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Diamond Advice, Insurance, Remodeling Jewellery

My Diamond has a Chip in it“My diamond has a chip in it “ is one of the worst things a jeweller can hear. This is usually followed by “I thought diamonds were the hardest stone on the planet”. Unfortunately, while diamonds do have the highest rating on the Mohs scale of hardness (measured out of 10), it does have weaknesses. The best way to think of a diamond’s hardness is like timber. It has lines of strength and lines of weakness. Hit it hard enough on the right angle, and it will splinter all the way to the end of the diamond. While chipped diamonds are very sad to see, I often think of them like plane crashes. While it is a rare occurrence, it doesn’t stop thousands of people getting on planes every day. Once a chip is discovered, the next question I am asked by the distressed lady is of course “How can I hide a chip on my diamond?” 

Misconceptions About Diamond Chips 

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Diamonds do not crack. Like the Movie “Cool Runnings” where actor John Candy comments about the dangers of bob sledding – “bones do not brake they shatter”. Diamonds will not crack a little. You will either chip the diamond completely or not all. Often a client will see an inclusion in a diamond and think it is a crack -rest assured these are just inclusions. Inclusions in diamonds don’t usually lead to a diamond chipping. However, if the inclusion is close enough to the corner of a princess cut diamond (square), it can make that part of the diamond weaker; often a nightmare for diamond setters. 

You will feel the moment you chip your diamond. Unfortunately, as it is normally a freak accident, you won’t always feel the moment you chip your diamond. Like dropping your iPhone on the concrete, it could just be the tenth time you do it that causes the diamond to chip.  

I just bought it. Sadly time is no pre-requisite to chipping a diamond. You could have your diamond for one day or twenty years, and still chip your diamond. 

Re-cutting the diamond is the only option. Re-cutting a diamond may be an option if your diamond is large enough or it has a strong sentimental value. However, for a lot of stones under a one carat diamond, re-cutting may not only be too expensive ($300 -$500), but the finished weight may be too small to fit back in the setting. Sometimes you can be somewhat lucky and only loose ten points, however, in extreme cases, you could loose as much as 20-30 points. 

My insurance policy covers diamond chips. Unfortunately this is not always the case. It is important to make sure that you read the fine print of your policy to make sure that it you are sufficiently covered for accidental damage. If your insurance policy does not, The Q Report policy that we offer to all our clients does cover diamond chips.

 How To Hide A Chip In A Diamond

Fotolia_9735709_Subscription_L_01. Chip from the girdle running underneath – In a claw setting, if the inclusion is not too severe the diamond is able to be rotated to hide the inclusion under the claw. If the inclusion has taken out a section of the diamond, it is usually a good idea to run some solder underneath the claw to fill the void left by the chip. Much like a cast for a broken bone, the solder will fill the negative impression of the diamond that is unique to that chip. 

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2. Chip running from the edge and up to the table – If the inclusion runs up to the table of the diamond, try changing the look of your claws to talon style claws. This unique style of claw runs up higher into the crown section of the diamond, thereby hiding a chip that it is out of reach of most conventional claw styles. As seen here with the sapphire ring, the talon claws almost run up to the table (centre facet). This effect would be less noticeable in a diamond.

double claw setting to hide a diamond chip

3. Chip running around the edge – If the chip is running around the edge, perhaps consider a bezel or semi bezel setting to hide the inclusion. If semi bezel settings are not your “style”, a double claw setting might just give you the extra width you need to hide the chip. 

If the worst happens and you notice a chip in your diamond ring, it is important to know that there are options available to you, other than just simply replacing your diamond through your insurance provider. If you ever need advice on the best options to hide a diamond chip, the manufacturing jewellers at Xennox Diamonds are always here to help!

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Insurance

Ring insurance protects your engagement ringWhile engagement ring insurance might not be the first thing you think after you finally find “The One”. It could be one of the second most important decision you make. No one knows what’s around the corner. For example;

  1. You might accidentally lose the ring in the rubbish one day when cleaning up,
  2. You might accidentally leave the ring on a wash basin of a Brisbane department store,
  3. You might lose it while dancing the night away while overseas on your wedding night. 
  4. You might lose it while on a banana boat ride while on your honeymoon.

If these seem like specific examples, it is because they have actually happened. If you want to make sure your example doesn’t get added to the list, now might be a good time to review your ring insurance. 

Home Contents Insurance with Ring Insurance

While a lot of Insurance companies might cover jewellery in their policies as an add on, it is not their specialty. Ring insurance is a very precise field and requires a completely tailored insurer who specialises in quality jewellery. If you do decide to use your current home and contents insurer, make sure that you read the fine print.  

Conditions to be aware of; 

      1. Was it lost at the insured address ?
        1. Will they cover you if the item is lost while in transit, or at another location  
        2. Does it cover you while you are overseas ?
          1. If you are ever thinking of going on holidays overseas, it is a good idea to have ring insurance to cover your jewellery
        3. Was there any forced signs of entry ?
          1. If the thief has managed to rob your home, due to an open window, will they still cover you and replace your jewellery ?
        4. What value will you actually receive ?
            1. Do you know the exact agreed amount that you will receive in the event of the claim, not whatever figure the insurance company can haggle the jeweller down to.
        5. Will they update you insured value every year – Free of Charge ?
          1. Making sure that you insurance is in line with the price of gold and diamonds is crucial. Without it you could be paying more than you have to, or worse, under-insured. The usual cost of revaluing your rings could be as much as $50 per ring each year.
        6. What process will you have to go through in the event of a claim ?
          1. Will they make you jump through hoops to prove that you still had the insured item, or will they simply ask for a police report and/or signed affidavit. 

While nothing can ever replace the sentimental attachment you had with your jewellery, it is important to protect yourself from financial loss. The sentiment behind your rings is priceless, but the rings themselves can be replaced, if you have the right ring insurance. You also need to make sure your valuation certificate has these 5 important elements.

Q report ring insurance

For complete piece of mind, we strongly recommend our clients consider Q Report which is backed by Chubb Insurance of Australia .We understand everyone’s circumstance are different and you may want to go online and read their policy , but from our experience  nothing else comes close. We as jewellers hate seeing clients go through the trauma of a claim, where they have had either inadequate insurance, or their insurance company is trying to back out of a claim. In my experience Q report offers clients a clear difference when choosing to protect their jewellery. 

 

Q Report Ring Insurance Benefits

  1. Revaluing of your jewellery every year free of charge, to make sure you are never under insured, including a 125% cover safety net.
  2. Guaranteed to go to the jeweller of your choice.
  3. Guaranteed  to pay the full insured amount in the case of a total loss.
  4. Immediate cover from the moment you leave the store.
  5. Fully comprehensive – covering all aspects of your ring, repair or replacement.
  6. Hassle free claim process with no jumping th
    rough hoops
  7. A $100 excess

If you would like help with your ring insurance, visit us in store to obtain a quote. The helpful staff at Xennox Diamonds, will clean, inspect and check your jewellery, while we prepare your quote. If you would like complete piece of mind, to know that your rings are completely covered no matter what happens to them, then there really is only one clear option. If you have any questions about your ring insurance or a claim that you are currently undertaking, please email us at info@xennoxdiamonds.com.au, or post a comment below, we are here to help.

Karl

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Advice or tips, Engagement rings, Insurance


Having insufficient or inadequate jewellery insurance, is something most people only learn about when they need to make a claim. Apart from the many different policies out there, there are few things that you should try to have for each jewellery item, to make sure you replace the item that was lost.

1. A full description of your item for jewellery insurance

A full description for comprehensive jewellery insurance is necessary to ensure that a lost or damaged ring can be replaced with an exact replica of the original.


2. Detailed photo

A detailed photo of the item is essential, and should match the full written description. At least one photo is essential. If it is a detailed piece of jewellery, it might be necessary to include two or more photos taken from different angles.Jewellery Insurance for a Fancy Intense Yellow diamond

 3. The purpose of the Jewellery Insurance Certificate

This is crucially important, as it linked to the amount that your piece should be insured for. The amount shown on a Jewellery Insurance Valuation is often inflated, and doesn’t guarantee that you will get the full amount you need to replace the item. The best jewellery insurance valuation, is a Replacement Valuation. It includes a clear description of the piece and specifies what the jeweller needs to receive in order to create an identical replica of the original piece. Under normal circumstances, the value on the jewellery insurance replacement certificate should be within $500 of the price you originally paid for the item


4. Exchange rate and gold price

As the value of jewellery insurance is heavily tied to both the exchange rate and gold price, it is extremely important to have this on the certificate. If your jewellery insurance was calculated and insured at an exchange rate of 1.04 cents (USD to AUD) and the dollar fell to 0.80cents, the value of your diamond ring would go up considerably. Likewise, if you had a gents ring with a significant amount of gold in it, and the gold price went up from $1650 US an ounce to $2500 US an ounce, you would again be under-insured.


5. The date and renewal

As mentioned above, the value of your piece is tied to market circumstances. As these circumstances can change in a matter of months, it is important to get your jewellery re-valued every 12 months to confirm that you are insured for the correct value. If your insurance company can’t do this, I recommend using Q Report Insurance as they will do this for you every year at no charge.       

At Xennox Diamonds, we can help make the organising of your jewellery insurance completely painless.

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