The Importance of Insurance: Replacing Lost or Damaged Jewelry

The start of a new year brings, for many, the desire to get organized.

That should include your jewelry box.

As we move into 2021, take a moment to make sure your most prized pieces are properly appraised and insured.

The value of jewelry can change dramatically over years, so if you need to replace a piece, you want to ensure you’d be properly compensated.

Here are a few cases where items were insured properly, and it paid off:

A New Diamond and Mounting

A customer recently came into our store looking to have her sapphire and diamond ring repaired.

As usual, our repair team carefully inspected the item to assess what needed to be done.

Upon inspection under our microscope, it became clear the piece was beyond the point of repair. There was severe impact damage not just to the mounting, but also to the center diamond itself.

Our team suggested the customer file an insurance claim, so we could completely replace the diamond and mounting.

We worked with both the customer, and her insurance company, to take care of the claim quickly and easily.

The company ended up covering the cost of a new 1.73 ct. diamond, and a new mounting. We then set the diamond into the new mounting. We were able to use the two sapphires from her original ring.

The end result is a virtually new ring that will last for years to come.

Replacing a Stolen Necklace

In another recent case, a customer had a necklace stolen from her home.

It was a stunning piece that she loved.

Because it had been properly insured, we were able to work with her insurance company to remake the piece from scratch.

That involved supplying a 20” platinum chain, as well as two diamonds. A 0.67 ct. round diamond was bezel set on the necklace, with a breathtaking 3.03 ct. Emerald Cut diamond sitting just below it.

The customer was delighted with the end result.

Replacing a Half Pair of Lost Earrings

Very often a customer will lose half a pair of earrings, and wants to replace the missing earring to complete the set.

A customer recently came in with that dilemma, having lost half a pair of her diamond studs.

Working with her insurance company we found a matched diamond for her remaining stud, completing the set once again.

The first step to getting an insurance company to replace your lost or damaged jewelry is having an up to date appraisal.

We are happy to provide a free appraisal with each new purchase at Hingham Jewelers, upon request. For a small fee we can also update an appraisal for an item you purchased years ago, to account for changes in the commodities markets.

If you’ve never had your jewelry appraised, and the piece wasn’t purchased here, our expert Appraiser is happy to assess your piece, and create the appropriate documentation for your insurance company. That is done by appointment, on one designed day a month.

You can see our next Appraisal Day on our events page, or you can call or text us to make an appointment.

Then, in the event that your piece is damaged, lost, or stolen we will happily work directly with your insurance company to rectify the situation, either through a repair or a replacement, removing the burden from you.