Insurance companies may prevent you from actually wearing your precious jewelry

Elizabeth Taylor flashes her Krupp Diamond (credit: Getty)

Lucky enough to own a $10 million necklace? Well if your insurance company gets its way, you may not be able to ever to wear it.

According to a new article in the Times, keeping precious jewelry safe can end up costing its owners (or borrowers in the case of movie stars who borrow precious jewelry to wear at awards shows), so much money that it hardly seems worth owning the jewels in the first place.

One woman interviewed, for instance, owns a 20-carat diamond ring she loves, but the cost of insuring it was so high that her husband made her stick it in a safety deposit box at the bank, where it still costs $3,000-a-year to insure. Now, she is only allowed to take the ring out three times a year.

“I take it out for my birthday, my anniversary, or when I’m traveling to Paris or Italy,” she told the Times. “I also have a copy that was made, but I hate it. It’s actually a good copy. It’s platinum, real baguettes, but the stone looks dull.”

If you are daring (and rich) enough to wear your jewels, insurance companies suggest keeping them in the hotel vault when traveling (not the room vault), and to be wary of at-home safes, which robbers can often figure out how to open.

One set of thieves, for instance, were drilling for so long at the safe that they set off the fire alarm. They simply waited for the fire trucks to leave, and then continued their work. You kind of have to admire that kind of dedication.


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