When it comes to safeguarding your most treasured possessions, jewellery insurance is not just a luxury—it’s a necessity. Whether you’ve inherited a family heirloom, purchased a bespoke piece, or received an engagement ring that holds sentimental and monetary value, understanding how insurance works can make all the difference should the unthinkable happen.
At Prins & Prins, we believe your jewellery deserves protection that is as personal and exceptional as the item itself.
The Importance of Asking the Right Questions
Before signing any policy, ask your broker or insurance provider:
Am I covered for accidental damage?
Does the policy insure the item at full replacement value?
If I lose a piece, can I replace lost jewellery at the jeweller of my choice?
If these answers aren’t clearly defined in your contract, it’s time to revisit your terms. Clarifying them now could save you disappointment—and value—later.
Behind the Curtain: How Jewellery Replacement Really Works
In the past, insurers would request a quote from the original jeweller for replacing a lost item. Today, however, many companies outsource this responsibility to jewellery replacement specialists. These providers often operate with minimal stock, relying on catalogues of mass-produced imports. Clients are then made to wait weeks—sometimes months—for items that lack the unique craftsmanship of their original piece.
The result? Frustrated clients. Disappointed jewellers. Missed opportunities for handmade jewellery artisans, particularly in cities renowned for bespoke design like Cape Town.
This shift has led some insurers to establish their own supply divisions—further distancing clients from their trusted jewellers in favour of streamlined but soulless replacements.
Why Handmade Still Matters
When you lose a one-of-a-kind piece, no mass-produced alternative will ever truly compare. If your lost jewellery was handmade, insist that your insurer allow your original jeweller to craft a replacement of similar quality and design. This not only ensures continuity of craftsmanship, but also supports handmade jewellery in Cape Town and other local artisan communities.
Scrap vs. Replacement: What’s the Value of Your Jewellery?
Jewellery that is heavily worn or out of fashion often holds little more than its scrap value—the raw worth of the metal and gemstones it contains. You can choose to insure your items at this lower valuation for reduced premiums. But for those who value their jewellery as irreplaceable, insuring it at its current replacement value—even at a higher premium—is often the wiser choice.
What Is a Valued Insurance Policy?
A valued insurance policy is an agreement between you and your insurer on a fixed payout amount in the event of loss. Unlike a standard policy, where loss must be proven and evaluated at the time of the claim, a valued policy offers peace of mind: you know exactly what you’ll receive.
This type of policy is particularly beneficial for insurance for custom jewellery, or items that are difficult to value after the fact.
Maintenance: The Hidden Clause
Most policies include fine print that requires proper maintenance of insured items. This means regular inspections to check for loose stones, worn claws, and signs of damage. Neglecting these checks can void your coverage in the event of a claim.
Your jewellery is a living legacy—treat it as such.
Getting the Right Jewellery Valuations
Before any of the above matters, your jewellery must be properly appraised. A detailed, expert valuation is the foundation of good jewellery insurance. At Prins & Prins, we have been performing meticulous jewellery valuations and jewellery appraisals in South Africa since 1982.
Our team of gemmologists and jewellery experts are led by Dr Petre Prins, author of The Handbook on Gems & Jewellery and The Handbook and Training Manual for Goldsmiths. Whether you’re insuring an antique brooch or a modern masterpiece, we offer valuations you can trust.
Please note: The value on your Certificate for Insurance Purposes reflects the replacement value, not the resale or purchase value.
Your Trusted Partner in Jewellery Protection
When it comes to insurance for engagement rings, heirlooms, and artisan pieces, trust matters. At Prins & Prins Cape Town, we work closely with clients to ensure their most precious possessions are accurately valued and adequately protected.
Ready to ensure your jewellery receives the care—and coverage—it deserves? Contact us at 021 422 1090 or email consultants@prinsandprins.com to schedule a professional consultation.
