Insurance replacement values are catching up to current prices

Appraisals written during the past two years of falling prices are starting to understate what a stone would actually cost to replace today.

• Replacement-value appraisals are typically a snapshot at the time of writing, and most in circulation were written while natural prices were still declining.
• With natural prices turning up at smaller sizes since the summer, some existing appraisals now sit below current market cost, which can leave a claim underpaid.
• Lab-grown appraisals face the opposite problem less often, since lab-grown prices have kept falling rather than reversing.

If a natural stone was appraised more than a year ago, it is worth asking for an updated figure before renewing a policy. We provide current replacement-value documentation with any purchase and can reappraise stones bought elsewhere — contact us to arrange one.