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Jewellery Insurance

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What Isn't Covered by Jewellery Insurance

Q Report Team
Updated on March 04, 2024
3 min read

Beautiful jewellery is to be seen, not to be hidden away for safety’s sake. We want our clients to wear their treasured necklaces, bracelets, luxury watches and rings as often as they wish.


However, we also know that life happens, and sometimes our treasured items encounter accidents or even loss.


Our goal at Q Report is to put our clients right back where they were before their claims. In other words, if you lose your three-stone, platinum-set engagement ring, we aim to replace it, with one produced by the very same jeweller, if possible.


To that end, we cover your jewellery anywhere in the world so you can take it with you on holiday. We also revalue your pieces each year, so you always know that it’s adequately covered, even when the market fluctuates.


As you consider cover for your jewellery, it’s essential to learn about what’s not included with jewellery insurance. In this post, we’ll review those items.

 

What Isn’t Covered by Jewellery Insurance

While we strive to protect our clients’ most precious possessions, we can’t cover the following items.

 

Jewellery that is Severely Damaged

When you purchase a piece of jewellery from a Q Certified Jeweller, the item is in excellent condition and comes with a warranty. Keep in mind, when you purchase jewellery, that warranties and insurance are very different.


Warranties are intended to cover manufacturing defects in jewellery for a limited time. In essence, warranties guarantee that you’re getting the quality you paid for, and Australian Consumer Law governs most warranties. If, after a few weeks of normal wear and tear, a stone falls out of your jewellery or a clasp breaks, you can return to your jeweller for a warranty replacement.


Insurance, on the other hand, covers accidents, theft and loss, and the time period of cover isn’t limited to a few weeks or months. If you drop your ring on a concrete floor and it becomes damaged, a warranty won’t help you because the accident wasn’t caused by a manufacturing defect. Insurance would cover the repairs.

 

Jewellery in Poor Condition

To ensure that we can restore damaged jewellery back to its original condition, it must be in excellent shape from the date we start covering it.


Q Certified jewellers only sell jewellery in excellent condition, but we also cover high-quality jewellery sold by other dealers. The review process is straightforward and simple. In most cases, we’ll need the following documentation:

  • Receipt of purchase
  • Photos of the jewellery
  • Valuation
  • Diamond/gemstone certificate (if applicable)
  • Proof of possession (you can do this by taking a picture of the item in front of a document with today’s date)

For watches, we’ll also need a warranty card and an image of the back of the watch.

 

Gold Bullion and Loose Coins

We’re good at what we do because we live and speak jewellery. We have a profound appreciation for the workmanship and quality of your gems and precious jewellery. Because we focus exclusively on jewellery, we don’t cover items like gold bullion and loose coins, as these items are classified as commodities and not personal jewellery.


While we don’t offer legal advice regarding insurance for your gold bullion and loose coins, we know insurance alternatives exist. Look into the details of your home and contents policy, or seek additional safeguards such as bank safe deposit insurance.

 

Artefacts

Family heirlooms and museum-grade objects deserve special attention and risk-mitigating protections, to be sure. We recommend that you find insurance that is as focused on these unique items as we are on jewellery.

 

Antique Jewellery

If you have an antique item that may have some wear and tear, if it is disclosed clearly to us, we may be in a position to insure it.

 

Ivory

We cover nearly all fine jewellery and luxury watches at Q Report, but we don’t cover ivory.

 

To learn more about our customer-favourite jewellery cover, get in touch with us at Q Report. You can also receive an instant online quote for your favourite pieces. We look forward to protecting the things you love.

 

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