Click the link to see our short video on how we size your rings using the latest technology!
Click to watch the Video
Saturday, September 23, 2017
Our 70th Anniversary!
This year we are celebrating 70 years in business. Our roots are firmly fixed in our small community of Southbridge, Massachusetts, and have been ever since my Grandfather, Louis Cormier, returned home after World War II. He had been working in New York City as a clockmaker where he kept the clock on top of the Metropolitan Life building running smoothly. It's not clear why he chose to return home to such a small town after living in the big city, but we are sure glad he did. Soon after returning, he set up shop in Southbridge. The year was 1946.
But that would mean we have been in business for 71 years, not 70. Why are we celebrating our 70th? As with all family histories, some events become fuzzy with time. In our family, it was always a known fact that my Grandfather opened the very first Cormier Jewelers in 1947. In fact, the front of our store is emblazoned with "Since 1947". Our website says the same, and so does our stationary. When he was alive, my Grandfather never refuted this known fact. Then one day, after he had passed, we found an old business ledger tucked away in his house. In it was a record of his very first transaction for the jewelry store. The date? November 1946. Who knew? We do know that in 1947 he purchased the building we are still in today. So in that sense, 70 years seems appropriate. We celebrate our 70th because, evidently, that's what Louis would have wanted.Many things have changed since my Grandfather set up shop. For one, our store has changed its look over the years, both inside and out. The jewelry we sell and service has also changed over time. And we are now in our fourth generation here at the store with my son, Thomas, joining the business this year. But one thing has never changed: our commitment to our customers. We would like to think that the reason we have stayed in business for so long is because of all our hard work, but we know the real reason we are still here is because of our customers. Without them, we would not exist. They are also in their fourth generation with the great grandsons and granddaughters of my Grandfather's generation supporting us now. It really is a family business - inside and out. And that is definitely something worth celebrating.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-765-1963
www.cormiers.com
Thursday, March 3, 2016
Synthetic Diamonds vs Natural Diamonds and how to tell the difference.
Have you heard the news about the latest technological breakthrough that is affecting the jewelry industry? Diamonds can be grown in the laboratory and they look and act identical to natural diamonds for less money. Is this really true?
Yes and no.
First, let's examine the difference between natural and synthetic diamond. What is a synthetic diamond? Is it just a simulated diamond? A look-a-like stone? Isn't a cubic zirconia a synthetic diamond? The answer to those questions is no. A synthetic diamond is a diamond grown in a laboratory. Lab-grown diamonds are real diamonds - not simulants and not look-a-like stones. Instead of forming over millions of years naturally in the earth's mantle, they are created in rough crystal form by scientists in laboratories. They are optically, visually and chemically almost identical to natural diamonds. In fact, scientists have been growing synthetic diamonds for decades. Early synthetic diamonds were grown and used in industry for abrasives and semi-conductors because the diamonds they grew were small and of very low quality. But lately scientists have learned how to grow their diamonds larger and more pure. Now they can grow gem-quality diamonds from the tiniest sizes up to several carats in size. And these diamonds are showing up in jewelry.
If these synthetic diamonds are optically, visually and chemically nearly identical to natural diamonds, then how can someone tell the difference between a synthetic and a natural diamond? There are a few ways to tell if a diamond is a synthetic. First, a trained jeweler can look under a microscope at the inclusions inside the crystal to determine if it is synthetic. This method is not always reliable, though. The other, more reliable method of detecting if a diamond is synthetic is through the use of spectroanalysis, photoluminescnece analysis and/or phosphorescence analysis to more definitively determine stones that are synthetic. This technology is used by The Gemological Institute of America, the GIA, whenever they supply a grading report for a diamond, and this is why here at Cormier Jewelers we strongly suggest you purchase diamonds that are graded by the GIA.
Okay, so synthetic diamonds are not identical to natural diamonds because they do have differences that can be tested, but do they really cost less? Yes. A synthetic, lab-grown diamond costs less than a natural diamond of equal quality and size. At the time that I am writing this article, synthetic diamonds are on average 2/3 the cost of natural diamonds of equal quality and size. I say "at the time I am writing this article" because no one knows what the price of a synthetic diamond will be in the future. Like any product that can be made at will by man, the price will be determined by how many diamonds the scientists grow in their laboratories and how much appetite the marketplace has for them. Supply and demand. If more and more laboratories begin growing synthetic diamonds then the prices will drop. If the public has no appetite for synthetic diamonds then the prices will drop. One thing we do know for certain is that synthetic diamonds are here and we at Cormier's can assure you that if you buy a "natural" diamond here at our store you can be absolutely confident that it is a natural diamond and not a synthetic. If you do have an appetite for a synthetic diamond, we can supply that for you as well, but you will always know the difference between them here at Cormier Jewelers in Southbridge.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.Cormiers.com
CormierJewelers@Aol.com
Yes and no.
First, let's examine the difference between natural and synthetic diamond. What is a synthetic diamond? Is it just a simulated diamond? A look-a-like stone? Isn't a cubic zirconia a synthetic diamond? The answer to those questions is no. A synthetic diamond is a diamond grown in a laboratory. Lab-grown diamonds are real diamonds - not simulants and not look-a-like stones. Instead of forming over millions of years naturally in the earth's mantle, they are created in rough crystal form by scientists in laboratories. They are optically, visually and chemically almost identical to natural diamonds. In fact, scientists have been growing synthetic diamonds for decades. Early synthetic diamonds were grown and used in industry for abrasives and semi-conductors because the diamonds they grew were small and of very low quality. But lately scientists have learned how to grow their diamonds larger and more pure. Now they can grow gem-quality diamonds from the tiniest sizes up to several carats in size. And these diamonds are showing up in jewelry.
If these synthetic diamonds are optically, visually and chemically nearly identical to natural diamonds, then how can someone tell the difference between a synthetic and a natural diamond? There are a few ways to tell if a diamond is a synthetic. First, a trained jeweler can look under a microscope at the inclusions inside the crystal to determine if it is synthetic. This method is not always reliable, though. The other, more reliable method of detecting if a diamond is synthetic is through the use of spectroanalysis, photoluminescnece analysis and/or phosphorescence analysis to more definitively determine stones that are synthetic. This technology is used by The Gemological Institute of America, the GIA, whenever they supply a grading report for a diamond, and this is why here at Cormier Jewelers we strongly suggest you purchase diamonds that are graded by the GIA.
Okay, so synthetic diamonds are not identical to natural diamonds because they do have differences that can be tested, but do they really cost less? Yes. A synthetic, lab-grown diamond costs less than a natural diamond of equal quality and size. At the time that I am writing this article, synthetic diamonds are on average 2/3 the cost of natural diamonds of equal quality and size. I say "at the time I am writing this article" because no one knows what the price of a synthetic diamond will be in the future. Like any product that can be made at will by man, the price will be determined by how many diamonds the scientists grow in their laboratories and how much appetite the marketplace has for them. Supply and demand. If more and more laboratories begin growing synthetic diamonds then the prices will drop. If the public has no appetite for synthetic diamonds then the prices will drop. One thing we do know for certain is that synthetic diamonds are here and we at Cormier's can assure you that if you buy a "natural" diamond here at our store you can be absolutely confident that it is a natural diamond and not a synthetic. If you do have an appetite for a synthetic diamond, we can supply that for you as well, but you will always know the difference between them here at Cormier Jewelers in Southbridge.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.Cormiers.com
CormierJewelers@Aol.com
Wednesday, September 2, 2015
Fun Facts!
Here are some interesting facts about jewelry that you may not know!
1. Sapphire is actually blue ruby. Ruby and Sapphire are both made from the same mineral: Corundum. When Corundum is red it is called Ruby. When it is any other color, it is called Sapphire. Sapphire can be any color but red. Blue is the most common color, but Sapphire can be green, pink, yellow, orange, purple, violet, brown, black, grey and colorless (sometime referred to as white).
2. Emerald and Aquamarine are the same mineral as well. Both are Beryl. When Beryl is green it is called Emerald. When it is blue it is called Aquamarine. And when Beryl is pink it is called Morganite!
3. Color in gemstones, including diamond, is caused by chemical impurities in the crystal structure of the mineral. In diamond, it is Nitrogen that causes the yellow color seen in many stones. In Sapphire, it is Iron that causes the blue color. Both Iron and Nitrogen are very common which makes yellow and blue the most common colors of Diamond and Sapphire respectively.
4. There is no such thing as white gold. White gold is yellow gold that has been alloyed with white metals such as nickel and zinc. This makes it appear less yellow. Then it is electroplated with a very white metal called rhodium, which make it appear completely white.
5. Diamonds can be broken or chipped much easier than you think. A diamond is the hardest gemstone but that just means it is the hardest to scratch or abrade. Hardness is the term used to describe resistance to scratching. Resistance to breakage is called toughness. Diamond has medium toughness, so it can be broken or chipped easier than most people think. The toughest gemstone? Jade!
6. Diamond are some of the oldest objects on the face of the earth! Most diamond were formed over one billion years ago. Some are even older, as much as 3 billion years old! The oldest mineral on earth? Zircon! Some are over 4 billion years old!
7. If you were to melt all the gold ever mined and form it into a cube, it would be nearly 68 feet long, 68 feet deep and 68 feet wide. All the platinum ever mined would fit into an average sized living room.
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.cormiers.com
CormierJewelers@aol.com
1. Sapphire is actually blue ruby. Ruby and Sapphire are both made from the same mineral: Corundum. When Corundum is red it is called Ruby. When it is any other color, it is called Sapphire. Sapphire can be any color but red. Blue is the most common color, but Sapphire can be green, pink, yellow, orange, purple, violet, brown, black, grey and colorless (sometime referred to as white).
2. Emerald and Aquamarine are the same mineral as well. Both are Beryl. When Beryl is green it is called Emerald. When it is blue it is called Aquamarine. And when Beryl is pink it is called Morganite!
3. Color in gemstones, including diamond, is caused by chemical impurities in the crystal structure of the mineral. In diamond, it is Nitrogen that causes the yellow color seen in many stones. In Sapphire, it is Iron that causes the blue color. Both Iron and Nitrogen are very common which makes yellow and blue the most common colors of Diamond and Sapphire respectively.
4. There is no such thing as white gold. White gold is yellow gold that has been alloyed with white metals such as nickel and zinc. This makes it appear less yellow. Then it is electroplated with a very white metal called rhodium, which make it appear completely white.
5. Diamonds can be broken or chipped much easier than you think. A diamond is the hardest gemstone but that just means it is the hardest to scratch or abrade. Hardness is the term used to describe resistance to scratching. Resistance to breakage is called toughness. Diamond has medium toughness, so it can be broken or chipped easier than most people think. The toughest gemstone? Jade!
6. Diamond are some of the oldest objects on the face of the earth! Most diamond were formed over one billion years ago. Some are even older, as much as 3 billion years old! The oldest mineral on earth? Zircon! Some are over 4 billion years old!
7. If you were to melt all the gold ever mined and form it into a cube, it would be nearly 68 feet long, 68 feet deep and 68 feet wide. All the platinum ever mined would fit into an average sized living room.
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.cormiers.com
CormierJewelers@aol.com
Wednesday, June 24, 2015
Top 5 things you should never do with your jewelry!
Never wear your jewelry in a hot tub or swimming pool! Chlorinated hot tubs and swimming pools are a no no for jewelry of all types. Chlorine is a very caustic chemical and will damage all fine jewelry unless it is made exclusively of platinum or palladium. This is because gold and silver jewelry are alloyed with zinc and nickel, and chlorine will leach those metals from your jewelry. Enough exposure and your jewelry will literally fall apart.
Never sleep with your jewelry on! Okay, we know many of you are guilty of this because our repair department is ALWAYS busy. Sleeping with your jewelry causes undue stress and wear and tear, more so than wearing your jewelry during the day. This is because your jewelry is literally being crushed, yanked and stretched for eight hours each night! Your bracelets and necklaces and anklets especially are at risk. Each time you roll over or change positions while sleeping your jewelry is exposed to the pull and push of your body against your mattress and pillow and blanket. This is bad. What about your engagement and wedding ring? While they are not as vulnerable, they are still at risk of damage. Prongs can catch on fabrics and get pulled open without your knowing. Best to take it all off . . . the jewelry, that is. :)
Never do yard work while wearing your rings! Yes, you probably wear gloves while raking and digging and mowing in your yard, but that is not enough to prevent your rings from being damaged. Raking and digging and mowing are hard work! Those activities place a lot of pressure on your hands and fingers, and on your rings. Prongs can get bent or broken. Delicate gems like opals and emeralds can chip or break completely. Thin rings can get bent out of shape or snap. And if you don't wear gloves you risk even more damage. We all know what sandpaper would do to our rings, and we all know that sandpaper is made out of the same stuff in our gardens. Sand. Enough said.
Never take your jewelry swimming at the beach! I know what you're thinking. If I can't wear my jewelry in the pool or to bed or while doing yard work or at the beach, where can I wear it? Only at work? (we will get to that one next!) Why should you take off your jewelry before going to the beach? I have a customer who is retired and spends much of his free time metal-detecting. He finds all sorts of things, much of it jewelry. He's found thousands and thousands of dollars of lost jewelry. And guess where he finds it. Yup! At the beach. And guess where at the beach. In the water. The beach is like the Bermuda Triangle of lost jewelry. All the conditions are right for disaster. You're all slathered up in slippery oils, you're walking around in the sand and you're frolicking in the water. Rings that are a little loose on you suddenly slip off. Anklets and bracelets that are little worn suddenly snap. The sand and the water swallow them up. They are gone before your eyes, only to be found by a metal-detecting retiree.
Never wear your jewelry at work . . . if your job is physically demanding! We can all agree that an electrician, carpenter, stone mason or mechanic should probably not wear their jewelry on the job. In fact, most employers in those fields do not allow their workers to wear jewelry. But there some other jobs that can be damaging to your jewelry that you might not think about. Many rings, especially taller rings like engagement rings, are damaged by filing cabinets while filing papers. Watches and glued items like pearl rings can be damaged if exposed to water if you are a waitress or nurse or teacher. I once had a lab technician whose watch never kept time properly because he worked at the hospital giving MRIs and the magnetism he encountered affected his watch.
Never clean your ring with toothpaste! Apparently there are some people who have been told that toothpaste makes a handy jewelry cleaner. The problem is that most toothpaste contains fluoride and fluoride is much like chlorine when it comes to precious metals and their alloys. It can damage them. Need a quick and safe jewelry cleaning solution? Mix a little dish washing liquid (make sure it's chlorine free) and water and use that.
If you find yourself forgetting to take off your jewelry when you should, or you just don't want to, remember one thing: We do all our jewelry repair on premises right here in our store at 42 Central Street, Southbridge, Mass!
Shawn Cormier
42 Central Street
Southbridge, Ma 01550
tel 1-508-764-7415
www.ecormiers.com
Thursday, June 18, 2015
Do jewelers really switch diamonds on customers?
We've all heard the tale. A jeweler gets caught switching out a customer's diamond for a fake after repairing it in the back room. The tale is handed down from person to person and retold over and over until, understandably, everyone becomes very nervous to leave their diamond with a jeweler. As jewelers, we have heard this tale even more often than the average customer. We hear it nearly every time a new customer comes to us to have their diamond ring worked on. "How do I know I'm getting back my diamond? How do I know you are not going to switch it out for a fake?"
First, as reputable jewelers, we completely understand the anxiety created by those rare unethical jewelers who have tainted our occupation. I say rare because it is indeed a rare occurrence that a jeweler would choose to break the law and switch out a customer's diamond for a fake. Most jewelers are honest, hard working reputable business people who understand that the only way to grow their business is to always treat the customer with honesty and integrity, that there is more to be gained by being honest than by being dishonest.
So if most jewelers are honest and reputable, why do so many people still mistrust leaving their diamond with them? I can tell you why in one word: transparency. Jewelers need to be completely transparent with customers when they leave their diamonds for repair or remounting. That means a jeweler must explain and show and record all the details of a customer's diamond when it is left for repair, and allow the customer to compare those records against the diamond they get back after the repair to prove that diamond is indeed their diamond and not another lesser quality diamond or a fake. This seems so simple and forthright that you would think that all jewelers would do this, but sadly they don't.
Why don't many jewelers fail to be completely transparent? I can tell you why, again, in one word: knowledge. Sadly, many people who work in jewelry stores are not fully trained in the skills of their profession. So when they take in a piece of jewelry for repair, they may not know what they are taking in. They may not know what the stone is, what the piece is made of, if the stone or material can be damaged by heat, how the item should be repaired, and so on and so on. It is knowledge that separates jewelers from clerks. And it is the sharing of this knowledge with customers that separates careful jewelers who stay above reproach from careless jewelers who get accused of crimes they have not committed.
Another issue is whether or not the jeweler does all their repairs on premises or whether they send them out. When a jewelers sends out their repairs they lose a level of control and that opens up problems. What if the jeweler they send their repairs to isn't as reputable and transparent and knowledgeable as they are? Always take your jewelry to a jeweler who does their work on premises.
At Cormier Jewelers in Southbridge, not only do we do all our repairs and diamond setting on premises right here in our store, we are very careful when taking in our customer's jewelry over the counter. Our training from the Gemological Institute of America in diamonds grading, colored stone identification and jewelry repair have made us experts, and we gladly share our knowledge with our customers. When you drop off your diamond we will measure it to within a tenth of a millimeter. note any inclusions or chips or abrasions and identifying marks, describe the mounting in detail, examine the entire ring to be sure it is sound and wearable without risk of losing stones, let you look at your diamond under magnification if you want and give you a receipt which can be compared to the item when you pick it up. On top of that we guaranty all work done for one full year. This way you can feel confident and rest easy whenever you give us your diamond for repair.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
tel 1-508-764-7415
www.ecormiers.com
CormierJewelers@aol.com
First, as reputable jewelers, we completely understand the anxiety created by those rare unethical jewelers who have tainted our occupation. I say rare because it is indeed a rare occurrence that a jeweler would choose to break the law and switch out a customer's diamond for a fake. Most jewelers are honest, hard working reputable business people who understand that the only way to grow their business is to always treat the customer with honesty and integrity, that there is more to be gained by being honest than by being dishonest.
So if most jewelers are honest and reputable, why do so many people still mistrust leaving their diamond with them? I can tell you why in one word: transparency. Jewelers need to be completely transparent with customers when they leave their diamonds for repair or remounting. That means a jeweler must explain and show and record all the details of a customer's diamond when it is left for repair, and allow the customer to compare those records against the diamond they get back after the repair to prove that diamond is indeed their diamond and not another lesser quality diamond or a fake. This seems so simple and forthright that you would think that all jewelers would do this, but sadly they don't.
Why don't many jewelers fail to be completely transparent? I can tell you why, again, in one word: knowledge. Sadly, many people who work in jewelry stores are not fully trained in the skills of their profession. So when they take in a piece of jewelry for repair, they may not know what they are taking in. They may not know what the stone is, what the piece is made of, if the stone or material can be damaged by heat, how the item should be repaired, and so on and so on. It is knowledge that separates jewelers from clerks. And it is the sharing of this knowledge with customers that separates careful jewelers who stay above reproach from careless jewelers who get accused of crimes they have not committed.
Another issue is whether or not the jeweler does all their repairs on premises or whether they send them out. When a jewelers sends out their repairs they lose a level of control and that opens up problems. What if the jeweler they send their repairs to isn't as reputable and transparent and knowledgeable as they are? Always take your jewelry to a jeweler who does their work on premises.
At Cormier Jewelers in Southbridge, not only do we do all our repairs and diamond setting on premises right here in our store, we are very careful when taking in our customer's jewelry over the counter. Our training from the Gemological Institute of America in diamonds grading, colored stone identification and jewelry repair have made us experts, and we gladly share our knowledge with our customers. When you drop off your diamond we will measure it to within a tenth of a millimeter. note any inclusions or chips or abrasions and identifying marks, describe the mounting in detail, examine the entire ring to be sure it is sound and wearable without risk of losing stones, let you look at your diamond under magnification if you want and give you a receipt which can be compared to the item when you pick it up. On top of that we guaranty all work done for one full year. This way you can feel confident and rest easy whenever you give us your diamond for repair.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
tel 1-508-764-7415
www.ecormiers.com
CormierJewelers@aol.com
Tuesday, April 21, 2015
Are you covered if you lose your diamond? Probably not!
Perhaps you have heard that here at Cormier Jewelers in Southbridge we provide appraisal services for insurance needs. But what is an appraisal, and why do you need one?
We've all lost things we'd rather not lose. Who hasn't searched for their glasses, or their keys or important paperwork only to throw their hands up in frustration? We all know that these things can be replaced or reproduced with very little cost so we chalk it up as just a part of life. But what happens if you lose a valuable piece of jewelry? What happens if your home is robbed and they take all your jewelry? Replacing a large diamond or your entire collection of jewelry can be immensely expensive. And being robbed isn't just a part of life. It's a traumatic event that can make even the most optimistic of us despair. But there is something you can do right now that will help you tremendously in the event that you lose your diamond or your jewelry box is stolen from your home. You may think I am referring to homeowner's insurance. If so, you are only partially correct. And being partially correct can and will cost you a lot of money should you have a loss. If you have a loss, and those of you who have experienced a loss will no doubt agree, homeowner's insurance is not enough, in fact it can mean very little - unless you have riders on your jewelry.
What is a rider? A rider is a separate insurance policy on your "appraised" valuables that is part of your homeowner's insurance policy, but gives you added benefits for an added cost. So it costs a little extra to have a rider on your jewelry? Yes, but the benefits are well worth it. What does "appraised" valuables mean? In order to have a rider on a piece of jewelry, a qualified jewelry appraiser needs to provide you with a written appraisal on each piece you want to insure under a rider. This "appraisal" will provide a detailed description of the item(s) with number and types of gems, weights of gems, color, clarity and cutting of all gems, metal weights, design details and condition of the item(s) and an individualized replacement cost of the item(s). Pictures are also taken. Taking this appraisal to your insurance agent and requesting a rider gives you several important benefits.
The first benefit: If you choose, items insured with a rider are not subject to your homeowner's deductible. A homeowner's deductible is the amount you are expected to pay if there is a loss, and it can be $500, $1000 or more. That means if your $2000 diamond ring is lost or stolen and you do not have a rider on it, you could be paying $1000 or more out of pocket before your insurance company will replace it. But with a rider, there is no deductible. You are covered in full.
The second benefit: There are usually no restrictions as to where or how the item was lost or stolen. For example, if you gave your diamond ring to your sister to bring to the jeweler for repair and she lost it, you may not be covered for the loss under a standard homeowner's policy unless you had a rider for that ring. Most times the loss has to occur in your home for regular homeowner's insurance to apply.
Lastly, Most homeowner's policies have limits of insurance when it comes to items such as jewelry. If your policy's limit on jewelry is $5000 and you have $10000 in jewelry, you are not fully covered. A rider has no limit because you are paying extra for the rider.
So how much does it cost for a rider, and is it worth having a rider on all your jewelry? And what does a typical jewelry appraisal cost? A typical jewelry rider costs $12-$14 per $1000 of coverage. That means a $5000 diamond ring can be insured with a rider for $60-70 per year. Well worth the small expense in case of a loss. But not all jewelry should be covered this way. The rule of thumb is if the item costs less than $300 then perhaps the extra cost of the rider and the appraisal is not worth it. How much does an appraisal cost? The charge for an appraisals depends on the item(s) being appraised and the difficulty of the appraisal. A large gold chain or a single diamond solitaire is rather easy to appraise, requiring little time. This type of appraisal may run $28-$38. A high quality emerald and diamond ring with multiple gems takes much more time to appraise. These types of appraisals can cost upwards of $80. If you have any past appraisals or paperwork from the seller, these appraisal costs can be reduced considerably.
So if you have jewelry that you want to make sure is covered by your insurance company, bring it down to Cormier Jewelers in Southbridge. We will inspect and clean it, and discuss with you benefits of having your jewelry appraised so you can cover it with a rider. We will also tell you how much the appraisal will cost. You will thank yourself later if you suffer a loss.
A final note: Even if you have riders on all your jewelry, you may still not be covered in full if your appraisals are old and the values on those appraisals are too low. Make sure you appraisals are no more than 3-5 years old. If they are older than that then they need to be updated. At Cormier's we can update your old appraisals for you as well.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.ecormiers.com
CormierJewelers@aol.com
We've all lost things we'd rather not lose. Who hasn't searched for their glasses, or their keys or important paperwork only to throw their hands up in frustration? We all know that these things can be replaced or reproduced with very little cost so we chalk it up as just a part of life. But what happens if you lose a valuable piece of jewelry? What happens if your home is robbed and they take all your jewelry? Replacing a large diamond or your entire collection of jewelry can be immensely expensive. And being robbed isn't just a part of life. It's a traumatic event that can make even the most optimistic of us despair. But there is something you can do right now that will help you tremendously in the event that you lose your diamond or your jewelry box is stolen from your home. You may think I am referring to homeowner's insurance. If so, you are only partially correct. And being partially correct can and will cost you a lot of money should you have a loss. If you have a loss, and those of you who have experienced a loss will no doubt agree, homeowner's insurance is not enough, in fact it can mean very little - unless you have riders on your jewelry.
What is a rider? A rider is a separate insurance policy on your "appraised" valuables that is part of your homeowner's insurance policy, but gives you added benefits for an added cost. So it costs a little extra to have a rider on your jewelry? Yes, but the benefits are well worth it. What does "appraised" valuables mean? In order to have a rider on a piece of jewelry, a qualified jewelry appraiser needs to provide you with a written appraisal on each piece you want to insure under a rider. This "appraisal" will provide a detailed description of the item(s) with number and types of gems, weights of gems, color, clarity and cutting of all gems, metal weights, design details and condition of the item(s) and an individualized replacement cost of the item(s). Pictures are also taken. Taking this appraisal to your insurance agent and requesting a rider gives you several important benefits.
The first benefit: If you choose, items insured with a rider are not subject to your homeowner's deductible. A homeowner's deductible is the amount you are expected to pay if there is a loss, and it can be $500, $1000 or more. That means if your $2000 diamond ring is lost or stolen and you do not have a rider on it, you could be paying $1000 or more out of pocket before your insurance company will replace it. But with a rider, there is no deductible. You are covered in full.
The second benefit: There are usually no restrictions as to where or how the item was lost or stolen. For example, if you gave your diamond ring to your sister to bring to the jeweler for repair and she lost it, you may not be covered for the loss under a standard homeowner's policy unless you had a rider for that ring. Most times the loss has to occur in your home for regular homeowner's insurance to apply.
Lastly, Most homeowner's policies have limits of insurance when it comes to items such as jewelry. If your policy's limit on jewelry is $5000 and you have $10000 in jewelry, you are not fully covered. A rider has no limit because you are paying extra for the rider.
So how much does it cost for a rider, and is it worth having a rider on all your jewelry? And what does a typical jewelry appraisal cost? A typical jewelry rider costs $12-$14 per $1000 of coverage. That means a $5000 diamond ring can be insured with a rider for $60-70 per year. Well worth the small expense in case of a loss. But not all jewelry should be covered this way. The rule of thumb is if the item costs less than $300 then perhaps the extra cost of the rider and the appraisal is not worth it. How much does an appraisal cost? The charge for an appraisals depends on the item(s) being appraised and the difficulty of the appraisal. A large gold chain or a single diamond solitaire is rather easy to appraise, requiring little time. This type of appraisal may run $28-$38. A high quality emerald and diamond ring with multiple gems takes much more time to appraise. These types of appraisals can cost upwards of $80. If you have any past appraisals or paperwork from the seller, these appraisal costs can be reduced considerably.
So if you have jewelry that you want to make sure is covered by your insurance company, bring it down to Cormier Jewelers in Southbridge. We will inspect and clean it, and discuss with you benefits of having your jewelry appraised so you can cover it with a rider. We will also tell you how much the appraisal will cost. You will thank yourself later if you suffer a loss.
A final note: Even if you have riders on all your jewelry, you may still not be covered in full if your appraisals are old and the values on those appraisals are too low. Make sure you appraisals are no more than 3-5 years old. If they are older than that then they need to be updated. At Cormier's we can update your old appraisals for you as well.
Shawn Cormier
Cormier Jewelers
42 Central Street
Southbridge, Ma 01550
1-508-764-7415
www.ecormiers.com
CormierJewelers@aol.com
Subscribe to:
Posts (Atom)