How to value life diamonds part two

by Admin 15. July 2014 17:07

Since life diamonds are created from cremation ash or hair, and since the purpose of appraisals is to describe and value an article for insuring in order to replace in the event of a loss… I needed to answer two basic questions: 

What companies use this technology, and what do they charge to create a gem based on my description of shape, size, color, and clarity? 

Since the material is created from the ashes or hair someone who has passed, how could they replace the gem in the event of a loss?

If they couldn’t, how could the insurance company reach a fair value up to the limit of the appraisal on such a sentimentally valuable article?

My appraisal described the articles, and the value based on the retail replacement new to create similar gems, plus the current insurance replacement value to reconstruct the mounting.

What if the cost to produce increases over time?  This is another example of why appraisal updates are so important.

I contacted one of the companies to determine if they discount to insurance companies upon replacement.  If a jewelry owner has an agreed value policy, they would receive the limit of the value on the appraisal.  However, if a jewelry owner has an insurance policy based on replacement of like kind and quality, actual cash value at the date of the loss, the insurance company may be able to replace for less.

My most important question was, since the carbon material belonged to someone who has passed, and that the purpose of it all was a remembrance of them, how could we possibly get a replacement?

Interestingly, the answer is…..the company actual archives remaining material. 

So yes, in the unfortunate event of such a loss, your life diamond can be recreated.

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