Does Lab-Grown Diamond Jewelry Need Insurance?
You've just bought a stunning lab-grown diamond ring. Here's the question: should you get insurance for it? The short answer is yes.
Lab-Grown Diamonds Are Real Diamonds
Lab-grown diamonds are not cubic zirconia or moissanite. They are real diamonds with the same chemical composition, crystal structure, and physical attributes as mined diamonds. Their worth is real and they require real protection.
Lab-Grown Doesn't Mean Cheap
A good lab-grown diamond engagement ring can still cost $2,000 to $10,000 or more depending on size and setting – even if it's 40-60% less than an equivalent mined diamond. Would you be okay losing that money?
What Insurance Actually Covers
Jewelry insurance typically covers theft, loss, accidental damage, and sometimes mysterious disappearance (you don't need to explain what happened). Reputable insurers provide replacement cost for an item of similar quality to your original.
The Cost Is Surprisingly Low
Most people spend about $1 to $2 per $100 of coverage annually. For a $5,000 lab-grown diamond ring, the premium is approximately $50 to $100 per year – less than $10 a month for complete peace of mind.
How to Get Your Lab-Grown Jewelry Insured
- Add to homeowners/renters insurance: Easy, but coverage may be limited with a high deductible
- Standalone jewelry insurance policy: Companies like Jewelers Mutual offer better coverage with no deductible
- Check with your jeweler: Some retailers include insurance or make it easy to set up
You'll need an appraisal from a certified appraiser noting the diamond is lab-grown with its characteristics, plus your purchase receipt.
The Bottom Line
Don't let the "lab-grown" label mislead you into thinking your jewelry needs less protection. Whether your diamond took billions of years underground or weeks in a lab, it's still a diamond and still worth insuring. Insurance lets you wear your gorgeous jewelry every day without any stress.