How to Protect Yourself When Your Jewellery or Luxury Watch Gets Stolen or Damaged
May 28th, 2019
Experts suggest that jewellery and watch owners get their pieces appraised every two years, but too many people wait years to have their pieces appraised—and some never do! This can be the kiss of death for the value of one’s jewellery and timepieces should they be damaged, stolen, or sold.
Here at Damiani Jewellers, we urge our customers to come in at least once every two years to get their pieces appraised (or re-appraised). Here’s why:
Insurance on Your Jewellery or Timepieces
Let’s say you’ve inherited a gorgeous Swiss-made timepiece watch from your grandfather. It’s an heirloom of your family and something you treasure. Let’s assume that (knock on wood), someone breaks into your home and steals your inherited watch and you have to file an insurance claim on it.
Insurance companies won’t accept your personal assessment of the value of a luxury product, like Grandpa’s watch, so if the police can’t get the watch back, you may not be able to have your treasured timepiece replaced for its actual value.
This isn’t just the case for a luxury watch and it’s certainly not just the case for loss. An engagement ring can fall down a storm drain. A tennis bracelet can be hit against a wall and lose ten of its diamonds. And so on. It’s important that your insurance company has a recent, detailed report from a trustworthy appraiser to make sure that you can get your money back in case of crime or accident.
The price of jewellery doesn’t stay constant over time. Hundreds of different factors affect the price of your pieces over time: Styles go out of fashion, older looks change from “old-fashioned” to “vintage,” precious materials can flood the market, and the value of materials rapidly fluctuate.
For example, you may assume that your 18k yellow gold engagement ring will keep its value forever, since everybody loves gold. But here’s a fact. In 2012, the price of gold boomed to over $1,900/oz, followed by a rapid slump in prices just a few years later. Nothing in the world of jewellery stays permanent forever.
Don’t think your favorite Tag Heuer watch is exempt from this trend. Watches, like jewellery, can appreciate and depreciate in value rapidly. Your ten-year-old watch appraisal can cut as much as 80 percent off the value of your timepiece.
Keeping a Paper Trail
Last, but not least, it’s good for your peace of mind to have a paper trail with your pieces’ materials, pre-existing damage, and unique qualities on hand. This helps you to know what’s really going on with your treasures, just in case you need something repaired or replaced.
When you come in to take advantage of the jewellery repair and watch repair services at Damiani Jewellers, it’s helpful for our team to know exactly what’s going on with the piece before going in to treat its issues. It’s particularly important to have an up-to-date assessment for timepieces, whose inner workings are far more delicate than an equivalent piece of jewellery.
Get Your Timepieces and Jewellery Appraised at Damiani Jewellers
Damiani Jewellers offers on-site appraisals and insurance replacement estimates. You can trust that we have the expertise to offer a top-quality assessment thanks to our GIA-certified gemologist. The seal of quality that comes with a GIA certificate is trusted all around the world, and our gemologist has the training to give both you and your insurance company the necessary information following a jewellery appraisal.
If you’d like to find out more about our jewellery appraisal services, contact us at (905) 850-4653 or stop by our Woodbridge, Ontario showroom today!