How To Take Care of Your Diamond
Insuring Your Diamonds
Now that you know how to choose a diamond and where to buy one, if you have purchased your diamond already, it is time to know how to care for your newly acquired diamond. When you buy a house or a car you take the time and spend the extra money to insure those items. The same should happen when you buy a diamond. The thing to know is that diamond insurance is nothing like car or home insurance. Diamond insurance varies from state to state but there are generally three types of policies that cover diamonds. All of the three types of diamond insurance are called marine type insurance. The first type of policy for a diamond is actual cash value. With this policy if your diamond is lost or damaged beyond repair, the insurance will replace the diamond at today’s current market value, no matter what you originally paid. This policy is not very common though. The replacement value insurance is the most common type of diamond insurance. Like the name implies, the insurance company will pay a fixed amount to replace the diamond. One thing to be aware of with this policy is that they will pay up to that amount. The last type of insurance is called agreed value. With this type of insurance, if your diamond is lost or damaged beyond repair, the insurance company will simply pay you the value of the diamond that you agreed on. This insurance is best but it is also rare. Now let’s discuss the rates associated with diamond insurance. The rate is determined by the value of the diamond, where you live, and the coverage you choose. One thing to note is that jewelers are not qualified insurance agents. As I have made perfectly clear throughout this small series of articles is that you must get a diamond certificate. With this certificate, when you present it to the insurance agent they really cannot argue about the actual value of the diamond. Another important piece of information for you to digest along with the rest of the articles is that home owners insurance will cover your diamond so long as it is in your home. If you remove the diamond from your home it is not insured, so having diamond insurance is important to have.
What is a dirty diamond? A dirty diamond is two things. First, a dirty diamond is a rough diamond before it is cut and polished, I.E fresh out of the mine. Diamonds do not stay clean very long. When you get a diamond you most likely have it as a ring, pendant, or necklace. As time goes on the diamond will become dirty from daily use. When you wash your hands with your engagement ring on, soap scum adheres to it, with lotion its grease. This is not an inclusive list of dirts that get on a diamond. A diamond can get dirty within a single day. The question you may be asking yourself right now is, “What can I do about it?” You could purchase an ultrasonic cleaner and use it everyday on your diamonds. It takes about one to two minutes to do and the diamond will not be dirty, the shine and sparkle will remain throughout the life of the diamond. You could also take your jewelry to the jeweler once per week or once per month and pay to have the diamonds cleaned. I personally would rather buy a cleaner once and be able to clean my diamonds anytime I want to without having to lose them for a week at a time. You could also use a mixture of ammonia and water (of equal parts) and a jewelry cleaning cloth. It is more time consuming to use this method but you can get it done in about thirty minutes. Something to consider is how dirty the diamonds are. If they are filthy you’ll have to soak them in the solution for 30 minutes before you can even start cleaning them. Some jewelry stores also sell jewelry cleaning kits that you can use. I prefer ease over time consumption for cleaning jewelry as it is a mundane task.
How to Care for Your Diamond
Cleaning your diamond is important but caring for your diamond is more important. Caring for the diamond is more than just occasionally cleaning it. We all know that diamonds are forever but they can be irreversibly damaged by negligence. Proper care of your diamonds will ensure they do last forever like they’re supposed to. I would have to say that the first thing you should do is have a jeweler check out the settings of your diamond. I mean, how the diamond is secured on the ring or necklace, or whatever else the diamond is mounted to. If there are any issues, have the jeweler repair those settings to prevent you from losing the diamond by it falling out. Ever have this happen? It really sucks to have a thousand dollar ring of gold and no diamond. When you are not wearing your diamond studded piece of jewelry place it in a felt lined jewelry box. Store that diamond in a separate compartment to avoid damaging your other pieces as well. Most importantly, when you are doing physical work remove your diamond. Diamonds don’t break but they will chip and scratch. If you work with bleach, don’t allow the bleach to come into contact with your diamond as this may cause the diamond to change its color.
How to Sell a Diamond
There may come a time in your life that you may decide to sell your diamond. The reasons are plentiful and to each person there may be different reasons. Whatever the reason is, it has no bearing on selling your diamond. Most important in selling your diamond is to take your time with it. Would you rather sell your hundred dollar diamond in a hurry for thirty dollars? I should hope not. If you have followed my advice thus far, you already have a diamond certificate which guarantees the diamonds value. If you already have diamonds without the certificate, get your diamond appraised and ask for a “rapaport” value. This value is wholesale and is what you can command for that diamond. If you have not obtained a certificate get one through GIA Gemological Institute of America. These tools are just pieces of paper but you are going to get screwed if you don’t have them. Try to sell the diamond yourself to your friends or family. Offer them all the items I’ve mentioned—certificate and appraisal. Never sell a diamond to a pawn shop because they will give you about ten percent of the value. And do not sell your ring on consignment as there are many things that can go wrong with that. Also note that there are many scams even in well known jewelry retailers. If your diamond is worth a lot of money you may think about selling it via a famous auction house Christie’s or Sotheby’s. Otherwise sell it to an individual yourself but be extremely cautious. Your last option is to sell your diamond at a jewelry store you trust. Even though you trust them, don’t trust them completely. Never leave sight of your diamond, and don’t accept a tale of how imperfect your diamond is. That is the whole purpose to having a certificate and an appraisal. Finally, do not accept any less than 60 to 80 percent of the value set forth on the rapaport value. You will want to aim for 80 but I would settle at 70 percent. I sincerely hope now that you are well armed in all your dealings with diamonds and jewelers.
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