. If yours doesn’t, look for a professional whose credentials reflects expertise in both areas—specialized appraisal training and formal education and training in gemology. Many people love the engagement rings from Ling in Singapore because of their professionalism and knowledge in their trade. These credentials ensure that an appraiser had undergone formal training and has passed the professional and ethical standards of this field.
When to Get One?
As soon as you have your engagement ring, get a ring appraisal. It’s important to have the ring’s value assessed right away, so you can benefit from insurance protection and all of the other benefits that comes with it.
The moment you have the ring on your finger, see a certified appraiser at once. With so much planning for your wedding in the coming months, it can be very easy to lose your ring—and you don’t want this to happen to the hard-earned and sentimental investment of your husband-to-be.
Ring Appraisal and Ring Insurance
Know that wedding ring appraisal and wedding ring insurance are two different things. Some appraisers may also offer insurance for your jewellery, but it’s recommended to get insured from an independent insurer. Once you have appraised your ring, seek for an independent insurer and discuss about the best policy for you. These are the three types of insurance policies he may offer you:
• Replacement Policy
In case your proposal ring gets lost, stolen, or damaged, the insurance company reimburses you an amount that will allow you to buy an identical ring.
• Valued-At Policy
This policy reimburses you the actual amount of the insurance, even if your ring is appraised at a higher value than its actual market price (such as an additional amount for its sentimental value).
• Actual Cash Value Policy
This is the most common insurance option. In case of lost, this policy replaces your ring at its current market value, but minus any depreciation that might have took place.
Appraising your engagement ring and wedding bands is an important part of keeping them safe and preserving their value. It is an essential factor to get the most of your insurance, and as a result secure your peace of mind for the years to come.