Insurance
After you have bought the diamond, it’s now nicely set on a setting, and you / your fiancée is wearing it every day, you would probably want to consider buying insurance, for the peace of mind. You could put it in the safety deposit box, but what’s the point of having a beautiful ring if you can’t wear it? The peace of mind does not come cheaply, however.
Chances are you are already paying for it: depending on your policy, your existing home insurance policy, or renter’s insurance, might already be covering it, up to a certain amount. Check with your insurance company first. Some of these policies may cover loss that doesn’t necessarily occur at home. Say, if your diamond ring is appraised to be $4,000, and your home policy covers items up to $5,000, then you are probably already covered if you flushed it down the toilet, or if you lost it in the gym. Remember there is usually a deductible on your policy so you might get back only $3,500, if your deductible amount is $500. (Policy coverage can differ widely for each individual, so always consult your insurance company first.)
If you put this $4,000 ring inside a jewelry box at home, with $3,000 worth of other pieces of jewelry, and someone breaks in and steals the jewelry box, then you’ll be covered only up to $5,000 even though your loss is $7,000.
If you have a ring appraised to be $40,000, then you could consider adding the item into your policy, with a so-called "rider policy". To add it to your policy usually the insurance will require an appraisal and photo of your ring. Note that a GIA certificate probably won’t do the job here, since the GIA doesn’t contain a dollar amount for how much the diamond is worth. And you should have had your newly purchased diamond appraised by an independent appraiser in any case.
Besides a "rider policy", you can also check out Jewelers Mutual. It is an insurance company specialized in jewelry insurance. They have an online application form.
Please discuss with your insurance company, as each policy is different.
