Archive for March 2013


So You Think Your Jewellery is Insured

Insurance PolicyWe’ve been getting several calls from distraught clients in recent times regarding their battles with insurance companies. Why? Well, most have recently made a claim and were surprised when their insurance company dictated which jeweller they had to go see and what price they were willing to pay to replace their piece of jewellery. Unfortunately, this makes an already stressful situation, even more stressful; especially when you’re trying to replace something with so much sentimental value.

Does this Scenario Sound Familiar?

You bought your fiance a diamond engagement ring appraised at $6,000 and it was stolen/lost/damaged. Now your insurance company is telling you to go see some other jeweller that’s offering to replace “the same diamond” for $3,000. When you ask if you can go see your original jeweller they tell you that they’ll only provide you with $3,000 of replacement value if you choose to do so.Loop Diamond

Sound familiar? Well, we’ve seen it happen pretty often lately. The problem here is that not all jewellers have the same standards (not by a long shot!). Having an appraisal signed by someone with GIA designations is a far cry when comparing it to someone who doesn’t. The other problem is that no two diamonds are created equal; for instance, on paper two diamonds can have the same grade, but in reality, one may be worth twice as much as the other. Therefore, how can you be assured of the same standards without going to see your original jeweller, or at least, one with the same credentials as the original?

Now here’s the real kicker! When you originally provided your insurance company with that $6,000 appraisal they may have charged you a premium on your insurance policy based on that amount, but now they only want to pay $3,000. Sound fair?

What Should You Do?

1)      Talk to your insurance company and find out if there are limits to your policy. Most do have limits unless you specify a particular piece to be insured; this is called a “rider”. A rider goes on top of your Home Insurance and you will likely be charged a premium for insuring this piece.

2)      Ask your insurance company how they handle repairs and/or replacements if something happens. Specifically, you should ask:

  1. Will you be given “Full Replacement Value”?
  2. Can you deal with the jeweller of your choice?
  3. What kind of coverage will this include? Theft, loss, damage, etc?
  4. How much more will you be paying?

Most importantly, if you’re not satisfied with the answers, consider Jewellery Insurance. Few realize that this is often less expensive and offers a broader, more comprehensive coverage than your home insurance. For instance, Jewellers Mutual insures qualified jewellers in North America and also offer insurance to these jewellers’ clients. Their policies normally cost less than a “rider” on your home policy and their coverage includes theft, damage, loss, and mysterious disappearance…even while travelling. Also, they have GIA trained staff on-hand; i.e., people with certified standards for jewellery, not someone shopping for the best bargain. And here’s the best part, you can choose to return to your original jeweller, as he/she knows exactly what you had purchased.

So next time you get the chance, speak with your insurance company and make sure you know what you’re paying for. If you don’t like what you hear, consider jewellery insurance.

We hope this helps!


The La Mine d’Or Family

Watches and Magnets

As we were going through some repairs recently we came across an interesting letter from a supplier. It was regarding a watch which had been sent for repair because it wasn’t keeping time properly. It read the following:

Tag CarreraThere are internal working components of your automatic watch which are constructed of steel. If your watch comes into contact with a magnetic field, such as a strong electric motor, magnetic bracelet, etc., it is possible that the steel components of your watch will become magnetized.

This will cause drastic timekeeping issues.

The condition is not permanent, but the watch must be sent to our service centre to be demagnetized.

It is best to avoid exposing your watch to sources of magnetism.

Thank you.

We found it funny how little we sometimes think of small things like magnets and where we may come into contact with them. This caused a brainstorm of ideas as to where we find magnets around the house that we may not often consider:

–          Speakers

  • Including headphones

–          Small toys with motors

–          Kitchen cabinets with magnetic latches

–          CD Readers

–          The refrigerator

  • The ones that hold pictures
  • A strip inside the door which helps hold it closed
  • The motor

Fridge Magnet


This is just to name a few without even considering your workplace. So be careful around magnets with your cherished timepieces (particularly automatic watches), it’ll save you a trip to the shop. But either way, feel free to visit anytime!


Kind regards,


The La Mine d’Or Family