Buyers 'want Diamond Insurance'

Published on 16/12/08

An increasing number of consumers are taking out insurance after the purchase of jewellery, it has been claimed.

Buyers of items such as gold diamond rings, diamond bracelets and diamond stud earrings are choosing affordable policies rather than existing premiums, according to the Dubai Multi Commodities Centre.

A study by the group found 58 per cent of those surveyed would take out cover against a piece provided the cost was not more than three per cent of the item's worth.

Peter Meeus, chief executive officer for International Diamond Laboratories, commented that this shows the importance of insurance to retail customers, particularly in Dubai.

He added: "It is a great opportunity for retailers and insurers to work on affordable, transparent, and practical solutions that will benefit consumers as well as the diamond trade."

In other jewellery news, earlier this month a pair of flawless gemstones sold for $3.5 million (£2.36 million) at a Christie's New York sale.