Expensive Jewelry and Insurance – How do You Cover the Diamonds?
This September 2020 Claims column discusses insuring expensive jewelry.
September 07, 2020 at 05:55 AM
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While dressing up isn’t as common as it once was, and people can now wear business casual or even casual clothes to work, the one constant is jewelry. Many people wear jewelry on a daily basis beyond their wedding rings; earrings, necklaces, bracelets and other rings are often worn for adornment. The jewelry market is expected to grow from 279 billions dollars in 2018 to 480.5 billion by 2025, almost doubling in seven short years. While the average cost of an engagement ring in 2019 was $6,350, many spend more on that for such a significant piece of jewelry. There are also many other rings, earrings, necklaces and bracelets with a variety of gemstones people may collect. The presence of online jewelry sellers such as Blue Nile or James Allen make purchasing expensive jewelry easy, and Jewelry Television (JTV) makes buying less expensive jewelry even easier.
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