Why You Need Insure Your Valentine’s Gifts: Protect your Jewellery, Watches & Luxury Items

As of September 2024, the global jewellery market is showing promising growth trends, with an overall expected compound annual growth rate (CAGR) of approximately 4.7% from 2024 to 2032​. The Asia Pacific region, particularly countries like India and China, continues to lead the market, accounting for nearly 60% of global jewellery revenue​. This is driven by cultural significance, rising disposable incomes, and increasing demand for luxury goods in these densely populated nations. Material Preferences: Gold remains the dominant material in jewellery, holding over 54% market share, followed by diamond and silver jewellery, which is projected to see significant growth. The demand for sustainable options, including lab-grown diamonds and recycled metals, is also on the rise, particularly in Western markets​ Market trends: There is a notable shift towards minimalist and personalised designs, with younger consumers favouring unique pieces that reflect individual style​. The trend of wearing stacked rings and layered necklaces is particularly popular, indicating a movement towards more versatile jewellery styles​. Tiffany & Co. US open sponsorship: Every September, the world’s top tennis players gather in New York for the US open, battling for supremacy on the court. But as the athletes hoist their championship trophies in victory, there’s a quiet force behind the scenes adding a touch of elegance to the celebration - Tiffany & Co. For over three decades, Tiffany & Co. has been crafting the iconic trophies awarded to the US Open champions. The storied jewellery house, renowned for its timeless craftsmanship and luxury, has been the official designer and producer of these prestigious trophies since 1987. A legacy of craftsmanship In a world where tennis means timeless artistry, the trophies stand as a testament to Tiffany’s dedication to excellence. Each gleaming piece of sterling silver is meticulously handcrafted by artisans at Tiffany’s workshop in Rhode island. Using age-old silversmithing techniques, the company infuses the same precision and passion into these trophies that they do into their finest jewellery. For the first time, the trophies were hand-engraved on site, with the names of the champions added to the trophies meme moments after their victories. This year’s US Open champions, Jannik Sinner and Aryna Sabalenka, had the privilege of watching their names etched history right before their eyes. Tiffany’s master engravers worked swiftly and precisely to personalise the sterling silver trophies, making the culmination of months of hard work and dedication a symbol of tennis excellence. The on-site engraving created a powerful moment, making the victory feel more intimate and personal. An immersive experience for Fans Tiffany & Co. unveiled an immersive pop-up that highlights its long standing tradition of creating some of the world’s most iconic sports trophies, alongside its unmatched craftsmanship. It features a truly extraordinary one of a kind Elsa Peretti Diamonds by the Yard tennis racket. It was brought to life through traditional Japanese Inden craft techniques. Additionally, the pop-ups' sense of luxury further heightened with displays of Tiffany Blue tennis balls, adding a signature touch to the sport scene. Tiffanys full suite of US Open Trophies on Display The full suite of US Open trophies were proudly displayed before the singles championship ceremonies this year, giving fans and attendees the chance to admire the complete collection of sterling silver awards that define the US open’s most triumphant moments. Questions How does Tiffany & Co. insure the high-value US Open trophies they create, considering their craftsmanship and significance? What types of insurance policy would cover the risk associated with the transportation and display of Tiffany & Co.’s trophies during the US open? Does Tiffany & Co. have specialised insurance coverage for the unique engraving work done on-site at the US Open? How does Tiffany & Co. insure the US open trophies when they are displayed in a public pop-up, given the increased risk of accidental damage or mishandling by visitors The insurance coverage might cease when the trophies are officially handed over and the ownership is transferred to the winners. This is usually a key point where the responsibility and insurance obligations shift. Is this then insured? Lab-Created Diamonds: Real Gems with a Modern Twist When it comes to diamonds, the age-old debate between natural and lab-created stones is more relevant than ever. Lab-created diamonds are shaking up the traditional jewellery market, captivating consumers with their genuine beauty and modern sensibilities. But what exactly are these gems, and why are they becoming increasingly popular? The Essence of Lab-Created Diamonds At first glance, lab-created diamonds might seem like an entirely new concept, but in reality, they are genuine diamonds, possessing the same physical and chemical properties as their natural counterparts. The key difference? Their origin. While natural diamonds take billions of years to form deep within the Earth’s crust, lab-created diamonds are produced in just a matter of weeks through innovative technology. This rapid production is made possible by two primary methods: Chemical Vapour Deposition (CVD) and High-Pressure High-Temperature (HPHT). Both methods yield diamonds that are virtually indistinguishable from natural stones—so much so that only specialised equipment can tell the difference. Interestingly, lab diamonds tend to lack the trace nitrogen that is often found in their natural counterparts, but this difference is largely unnoticed by the average consumer. The Price Tag: Affordability Meets Quality One of the most enticing aspects of lab-created diamonds is their price. On average, these modern gems can be found for 60% to 85% less than natural diamonds, making them an attractive option for those looking to get more bang for their buck. But the conversation around price also leads us to consider deeper questions regarding value and ethics. The Ethical Debate: Are Lab Diamonds Truly Sustainable? Often marketed as the ethical choice, lab-created diamonds raise important discussions about sustainability and labour practices. While they typically have a smaller environmental footprint than mined diamonds—requiring less land and avoiding disruptive excavation processes—concerns can still arise regarding the methods and conditions of production in certain labs. However, many companies are committed to transparency. Brands like Grown By Queensmith make it their mission to ensure that consumers can trace the origins of their diamonds, offering peace of mind alongside their sparkly offerings. This transparency helps buyers feel more confident about their purchases, knowing they are contributing to more responsible practices in the diamond industry. Certification: The Mark of Quality In the world of lab-grown diamonds, certification is essential. Reputable institutions like the Gemological Institute of America (GIA) and the International Gemological Institute (IGI) evaluate lab diamonds with the same rigour as natural ones, providing assurance of quality and value. Each certified diamond receives a unique identifier, allowing buyers to verify their stone's authenticity and grading with ease. Sustainability: A Greener Choice? From an environmental perspective, lab-created diamonds tend to come out ahead. The production of these diamonds generally consumes fewer resources and has a lower carbon footprint compared to traditional mining. Many producers are now prioritising renewable energy sources, aiming to reduce their environmental impact even further. This commitment to sustainability aligns well with the growing consumer desire for eco-friendly products. Personal Values: The Heart of the Decision Ultimately, the choice between lab-created and natural diamonds is deeply personal. For many, the allure of a natural diamond’s rarity and romantic history cannot be understated. However, others may prioritise the affordability and ethical implications of choosing a lab-grown gem. As the market continues to evolve, it will be interesting to see how perceptions shift and how these two categories of diamonds coexist in the jewellery landscape. The Future of Diamonds As lab-created diamonds gain traction and visibility in the marketplace, their future remains a topic of intrigue. While questions about their long-term value and status persist, one thing is clear: these modern gems are here to stay. With their compelling combination of beauty, ethical considerations, and affordability, lab-created diamonds are poised to play a vital role in the jewellery industry for years to come. Whether you’re drawn to the timeless allure of a natural diamond or the innovative spirit of a lab-created one, the world of diamonds is evolving, inviting everyone to explore what truly matters when it comes to these precious stones.