The jewelry industry has experienced intense growth. In 2011, sales for the USA were approximately $68 billion and global jewelry sales were approximately $175 billion, an 18% growth over the year before. This in turn means that it will not only cost more to purchase new jewelry but will cost more to replace lost, stolen or damaged items. Jewelry insurance protection is more important than ever.
There are several factors driving up jewelry sales. #1: Explosive growth of luxury markets in general with the global jewelry market. China, Latin America, the Middle East and Russia were the growth leaders in 2011 with new-found wealth to spend:. Lifestyle changes in these markets have fueled the sale of luxury items, especially jewelry. #2: Jewelry Auction sales have been unprecedented #3:High production costs: As the costs of precious metals, diamonds and gems have increased, costs to produce new jewelry or replace existing pieces have gone up too. #4 Diamonds have gone up as much as 50% in some cases, depending on the size and quality of the stone. The cost of a one-carat polished diamond rose nearly 19% in 2011 alone. Diamond prices are still on the rise. Other gemstones such as sapphires, emeralds and rubies and other semi-precious stones are also experiencing price increases.
Here’s what you should know: You should have your jewelry items appraised every 3 to 5 years. Use a professional jeweler with a Graduate Diamond or Gemologist certification.
We at Gordon Tower Insurance want to make sure you have the proper coverage for your jewelry. We would be happy to help you with obtaining the proper insurance coverage for your scheduled items. Call us today at 216/663-7777!
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