So you’re on the market for an engagement ring? First things first: congratulations!
Now, let’s get to work.
An engagement ring is one of the most important purchases of your lifetime. It needs to be personal, it needs to be practical, and it needs to have your partner crying tears of joy (not tears of disappointment).
But there’s so much that goes into engagement ring research, from learning the 4Cs of diamond quality to knowing how to ask your jeweller all the right questions. This Complete Guide to Buying an Engagement Ring will answer all of these questions and more. It includes:
Chapter 1: Diamond Shopping Fundamentals
Chapter 2: Crash Course on Diamond Shapes
Chapter 3: Diamond Setting: What Buyers Should Know
Chapter 4: Finding a Jeweller
Chapter 5: Common Mistakes in Diamond Shopping
Chapter 6: Insuring Your Investment
Chapter 1: Diamond Shopping Fundamentals
In this chapter of the Complete Guide to Buying an Engagement Ring, we dive into all things diamonds and ring styles.
The quality and aesthetic of the centre stone, most often a diamond, will define your engagement ring. But finding that perfect stone requires a level of research and education - and when it comes to diamonds, there’s a lot to learn.
This chapter aims to provide you with the basic knowledge you need to start your diamond shopping with confidence. We cover:
The ‘4Cs' is one of the first terms you may come across when starting your diamond research. The 4Cs are:
The Gemological Institute of America (GIA) developed the 4Cs as a universal way to assess diamond quality, and the method is used by jewellers all over the world today. Having said that, the original nomenclature was created by members of the WFDB (World Federation of Diamond Bourses) and ratified in Antwerp under what became known as the IDC rules (International Diamond Council). As a buyer, it’s worthwhile having a sound understanding of the 4Cs, as there’s a great chance they’ll come up in conversation with your jeweller. Let’s look at each of the Cs in more detail.
According to the GIA, “a chemically pure and structurally perfect diamond has no hue, like a pure drop of water, and consequently, a higher value.” When talking about diamond colour in engagement rings, it’s actually an absence of colour that deems the stone more valuable (with the exception of fancy coloured diamonds).
Diamond colour is measured on a scale from D to Z, with D being colourless or the ‘whitest’ and Z being black. Even the untrained eye can start to notice variations in diamond colour at approximately the K mark on the colour scale. This colouration, often appearing yellow, can be caused by a degree of nitrogen and internal imperfections in the stone.
In the video below, Q Report Co-Founder Rami Baron discusses what buyers should look for in diamond colour:
It’s important to note that the colour of your ring metal will also impact the colour appearance of the stone, as the diamond reflects the ring band. White gold settings act like a mirror and can make a diamond appear whiter than it is.
Q Tip: For a more accurate look at the true colour of a diamond, ask your jeweller to see it before it’s set in a ring.
Similar to diamond colour, the clarity of the stone is affected by its chemical composition. The GIA has developed a grading scale to measure diamond clarity, beginning at FL (or ‘Flawless') and ending at I3 (or ‘Included’).
There are two important definitions to learn when researching diamond clarity:
Inclusions: internal characteristics of the diamond that affect its clarity
Blemishes: external characteristics of the diamond that affect its clarity
The appearance of ‘Inclusions’ plays a large part in defining a stone’s clarity, as you can see on the GIA Clarity Grading Scale:
Q Tip: It’s important to note that these Inclusions and Blemishes are most often only visible to a trained grader using 10x magnification. Nevertheless, diamond clarity is an important discussion to have with your jeweller as it does affect the stone’s transparency and brilliance (or the way it interacts with light).
There’s a common misconception that 'diamond cut' refers only to the diamond’s shape. It’s true that diamonds come in all manner of shapes, from the traditional round cut stones to more contemporary pear and heart shapes.
However, diamond cut actually refers to how well the diamond interacts with light.
A superbly cut diamond maximises the light transmitted by the stone. Symmetry, polish and proportions all impact this, as do each of the other Cs in diamond grading.
The GIA uses seven elements to measure a diamond’s ‘cut grading’:
Taking these into account, a diamond’s clarity grade is rated on a scale from Excellent to Very Good, Good, Fair and Poor. Only the first three elements of diamond clarity refer to the diamond’s face-up appearance:
Brightness: White light reflected from the stone.
Fire: How this white light scatters into colours of the rainbow.
Scintillation: The ‘sparkle’ of a diamond and its pattern of light and dark reflections.
Carat is one of the most well-known measurements applied to diamonds, referring to how much the stone weighs. A carat is equal to 200 milligrams in weight, and each carat is divided into 100 points to provide an extremely accurate measurement of weight. For example, a 0.50-carat diamond may be referred to as a ‘Fifty point diamond’ or a ‘Zero point five zero’ stone.
The chart above displays the carat measurements and accompanying diameters of round cut diamonds.
Generally speaking, larger carat diamonds are more expensive. Kim Kardashian’s 20-carat emerald cut diamond ring was even estimated to be worth almost $5 million.
Q Tip: Bigger isn’t always best; a smaller stone that rates highly on the other Cs of diamond grading can be more expensive than larger carat stones.
Setting a Budget and Deciding on Style
As you can see by now, even the fundamentals of diamond quality require a lot of research. Shopping for diamonds can be an overwhelming experience if you’re only just starting your education, which is why setting a budget and deciding on your ring style can give valuable focus to your efforts.
A $10,000 budget will narrow the playing field and allow you to hone in on finding the perfect stone within your price range. So how do you decide on this figure? The age-old convention is that your engagement ring should cost roughly 2-3 months salary. Of course, this is only convention; there’s no ‘right’ or ‘wrong’ number when it comes to your jewellery investment.
The point is to enter your diamond shopping with a figure in mind and make your job easier by narrowing the field of possibilities.
If you’re planning to shop collaboratively with your partner, deciding on this figure together can avoid an awkward moment at the jewellers.
Like budget, style is up to you. Today’s engagement rings come in countless shapes, sizes and stylistic statements, so it’s your job to sift through these options and find the right fit for your partner. Here is a quick guide to ring styles and who they may suit:
Classic style diamond cuts: Princess, round and emerald.
Classic style diamond settings: Claw setting, Tiffany setting, Bezel setting.
Modern style diamond cuts: Pear, heart and radiant.
Modern style diamond settings: Tension setting, Halo setting, Flush setting.
Q Tip: Deciding whether your partner sits in the ‘classic’ or ‘modern’ category is a good starting point for finding that perfect style.
A diamond’s shape (often referred to as its cut), is a defining feature of any engagement ring. In this chapter, we take a deeper look a why shape is a deciding factor in your ring, review 10 common diamond shapes and outline how you can select the best option for you.
Diamond shape doesn’t just make a stylistic statement; it also impacts how your stone will refract light, how it will appear on the hand and even how safe it is from damage. It’s one of the most important decisions you make when buying an engagement ring, and getting it wrong can turn that “oh wow!” moment into an “oh no” moment.
Some diamond shapes (or cuts) work well with some settings and poorly with others. For this reason, it’s important to research how these elements combine to form the engagement ring as a whole.
Round cut diamonds are perhaps the most popular shape on the market. They have a timeless and elegant appearance and one that maximises the light brilliance of the stone. Round cut diamonds are usually cut with 58 facets. They currently account for approximately 70% of the diamonds sold worldwide.
2. Emerald Cut Diamonds
As you can see, emerald cut diamonds appear far differently to round stones. The step cuts bordering the large flat surface of the stone, called a ‘table’, create a unique look and affect how light interacts with the diamond. ‘Inclusions’ (the elements that define a diamond’s clarity grading) are easier to see in emerald cut diamonds, which is why this shape is best suited to high-quality stones.
3. Princess Cut Diamonds
Like round cut stones, princess cut diamonds have a versatile shape that can work well with many setting styles. Princess cut stones often have a lower price-per-carat than other diamond shapes because of the minimal waste caused by their cutting. Their price can also be affected by the symmetry of the stone, with slightly rectangular cuts being less expensive than perfect squares.
4. Oval Cut Diamonds
The oval cut diamond is a variation of a round cut, containing similar light refraction qualities. This diamond shape can give the illusion of greater size due to its stretched out appearance.
5. Pear Cut Diamonds
Like oval cut diamonds, pear-shaped stones can create an illusion of larger surface area because of their elongated tip. Symmetry is considered especially important in pear-shaped diamonds.
6. Marquise Cut Diamonds
Slightly different from pear cut stones, marquise-shaped diamonds have a football-esque appearance. This is another example of a narrow and elongated shape that can give the impression of a larger stone.
Heart shaped diamonds can create a unique and modern appearance. Like pear and marquise cuts, heart diamonds rely on symmetry. This diamond cut works best on larger stones; the heart shape can be difficult to see on smaller diamonds.
8. Cushion Cut Diamonds
Cushion cut diamonds are a classic shape similar to square cuts but with a rounded edge. Traditional versions of the cushion cut can appear quite heavy, but more modern interpretations are often more refined.
Asscher cut stones are similar in shape to emerald cut diamonds, in that they each have a large flat surface (or table) and step cuts. And like princess cut stones, Asscher shaped diamonds are most desirable when they’re a symmetrical square.
10. Radiant Cut Diamonds
Radiant cut diamonds rose to popularity in the 1980s as a combination of a cushion and princess cut stone. These diamonds can vary in shape, with more elongated rectangles or squared stones, with either rounded or square edges.
With the number and variety of diamond shapes on the market, choosing a suitable option for your ring can be difficult. It’s often challenging to know how each shape will appear when it’s set in the ring, which is why finding a quality jeweller is always recommended for real-life examples.
As mentioned in chapter 1, it’s often worthwhile asking yourself these two questions if you’re struggling to decide on style:
If you answered yes to both, perhaps a timeless but sleek diamond shape like a pear, round or princess is the safest option for you.
By now, you should have an understanding of how the 4Cs provide us with a useful framework for measuring diamond quality, you’ll know the difference between an oval and emerald diamond shape, and know how important it is to consider your partner’s style when buying your engagement ring.
In this chapter, we look at all things diamond setting. We’ll outline how setting works, run through common setting types and look into how it affects appearance and price.
Diamond setting refers to how the centre stone is fixed to the rest of the ring. There are several ways jewellers achieve this, and each of them is known as a setting type. For example, in the popular prong setting, the diamond is placed into a metal cup and held in place by prongs, also called a claw or a basket.
Alongside the shape of the diamond, the setting of the stone is one of the most important characteristics that define the overall appearance of your ring.
When done well, the setting can maximise the potential of your diamond and enhance its brilliance. If done poorly however, or if the setting you choose doesn’t match well with the diamond shape or even the ring metal, your ring can fall short of its potential.
The video below outlines some quick things to know about diamond settings:
1. Claw Setting
When you picture an engagement ring, chances are you imagine a claw setting. This is the most popular style of engagement ring and has a timeless elegance. Claw settings can make a stone appear larger and more brilliant by elevating the diamond and maximising the light reaching its surface. This is a highly secure setting as it clamps down on the stone, while at the same time, there is a little ledge cut into the stem of the claw which locks the diamond into the setting itself.
2. Bezel Setting
Bezel settings are also highly popular for their versatility and contemporary style. The bordered edge of a bezel setting is great for reducing the chance of snags and damage to the diamond. In some cases, this setting can either make a stone appear smaller or bigger, depending on how much metal is used to surround the stone and how close the shoulder stones are to the centre stone.
3. Pavé Setting
Pavé settings refer to the smaller stones that cover the ring band, not the centre stone. They offer an impressive light return and can complement the centre stone nicely. However, resizing can be difficult on pavé rings, so don’t take this stylistic decision lightly.
4. Tension Setting
Tension settings provide some of the more contemporary aesthetics on the market today. Held in place by the tension of the ring band, these rings are hard to create and are often sold at a premium. Like pavé rings, tension set rings are difficult to resize, and aren’t as secure as bezel or prong designs.
It’s important to ensure that the jeweller has significant experience in making such rings. It is not just a case of looking like a tension set. There is a real art to doing this correctly and a lack of experience will result in a loss of a diamond.
5. Channel Setting
Similar to a pavé setting, channel set rings feature smaller diamonds on the ring band as well as a centre stone. But as the name suggests, these smaller diamonds are set within a narrow channel, making them a more secure option.
6. Halo Setting
Halo settings also use smaller diamonds, but instead of featuring them on the ring band, they surround the centre stone. This option can emphasise the centre stone and make a bold stylistic statement.
7. Bar Setting
Bar settings also feature smaller diamonds on the ring band, but separate these with bars of metal. This option can make these smaller diamonds appear larger and give the impression of decadence.
8. Flush or Gypsy Setting
Flush settings are becoming more popular as a secure, understated and stylish engagement ring. This setting features a centre stone that is set flush against the ring band, offering great security from damage and provides a dramatic effect.
9. Cluster Setting
When crafted well, cluster settings can give the illusion of an impressive rock. This setting features a ‘cluster’ of smaller diamonds that combine to form the shape of a centre stone, giving the impression of a large carat weight.
10. Cathedral Setting
A classic, elegant and timeless setting, cathedral rings use metal arches extending from the ring band to hold the centre stone in place. Cathedral set rings can be intricate, making cleaning difficult but accentuating the impact of the diamond.
Like other design decisions, there are certain things to consider when selecting a stone setting:
1. The wearer’s lifestyle. If they work with their hands or live an active lifestyle, more securely-set diamonds can offer more safety from damage or loss.
2. Cleaning. Intricate settings can look great but be difficult to clean.
3. Replacement. As mentioned, some diamond settings make it difficult and expensive to resize the ring.
4. Security. If you’re concerned about damaging the all-important centre stone, settings that expose and elevate the diamond may not be the best choice for you.
5. Utility. Some settings, like claw settings, can be prone to snagging on clothes.
This chapter will highlight the benefits of working with a trusted jeweller as part of the engagement ring buying journey. We will delve into how to find a jeweller as well as some of the top questions to ask your jeweller.
And remember, you can find a Q Certified Jeweller in your area here.
Most people would probably respond by saying “ask a friend”. A jeweller is often one of those people that somebody you trust prides themselves on having a special and trusting relationship with. That recommendation from someone you trust goes a long way.
Having said that, there is an abundance of reputable retailers in the market to choose from, ranging from online retailers to upstairs jewellers to boutique jewellers to jewellers in larger shopping centres.
With such an enormous selection, finding a jeweller is the easy part. It’s finding the right jeweller for you that can prove to be more challenging. Here are a few tips that might help you.
As mentioned above, a recommended jeweller from someone you trust is always a great starting point. It demonstrates a good track record, a positive experience and reputation.
Even with an excellent recommendation, you should never feel pressured to buy. You may choose to look around further first, but at least you’ll have a good starting point and benchmark.
Truth be told, we like to buy from people who have a similar personality to us. For example, if you’re a quiet personality that prefers to be armed with information and you’re prepared to dedicate a lot of time to the process of looking for that perfect engagement ring, it may not suit you to have a disorganised, pushy and boisterous jeweller trying to sell you a ring. You will likely just end up frustrated by their lack of attention to detail.
The reverse is true as well. You may want to be wowed and regaled with lots of options. In which case, the fast-talking, vibrant and inspiring salesperson may fit exactly within your comfort zone. The slower, methodical jeweller will simply drive you crazy.
Therefore, whether it’s a jeweller who you were referred to, or you just walked into an appealing jewellery store, there is nothing wrong with making sure you are comfortable with the jeweller first. Trust your instincts as they are rarely wrong.
We know that statistically, 80% of people looking to buy jewellery will initially research options and expand their knowledge online. The online jewellery retailer is becoming more and more prevalent with some of the most reputable brand names in jewellery supplementing their bricks and mortar stores with an online retail presence.
You may prefer to research online, find your perfect ring and buy directly from the online retailer. This suits some people. Others like to touch and feel the product before they buy and would prefer to go to a physical store or showroom (perhaps after doing their initial online research).
How long has the jeweller been in business for and what do their existing customers have to say. Reviews and testimonials are an extremely powerful to gauge what you can expect to experience if you chose to work with that jeweller.
Questions to Ask Your Jeweller
You have hopefully found that trusted jeweller you want to work with. Assuming you have done some basic research online to get you started, here are a few important questions you could ask your jeweller when you do have that “one-on-one” time with them.
This is where your money is going to go. It’s a real balancing act. Speak to your jeweller about finding the right balance between colour and clarity to suit your budget.
You now know that diamonds are measured on a scale from D to Z. It’s important for you to appreciate however what the actual difference is between the various colours. What does a D colour look like compared to a G? Your jeweller can clearly show you this by comparing two or three stones, allowing you to see the shading variation between the diamonds.
With so much focus and cost associated with the clarity of a stone, it is important for you to appreciate what it is actually referring to. When you use an eyeglass and see what a big inclusion looks like compared to a small inclusion, it helps you decide how much importance you place on clarity against the other 3 C’s.
In the video below, we outline how first-time buyers can have more productive conversations with their jewellers:
This is a very personal preference. Round diamonds are the most expensive. However, you should know that you can buy a larger diamond in fancy shapes such as ovals, princess or emerald cuts. It’s always interesting to hear what your jeweller will suggest as they may have a style of jewellery that they craft which suits fancy shape diamonds.
As important as your diamond is, if the ring is not well made, it won’t show off the stone to it’s potential and won’t last for generations (as it should). You’ll find your jeweller will take great pleasure in explaining to you the craftmanship they put into their jewellery.
Diamonds above a certain size (usually 0.50 carats but often even smaller) should come with a grading certificate produced by an independent diamond grading laboratory. In Australia and in most places in the world, the GIA certificate is considered the standard. There are other diamond certificates which are highly regarded, such as AGS from the USA, HRD and IGI from Antwerp. In terms of Australian laboratories GSL and DCLA are all well respected. Be wary of diamond grading reports that are not independent, such as reports generated by the jeweller or the manufacturer.
It is important to ensure that your diamonds are sourced responsibly and ethically from reputable and sustainable suppliers.
Standards of overseas manufacturing can vary quite significantly to local standards in Australia. So ask where the ring will be manufactured or where it was manufactured if it is already made.
When choosing your engagement ring, it is important to think about the wedding band too as they will both sit side by side on your partner’s finger. So make sure that the engagement ring is designed in such a way to allow the wedding band to sit flush with the engagement ring. Depending on the setting and the shape and size of the stone, your jeweller should be able to guide you as to what wedding band will suit best.
Diamonds are durable, but they are not indestructible. Ask your jeweller how to best clean and look after your ring so that it maintains its brilliance and fire for years to come.
The preceding chapters are designed to provide you with the fundamentals of diamonds and engagement rings. It is critical that you understand the basics before you start to shop. Not having an understanding of the fundamentals is probably the most common mistake in diamond shopping.
The quick video below describes some common pitfalls to look out for when buying a diamond.
In this chapter, we will outline some of the other common mistakes to avoid when purchasing that perfect diamond.
1. Misinterpreting Her Tastes
When choosing a diamond for your partner, there are two approaches:
The solution is a combination of both, but not one or the other.
The more information you have on your partner’s tastes, expectations and wants, the better. If you trust your partner’s friends or family to be discreet, you may want to ask them for advice on size and style. Knowing the shape of stone your partner wants goes a long way. Equally, it’s really important to understand if your partner is dreaming of a certain size stone. It might mean you will have to compromise on colour or clarity to a degree, but if they’ve always dreamed of a 1 carat diamond, you really need to factor this in.
2. Getting Blinded by Price
While we mentioned it in Chapter 1, one of the most common mistakes is to start the selection process, or even walk into a jeweller, without a clear budget in mind. If you have the luxury of shopping together with your partner, then make sure it’s agreed between you before you start looking. If you go into a jewellery store and it’s the first time you’re thinking about how much to spend, you could end up in a very embarrassing situation. Don’t put yourself in this position.
3. Buying Without a Diamond Grading Certificate
Diamond grading certification ensures that you know exactly what you are getting. It is a certificate provided with a stone once the stone has been examined and graded by a technician in a standardised laboratory environment.
In today’s world of diamond shopping, laboratory-grown (synthetic) diamonds are becoming more and more prevalent. Synthetic diamonds today can possess all the properties and are visually identical to mined, naturally formed diamonds. They can be identical in brilliance, sparkle, fire and scintillation.
While they are a desirable choice for some diamond shoppers, it is important that you do not make the mistake of thinking you are buying a diamond when in fact it is a synthetic diamond.
It is only with the use of specialised laboratory equipment that you can accurately determine if a polished stone is a diamond or a synthetic diamond.
So make sure that the diamond you have your heart set on comes with a diamond grading certificate from a reputable laboratory. Not only is the certificate accurately grading the diamond based on the 4Cs, but it is also able to determine natural from synthetic diamonds and will state if it is a synthetic diamond on the certificate.
4. Unknowingly Buying Treated Stones
While treatment of stones is a common and largely accepted practice, buyers should be acutely aware whether a stone has been treated or not as it will have a significant impact on the price.
Fracture filling (also referred to clarity enhancement) is one method of treating a stone in order to improve the visual appearance of a lower grade diamond.
It’s becoming more and more common. It involves filling the inclusion cavity with a tiny amount of compound, essentially “filling” a fracture in the diamond. This treatment can increase the clarity grading of a diamond significantly. However, the value of a natural untreated diamond is significantly higher than a diamond that has been treated.
So while you may be happy to save as much as 40% by buying a clarity enhanced diamond, make sure it’s not being sold to you as a natural untreated diamond.
5. Purchasing from Irreputable Retailers
Many people seem to get caught out when purchasing a diamond online. If you want to purchase online, at the very least use an online diamond specialist or retailer.
Reputable online stores should be part of an industry group or association. Their reviews should speak for themselves and give you some level of comfort.
When dealing with an overseas online retailer, make sure they have a money back guarantee. Never transfer money directly, but rather use a credit card or Paypal as the preferred payment method. It offers you added protection.
6. Purchasing a Poorly Cut Diamond
There is no doubt that Colour and Clarity are important considerations in a diamond. However, it is the Cut that makes a diamond sparkle. The better a diamond is cut, the more brilliance, sparkle and lustre it will exude.
Yet, buyers are all too often misled about cut quality.
It is the diamond cutter that is charged with the skilful task of cutting craftsmanship. It’s important to note that the more the cutter deviates from the ideal proportion pattern of a diamond, the more carat weight is able to be retained in the stone.
However, a diamond that is poorly cut and proportioned in order to maximise its weight may not allow effective dispersion of light from one edge of the diamond to the other. This can give the appearance of a smaller looking diamond and reduce its brilliance and sparkle.
Conversely, an excellent cut diamond maximises the play of light, optimising brilliance, fire and scintillation.
So make sure you understand the cut quality of the diamond you intend on buying. It plays a significant role in the sparkle of the diamond.
In this chapter of the Complete Guide to Buying an Engagement Ring, we explore the importance of insuring your investment and the various insurance options available to you.
We use the term investment in this case because you have invested an enormous amount of time and money into making this purchase, not because you have plans to sell it and make a profit.
The previous chapters have equipped you with some of the tools and education you need in order to make the engagement ring purchase that you and your partner will love and cherish forever. Now it’s time to ensure that that purchase is well protected.
This chapter aims to provide you with an understanding of insurance coverage for your precious engagement ring. We will cover:
What is Jewellery Insurance?
You have spent a considerable amount of money on purchasing that perfect engagement ring for your partner.
While all jewellery sold comes with an implicit warranty against inferior or faulty workmanship as well as faulty or defective components, it is only a guarantee that the jewellery has been made correctly and that you are in fact getting what you paid for.
Jewellery Insurance on the other hand, will cover you should the ring be accidentally damaged, lost or stolen down the track.
While some choose to insure their engagement ring under their home and contents insurance policy, it doesn’t always provide the level of coverage you may think it does or the level of coverage your jewellery needs.
Home and contents insurance policies usually include some level of cover for jewellery. However, the amount and level of insurance cover will largely depend on your insurance provider as well as whether or not you have specified individual pieces on your policy.
It is critical that you read the fine print of your home and contents insurance policy to ensure it provides adequate coverage for your engagement ring. Things to take particular note of include:
Those that rely solely on their home and contents insurance policy may be surprised that they may not be covered when their engagement ring is worn outside the house. So technically, these policies would only cover loss, theft or damage to your engagement ring while you are inside your house. As crazy as it may sound, don’t you want to wear and enjoy your engagement ring with confidence everywhere you go?
What about when you travel? Will your home and contents insurance policy provide you cover while you travel on your honeymoon? Are there any restrictions on where or how long you can travel for and be covered?
These are some of the questions you should ask of your home and contents policy before you rely on it to protect your investment.
Typical home and contents insurance policies will often dictate to you which jeweller you must go to in order to repair or replace your engagement ring in the event of damage or loss. You need to consider how important it is to you to be able to return to your original or preferred jeweller, rather than any jeweller that is providing a good discount to the insurer.
Hear more about the differences between home and contents vs specialised jewellery insurance in the video below:
It is also really important to take particular note of any sub limits which may apply. If you have not specified your jewellery on your policy, it is likely that a home and contents policy will have a sub limit applicable to each item of jewellery. Typical sub limits range from a limit of $500 to $1000 per item of jewellery. You need to consider if this will adequately cover your engagement ring.
Even if you have specified your jewellery and it is not subject to typical standard sub limits, you may not necessarily be paid the full sum insured stated on your policy. For example, if your home and contents insurance policy says that your jewellery is covered for “Up to $10,000” and your insurer finds that they can replace your lost item for $5,000 through one of their suppliers, they can (and will) do so. So while you may be paying higher premiums on cover “up to” a certain amount, it’s not actually an agreed value policy and you won’t necessarily be covered for that full amount in the event of a claim.
The Q Report Difference
When it comes to protecting your engagement ring, it’s clear that home and contents policies often fall short in providing the right level of cover.
At Q Report, our specialist jewellery insurance policies were crafted specifically and only for jewellery. So our policies provide the right type and level of cover your jewellery deserves.
Q Report’s worldwide coverage means that you can wear and enjoy your jewellery wherever you go in the world.
An agreed value policy means that the full sum insured will always be paid in the event of a full loss. If your engagement ring is insured for $10,000 and you lose it or it is stolen, the full $10,000 will be paid in order to ensure that you are placed in exactly the same position as you were prior to the loss.
Additionally, our Q Classic policy includes a 25% buffer. So if your jeweller could not replace that exact engagement ring for $10,000 when you made a claim, we could call on an additional $2,500 to make sure that you got that perfect engagement ring back.
We also know how special that relationship is with your jeweller. You chose that jeweller to initially purchase the engagement ring because you trust that jeweller. If you need to repair or replace that ring, we want you to have the option to return to your jeweller. We will never tell you where you need to go.
At Q Report, we believe that jewellery is not meant to be locked away in a drawer or a safe. Jewellery is meant to be worn and enjoyed without fear of loss and in the unfortunate event of loss, you should have absolute peace of mind knowing that you would be covered.
That’s the Q Report difference. Get an instant online quote today and discover it for yourself.