Can You Insure A Lab-Grown Diamond?

Can You Insure A Lab-Grown Diamond?

Purchasing a diamond is a special moment, whether you’re treating yourself to a new piece of jewelry or getting an engagement ring for that special someone. Besides a house and a car, a diamond is also one of the most expensive purchases you’re likely to make. So, it only makes sense that you’d want to insure your new piece!

Jewelry insurance is not uncommon, but insurance policies can vary depending on the type of jewelry or stone. A natural question comes up, then: can you insure a lab-grown diamond? In short, yes! Lab-grown diamonds can be insured just like mined diamonds can. 

Why Insure Your Diamond? 

Many shoppers will forgo insurance on major purchases like jewelry because they think the likelihood of an unfortunate event is low. But it’s more than worth it to invest in insurance. If something bad does happen to your diamond, you’ll be thankful that you had insurance in the long run. It could save you hundreds, if not thousands, of dollars when you’re looking to compensate for your loss and get a new piece. 

Lab-grown diamonds tend to be less expensive than mined diamonds, which is part of the reason why they’re so popular. But there’s another benefit: lower insurance premiums. Since the diamond itself costs less than its natural counterpart, the annual premium you’ll pay for insurance is naturally lower as well. There’s truly no excuse not to insure your diamond, particularly if it’s lab-grown. 

What Insurance for Lab-Grown Diamonds Can Cover

Insurance policies for your jewelry can cover a wide range of situations. Most insurance policies will cover the cost of your item in the case of loss or theft. So, if the ring slips off of her finger while she’s washing dishes and it goes down the drain, you’re not at a total loss (pun intended). You’re also safe if your diamond unfortunately gets stolen. 

Some insurance policies will also cover damage to your lab-grown diamond. While it’s unlikely for lab-grown diamonds to get severely damaged, it’s still nice to have the peace of mind knowing you’re protected. 

How to Get Insurance for Your Diamond

Before you can get your diamond insured, you’ll need to make sure you have the original invoice or lab certificate for your piece. These items prove that your jewelry is authentic and that it does, in fact, belong to you. After that, you’ll need to have your diamond appraised. Normally, jewelry insurers will base the benefits of an insurance policy on the appraisal of the piece itself. 

There are plenty of providers who offer insurance for jewelry, including lab-grown diamonds. However, each individual provider will have its own terms and conditions, so be sure to read the fine print and ask any questions you have prior to purchasing insurance. You may also look for online reviews to find the best policy and provider for your needs. 

You might also consider if any other insurance you currently have will extend to your jewelry. For example, many homeowners’ insurance policies include limited coverage of jewelry in the case of theft. 

Find the Perfect Diamond at Mervis Diamond Importers

Before you can look for jewelry insurance, you’ve got to find that perfect diamond! That’s where Mervis Diamond Importers comes in. We are proud to offer a wide range of lab-grown diamonds that are perfect for any style. Our jewelry only uses the highest quality stones, so you know you’re getting the best value for your money. If you’re not sure where to start on your search for the perfect piece, our experienced team can help you find the right fit or create a one-of-a-kind accessory.

Contact Mervis Diamond Importers today to find the diamond of your (or her) dreams!