With Valentine’s Day right around the corner, roughly half of all shoppers are just starting to search for what to buy their loved ones this holiday (another 10% will wait until February 13!). For many, jewelry will be their go-to gift of choice.
But as the saying goes, all that glitters is not gold. Especially if you’re one of the last-minute shoppers looking to make a quick jewelry purchase, failure to ask the right questions or do the appropriate pre-purchase research could invite a wide range of risks. From provenance issues and sourcing concerns to post-purchase safety worries, here are four ways to protect your Valentine’s Day jewelry purchase:
- Ask the right questions: Before committing to a big-ticket jewelry purchase, it is important you do your due diligence. When purchasing gemstones, for example, request that your retailer provide a certificate of authenticity. This is particularly important if you’re buying jewelry online. And while a diamond is forever, sometimes love isn’t. In the event of a broken heart, verify a retailer’s return policy prior to purchase.
- Don’t show off: While most jewelry designers have a signature style, many also have widely recognized branding (we all know what’s inside that little blue box!). If you’re purchasing jewelry from a highly visible brick-and-mortar retailer, bring an extra bag or casual purse to carry your purchase out of the store. Hiding the brand name when walking in public—even if you’re going straight from the store to your car—can reduce your likelihood of becoming a target of theft.
- Find a safe storage place: While theft remains a top concern, losing or misplacing an item is a very common jewelry claim. Both before and after February 14, store jewelry purchases in an off-site safety deposit box or permanently mounted combination lock safe. This won’t just help you keep track of your items, but will also provide additional protection in the event of a burglary.
- Verify your insurance coverage: If you’re making an expensive jewelry purchase for Valentine’s Day, there is no guarantee your homeowners policy will provide protection if the piece is lost, misplaced or stolen. Consider purchasing a valuable articles policy that provides all-risk protection, as well as automatic coverage for newly acquired pieces, to provide peace of mind.
Whether you’re buying jewelry for a significant other, child, parent or someone else—following these guidelines can help ensure your purchase is protected for years to come.
Janece White, A.J.P. (GIA), is Senior Vice President, North American Underwriting & Jewelry Specialist, Chubb Personal Risk Services.