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Insure It?? Clean It??


metalhdmatt1
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Hey, proud new owner of a 18k white gold ring with a .75 carrot pear shaped diamond color h, clarity si2. Just had it appraised at 4,550$ o and she said yes!! :) would you have insurance on it? Jewelers mutual want 43$ a month with 500$ deductible. Also what dish soaps are you using to clean your Dimond rings? Or is there a better way? Thanks in advance!

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$43/month comes to over 10% of the appraised value. This sounds extremely expensive to me; are you living in a very high risk area or situation (e.g. student accommodation)?

 

Any dish soap will work; the important thing is that it is something without additives that do not rinse off easily (e.g. perfume, hand softener, antibacterial agents). If you really want to be a professional at cleaning, there are steam cleaners on sale for about $100 on Amazon and the like, but I don't think they are necessary if you clean the ring regularly.

 

(BTW: it's carat; carrots are for salads, not for rings)

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Congratulations. 

Double check that bid from JM.  I suspect it's $43 per YEAR.  Premiums are usually a direct percentage of the appraisal conclusion and they're usually around 1%/year.   

 

The insurance company, like JM, is usually agreeing to replace the ring with another of 'like kind and quality' in the case of a loss.  They're NOT agreeing to write you a check for $4550 (less $500).  That may seem like a tiny detail but it means that they are only going to pay what it costs to actually replace it, not necessarily what the appraiser said it's 'worth'.   If they can buy the diamond for less, that's what they'll do, and any premiums you pay to insure above and beyond that are lost.  A good 'reality check' is if you can buy it for less, chances are good that they can too.  

 

Edited by denverappraiser
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You'd be surprised.

A soft (baby) toothbrush and dish soap works well.  You can also soak it in a dilute solution of ammonia like Windex, overnight. Do not use bleach.  We use 1 part ammonia to 10 parts water.  This will loosen and dissolve the dirt that builds up under the stones.  A good rinse using the soft toothbrush after that will get you about 90% of the way to a professional cleaning.  I've heard of people using the steamer on their espresso machines as a finishing touch but I don't know how effective that really is apart from blowing away the loosened dirt.  Please remember not to hold your ring while using the steam.  A pair of rubber tweezers or a small sieve work well.

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