Vol 7.4 "Is your jeweler your insurer?" April 24, 2008

The most important element of the bond between a jeweler and his
customers is trust. So, when I became a jeweler, I promised myself that I
would never break faith with the people who trusted me to make jewelry that
would honor who they were and what they had accomplished.

I would be there when young love blossomed and view it first hand. I would be
there during the good times and bad. People say they are sorry with jewelry
and ‘I love you’ with jewelry. They say forever, ‘in sickness and in health’
with jewelry. I take my responsibility very seriously. That’s why I created
the Fully Bonded guarantees. We are one.

Unfortunately some of the insurance companies that insure your jewelry don’t
share this view. Many policies contain a ‘˜like’ clause that says “if the
merchandise is lost, stolen, or damaged the merchandised can be replaced
with ‘like’ merchandise or what it costs to replace it!”

If you complain they try to pay you off with a fraction of the insured
value. Saying that the sum they are offering you is the same sum their
jeweler said the ring could be replaced for. ‘The price your local jeweler is
charging is overpriced! Take it or leave it!’ There are insurance companies
that don’t have the ‘˜like’ clause.

If you’re going to insure your jewelry, either go with an insurance company
that doesn’t have the ‘˜like’ clause or have your carrier remove the ‘like’
clause. If not, you might be the less than proud owner of a diamond from an
unknown and faceless jeweler.

All the best,

Fred

The founder and president of Diamond Cutters International, is one of the world’s top diamond experts, as well as a three-time Guinness Book record holder in jewelry design.
Fred The Diamond Guy
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