How to Insure Your Engagement Ring in Singapore: A Practical Guide
Why Ring Insurance Matters More Than You Think
An engagement ring is usually the most valuable piece of personal property a person owns outside of their home. A quality engagement ring from a bespoke jeweller easily costs S$5,000 to S$30,000 or more. Insurance that covers that value typically costs a fraction of 1% of the ring's value per year.
First Step: Get a Valuation Certificate
Before you can insure a ring, you need an independent valuation certificate from a certified gemologist or accredited jeweller. The valuation should include a detailed description: the diamond's carat weight, colour, clarity, cut, and GIA or IGI certificate number; the metal type and weight; and a description of the setting and any side stones.
At Diamond Ateliers, we provide a valuation certificate with every ring we create. We also recommend updating the valuation every three to five years.
What to Look for in a Policy
Confirm the policy covers accidental loss, theft, accidental damage, and ideally mysterious disappearance. Always seek an agreed value policy (covering the ring for a fixed pre-agreed amount). Insure the ring for its full replacement value, not a round number approximation.
Ring Maintenance and Insurance Go Together
Insurance protects you financially when something goes wrong. Regular maintenance reduces the chance something will go wrong in the first place. At Diamond Ateliers, we offer complimentary annual check-ups for any ring we have made.
Visit us at 176 Orchard Rd, #03-05 The Centrepoint, Singapore 238843 or reach out over WhatsApp.