Zurich Private Clients Insight Jewellery
Zurich Private Clients Insight A high value proposition for high value personal clients Zurich Private Clients are specialists in emerging, high and ultra high net worth insurance, providing one of the broadest product ranges in the market. We offer a portfolio of products encompassing Home (including covers for Fine Art, Antiques and Jewellery), Travel, Motor and Watercraft. Our products are unique, and are backed by the expertise of our specialist claims and underwriting teams. In addition our in-house client managers provide risk-management surveys and advice for those customers who enjoy the benefit of our Ultimate contract. In this issue of Insight we reveal why the global jewellery market is flourishing and touch upon the art of horology. For further information visit Zurich.co.uk/privateclients 2
Market Trends 2011 What s in Vogue Antique jewellery from the late 19th century and early 20th century is extremely popular. Beautifully crafted pieces of Art Nouveau and Art Deco jewellery reflecting the distinctive styles of their particular period are much sought after, and designer items from world renown jewellers such as Cartier, Bulgari, Chopard, Boodles and Tiffany continue to increase in value year on year. Signed pieces, especially those by Cartier or Van Cleef & Arpels are always in demand from collectors and when coupled with an interesting provenance can attract a particularly high market value. Examples of typical Art Nouveau and Art Deco designs are shown below illustrating the very different styles of the two periods. Art Nouveau Period: 1890 1915 Art Nouveau jewellers used flowing feminine and fantasy figures with stylised flowers, leaves, birds and insects. Plique-a-jour transparent enamel was commonly used with cabochon gemstones, and pearls were incorporated into designs along with scrolling gold work. Best known designers were Rene Jules Lalique and Louis Comfort Tiffany. Art Deco Period: 1920 1935 The introduction of cubism into the art world after 1925 resulted in the strong geometrical patterns and angular shapes associated with Art Deco. Along with diamonds, coloured gemstones such as rubies, sapphires, emeralds and onyx were used in contrasting combinations. Amongst the well known designers are Cartier, Boucheron and Van Cleef and Arpels. On a more contemporary note, the must-have large cocktail ring is still very much in vogue, and no commentary on jewellery fashions can ignore one of the biggest events of 2011. When Prince William proposed to Kate Middleton, he offered her the same stylish and elegant ring chosen by his late mother Princess Diana. This iconic engagement ring is an 18ct oval blue sapphire surrounded by 14 brilliant-cut diamonds, set in 18ct white gold. It has prompted a tremendous increase in demand for sapphire rings. Diamonds, Gems and Pearls The Jewel In The Insurance Crown It cannot have escaped many people s notice that the price of gold is at an all-time high indeed all precious metal prices continue to rise at an unprecedented rate. What may be less well known is that diamonds, precious gems such as rubies, sapphires and pearls, antique jewels and wristwatches have also been breaking records at auction resulting in a rapid re-appraisal of retail prices, not only for high end jewellery but also for traditional, middlerange goods in the 5,000-25,000 bracket. Much of this remorseless rise is because jewellery has truly become a global commodity with affluent young new purchasers competing with traditional buyers for an ever dwindling resource. At a time when investors are reluctant to speculate in the stock market and interest rates are practically non-existent, jewellery offers the prime alternative. The surge in values means that the clients with a typical collection of diamond jewellery, pearls, gems and watches who have not had a formal appraisal conducted within the past two years are almost certainly underinsured. Inaction can thus be a very dangerous and costly policy in today s bullish and buoyant market. John Benjamin Independent Jewellery Consultant Did you know? A gentleman s 18ct Rolex Datejust bracelet valued at 10,880 in 2008 would today be worth 19,020. A similar lady s model valued at 9,220 in 2008 would have increased in value to 14,830 in 2011. If an item is lost or stolen therefore, there is a real danger that the 2008 agreed values would not be sufficient to replace the item? 3
Zurich Private Clients Insight Watches Invest your time wisely Many would not consider leaving home without a watch. Some even claim they feel naked without one. Over the last hundred years, the wristwatch has become an essential accessory; not only toys for boys but mechanical works of art developed in the finest materials by the finest craftsmen. The wristwatch first became popular in World War I, as servicemen found accessing a pocket watch in the heat of the moment more than a little awkward. The trend was rapidly adopted by the population at large. Cartier set the standard for other watchmakers by issuing the first Swissmade wristwatch in 1911. Today the early Swiss wristwatches are regarded as vintage pieces and are highly collectable with the best reaching the elusive six-figure mark in specialist auctions. The collecting of vintage pieces really caught hold in the 1970s and 1980s as a reaction to the introduction of quartz technology to the mass market. The vintage houses of Cartier and Rolex are well-known even to those outside the collector s market. However, the key to a good investment is looking for craftsmen whose insignia may, perhaps in the future, ascend to join those great names. Gentlemen generally have little opportunity to display jewellery, apart from rings and cuff-links; bracelets are very much out of fashion and tie pins have also fallen out of favour. Which really only leaves the wristwatch for the gentleman to make a statement. Watches bearing precious stones always have the added value of the gems, but the real collectors are attracted by stylish design and, more importantly, those added complications. Watches, at their basic level, tell the time; with complications starting at seconds indicators, then moving on to date. When you start to add in day of week, then months, you can imagine just how many more cogs need to be fitted into the case, and that is before you even think about moon phases and factoring in leap years! Trevor Kyle Director Lyon & Turnbull 4
Understanding Time What s what in the terminology of horology a glossary of key terms Aperture Bezel Calibre Chronograph Chronometer Complication Ebauche A small opening in the dial of a watch in which indicators such as the day or date are given. A cylindrical box in which the mainspring of a watch is housed. The toothed rim of this barrel drives the terrain of the watch. Movements are normally given names to distinguish them before they are installed into a watch case. This could be a word or a number, depending on the brand. A watch with a stop/start function that enables the wearer to measure time intervals, normally up to an hour. Typically represented on the dial by a number of sub-dials, with a central seconds hand. A watch that meets the standards set by the Official Watch Institute of Switzerland. It will have undergone a series of precision tests at different temperatures and in different atmospheres. A feature on a watch that is additional to its normal time-keeping function. Includes calendars, moon phases, alarm clocks and repeating mechanisms. The basic movements of a watch, to which complications, decorations, or higher-grade components may be added. Did you know? The most expensive watch ever made was the result of a protracted feud between two Americans; New York financier Henry Graves Jnr and Ohio automobile engineer James Ward Packard. Packard commissioned 13 watches from Patek Philippe between 1900 and 1927. His specified complications included a perpetual calendar, with phases and age of the moon, indication of sunrise and sunset, and a celestial chart depicting the constellations in the sky over Packard s home in Ohio. Not to be outdone, Graves commissioned a series of equally complicated watches. The process eventually ended with a watch commissioned by Graves that boasted 24 complications. It took three years to design and five years to produce. The 24ct gold timepiece was finished in 1933, had different horological functions for each hour of the day and included a chart of the night sky over Graves home in New York. Guilloche Horology Mechanical movement Moon-phase display Perpetual calendar Quartz movement Sub-dial A type of decoration for a watch dial, which is usually applied to silver, or silvered, dials to add depth. The art and science of making watches. A movement powered by a mainspring. Many watches today have electronically controlled quartz movements, which are powered by a battery. An aperture in the dial that graphically displays the different phases of the moon indicating whether it is new, full, waxing or waning. A watch capable of telling the date without the need for adjustment, even in a leap year. A movement powered by an oscillating quartz crystal, which draws power from a small battery that must be replaced every two or three years. The quartz crystal is extremely accurate. A smaller dial within the main dial of the watch, displaying an additional function, such as a calendar or an interval measured by a chronograph. Graves died in 1953 and his beneficiaries sold the watch to the Time Museum in Rockford, Illinois. In 1999, the museum closed and their collection of watches was sold off at a Sotheby s auction. With a pre-sale estimate of $3 million, the Graves watch eventually sold for $11,003,500 to an anonymous collector, which equates to around half a million dollars for every complication in the watch! Useful addresses Watches of Switzerland www.watches-of-switzerland.co.uk British Horological Institute www.bhi.co.uk 5
Zurich Private Clients Insight Jewellery Diamonds Diamond is a crystallised form of carbon and the hardest substance known to man. They are graded by the 4 C s Carat, Clarity, Colour and Cut. This universal system of grading diamonds was developed in the 1940s and 1950s by the Gemological Institute of America (GIA). Did you know? All natural diamonds are at least 990,000,000 years old. Carat Diamonds and other gemstones are weighed in metric carats: one carat is equal to 0.2 grams, about the same weight as a paperclip. Fewer than 5% of diamonds used in jewellery weigh more than a carat. Did you know? The world s largest diamond was the Cullinan, found in South Africa in 1905. It weighed 3,106.75 carats uncut. It was cut into the Great Star of Africa, weighing 530.2 carats, the Lesser Star of Africa, which weighs 317.40 carats, and 104 other diamonds of nearly flawless colour and clarity. They now form part of the British crown jewels. Colour Diamonds come in a number of natural colours, from light yellow to totally colourless, which are the rarest and the most valuable. Diamonds that have a natural colour, such as pink, blue or green, are also extremely rare and therefore very valuable. Colour grading as defined by the GIA uses the alphabet as the grading schedule, starting with grade D denoting colourless. 3.0 2.5 2.0 1.5 1.0 0.70 0.50 0.20 Did you know? GIA D E F G H I J K L M N O P Q R S T U V W X Y Z Colour grading Scale colourless near colourless faint yellow very light yellow light yellow The term carat comes from the carob seed used by early diamond traders as a means of measurement. Clarity Because diamonds are formed deep within the earth, under extreme heat and pressure, they often contain unique birthmarks; either internal (inclusions) or external (blemishes). The clarity of any diamond is determined by the amount or size of these inclusions or blemishes and is indicated in the table below. The fewer and smaller the inclusions, the more the stone will sparkle. GIA FL IF VVS 1 VVS 2 VS 1 VS 2 SL 1 SL 1 I 1 I 2 I 3 Clarity grading Scale Internally Flawless Very Very Slight inclusions Very Slight inclusions Slight inclusions Imperfect Cut Cut is perhaps the most important of the 4 C s. Transforming a diamond from its natural state into a perfect jewel is a very fine art and cutting and polishing the many facets can take weeks; even months of painstaking work. Without this precision, a diamond wouldn t be nearly as brilliant or beautiful. Brilliant Marquise Oval Emerald Pear Heart Single Cut Baguette 6
Emeralds Emeralds are one of the three main precious stones and are known for their fine green to bluish green colour. They have been treasured throughout history and some historians report that the Egyptians mined emeralds as early as 3500 BC. In general, emeralds have increased in value over the past years and continue to be a very popular gem, especially in the finer grades. Ruby Rubies are known for their intense red colour and are among the most highly valued precious gemstones. Origin is an important factor when pricing a ruby. The current embargo against Burmese rubies has created a situation where EU and US gem dealers are pricing their stock at a level in which they realise that it cannot be replaced, therefore Burmese ruby prices have increased by 15% 25% in the upper grades. Gold Gold has a fascinating history like no other metal, with the earliest jewellery dating from around 6,000 years ago. Because of the softness of pure (24k) gold, it is usually alloyed with base metals for use in jewellery. White 18ct gold for example, contains 17.3% nickel, 5.5% zinc and 2.2% copper and is silver in appearance. Hallmarking Although there has been legislation governing hallmarking in Britain since 1300, the modern law is largely comprised in the Hallmarking Act 1973. Every gold article weighing over 1 gram must bear a hallmark. It also states that anyone selling gold or precious metals must display a statutory notice on hallmarking. Exemptions include articles over 100 years old. Did you know? 1 kilo of gold would be about the size of a golf ball. Sapphires The most popular form of sapphire is blue sapphire, which is known for its medium to deep blue colour and strong saturation. In the UK, blue sapphires remain by far the best seller in the coloured gemstone market. The finer grade sapphires such as fine Burmese and Ceylon sapphires continue to increase in value. Sapphires are often treated to improve their colour, therefore prices for untreated fine quality 10ct+ sapphires have increased by 25% from 2008-2010. Useful addresses Lyon & Turnbull www.lyonandturnbull.com Gurr Johns www.gurrjohns.com John Benjamin www.johnbenjamin.co.uk GIA www.gia.edu/ 7
Zurich Private Clients Insight Safe and Sound Inside the home A safe will provide a secure environment within the home for jewellery, watches, and other precious items. Insurers usually have requirements about how much jewellery they can cover without the requirement for a safe to be installed and underwriters will frequently ask questions about which jewellery items are worn on a daily basis. This enables them to assess what safe protection is required and advise accordingly. There are a few basic points to consider, and for Zurich Private Clients Ultimate policyholders, a personal visit to the home by a Client Manager will provide an opportunity to discuss individual needs. There are various types and designs of safe available, which are suitable for different needs. The physical size of a safe does not always relate to the level of protection it can provide, but for maximum protection, a safe should be housed within an alarm protected area, benefitting where possible from 24-hour alarm coverage or fitted with a limpet. The suitability of any safe is determined in the first instance by its cash rating, and from this the underwriter can calculate a jewellery rating. This rating is flexible and will very much depend upon the type, size and location of the safe within the home. In addition, the type of alarm system installed at the property and whether the safe is protected by the alarm system may also impact on this rating. Taking all the various factors into account, the jewellery rating of the safe will then determine the maximum amount of jewellery that underwriters are happy to accept in the safe at any one time. The more information that underwriters have, the better they are able to provide a solution tailored to the individual needs and lifestyle of the client. For high-value jewellery schedules, it may be necessary to have two or more safes. This allows the collection to be spread over more than one secure location within the home, and underwriters will often advise adding an extra safe rather than upgrading an existing one. By far the most commonly used safe is the freestanding variety. However, although described as free standing, it is essential that they are secured in accordance with the manufacturers instructions if they are to provide effective protection and the jewellery rating is not to be prejudiced. Unanchored safes are vulnerable as burglars could simply remove the whole safe from the property. Expert advice is essential and a locksmith, working with the underwriter s requirements, will be best placed to advise on the suitability of different types of safe and also the best location within the home. Other precautions for larger collections include strong rooms and bank vaults. Strong rooms are normally purpose-built rooms with either solid timber doors or, for high values at risk, a steel door similar to a safe. The construction and door/lock would determine the value of the items which can be stored. Vaults in high-street banks are ideal locations for unworn jewellery, watches and sentimental items, or for the safe keeping of jewellery when away from the home. For clients who prefer to keep jewellery in a bank or safety deposit box, Zurich Private Clients provide automatic cover for items noted on the schedule that are temporarily removed from the bank, for up to 30 days in any period of insurance and up to 50,000 any claim for Ultimate policyholders. 8
The following are common types of safes and can all be fitted with either combination, key-operated or digital locks. Zurich Private Clients tend to recommend combination or digital locks, but if choosing the key operated option, remember that safe keys need to be removed from the home when it is unoccupied, and kept in a secure place at all times. Type of Safe Purpose Advantages Disadvantages Wall safe A small metal box which can be built into a solid wall. Easily hidden in the back of a wardrobe or behind a picture. Limited protection due to size, construction and insurance rating. Small under-floor safe A floorboard safe that is similar in design and construction to a wall safe. Easily hidden in a timber floor or wardrobe or cupboard base. Limited protection due to size and construction. Large under-floor safe Larger under floor safes are of substantial metal construction and are required to be secured in concrete. Greater strength and construction and difficult to attack as secured in concrete. Limited locations for installation as solid floor needed. Location may not be practical for regular use. Freestanding safe A metal box of varying degrees of construction. Must be secured to the wall or floor in accordance with the manufacturer s instructions. Numerous sizes available to fit chosen location for installation. Can be easily removed if moving home. Large sizes may need solid floors. Outside the home Zurich Private Clients understand that jewellery should be worn and appreciated. At the same time, however, there are some basic precautions that can be taken to protect both jewellery and the wearer when away from home. Asking questions about lifestyle requirements enables underwriters to understand the potential risk and be best placed to offer appropriate advice. Some sensible precautions may include: Ensuring that there is adequate safe protection in weekend or holiday homes. Keeping valuable pieces out of sight when travelling to special functions or holiday destinations. Having jewellery on the person or in the hand luggage when flying. Making use of hotel safe facilities. Avoiding wearing an accumulation of high-value pieces in areas or places with a reputation for robbery. Turning rings round to conceal diamonds and stones, and covering high-value watches with long-sleeved clothing when in busy public areas. Considering the purchase of a personal alarm. Personal attack devices These are simple devices which are connected to an alarm system s control equipment on a 24-hour circuit so that an alarm signal can be raised irrespective of whether the system is set. They can either be fixed at the home in convenient areas, usually by entrance doors and in the master bedroom, or portable wire-free devices which transmit a radio signal to the control equipment. These portable devices are carried about the person and when triggered, will either sound audible warnings or send a coded message to the alarm receiving centre. Useful addresses NSI (National Security Inspectorate) www.nsi.org.uk ACPO (Association of Chief Police Officers) www.acpo.police.uk Master Locksmiths Association www.locksmiths.co.uk 9
Zurich Private Clients Insight Practical care for precious possessions Cleaning jewellery It is important to refer to cleaning advice on individual types of stone, but, in general, jewellery can be cleaned in warm soapy water using a soft bristle brush or soft toothbrush. This should be carried out using a small bowl as stones can become dislodged when cleaned as oil and grease residue can sometimes be the only thing holding the stone in place. Particular attention should be paid to the back of the stones where dirt can accumulate. Try not to get threaded pearl or bead jewellery wet and seek specialist advice for antique jewellery items. Stones like Emeralds, Opals, Coral and Amber are particularly fragile and need careful treatment. Simply use a damp cloth to clean the stones and, if in any doubt, check with the experts. Everyday care of jewellery Bracelets, earrings and chains should be worn with care to avoid surface damage, and should always be removed before going to bed. Check for signs of wear and tear regularly, especially on catches and joints. Stone settings can become loose over time, especially if they have snagged on clothing or have caught against a hard surface. Store items separately, particularly diamond pieces, which could scratch other more delicate jewellery items. Check jewellery regularly for claw damage. In the case of more expensive items, we suggest this should be carried out annually by a specialist jeweller who will be able to adjust any loose settings. We also advise checking the setting after cleaning to make sure that the stones are still securely held in place, as removal of built-up oil and grease can loosen the setting. Avoid allowing jewellery to come into contact with chemicals, perfume, hairspray and deodorant. Servicing of watches Ideally a watch needs to be serviced every year or two (ask the jeweller about particular brands and models). Some watches will keep going for years without needing repair, but this could lead to problems that will make eventual overhaul more difficult or impracticable. Leave the cleaning and repair of watches to experts as opening the back can cause a loss in water resistance. Only an expert watchmaker should be trusted to put the watch back into working condition if there is a problem. Ultrasonic cleaners Jewellery cleaning solutions are available from jewellers, but it is important to check their suitability for particular jewellery items. Jewellers may also have an ultrasonic machine, which can be useful for cleaning and removing tarnish. These use ultrasound waves and chemicals combined to create bubbles which cling to foreign particles such as dirt, oil, and unknown substances. High frequency waves are emitted and these pull the contaminants off the object. The bubbles collapse after they attach to the contaminants and move to the surface of the chemical solution, creating what appears to be a boiling solution. While ultrasonic cleaners sound like a great idea, they are not suitable for all types of precious stones. Some gem stones can react badly to ultrasonic cleaners. Always check with the jeweller or expert first. 10
Automatic watch winders A watch winder is a device used to keep automatic (also known as self winding) watches running when not worn. Automatic watches operate on the principle of winding themselves using a moving weight inside the watch. The weight swings or rotates while the watch is worn and turns the winding mechanism inside the watch. Not all watches are worn on an everyday basis, but manufacturers do recommend that automatic watches always remain wound. The stop/start element is similar to that of a car and the internal mechanisms of a watch are most vulnerable from a dead stop. The lubricants are not working at their best and the strain of starting from a dead stop can have a negative impact on delicate complications. Another important advantage of a winder for seldom used watches is for those with complex perpetual calendar features that may require elaborate resetting after the watch has been stopped for a while. Whilst a winder cannot over-wind an automatic watch, it is still very important to prevent excessive wear on the winding mechanism. There is no need to keep the watch in motion 24 hours a day, when usually only 30 minutes of motion is necessary to keep it properly wound. With the better winders, you can switch to intermittent winding to avoid the watch being fully wound all the time. Some winders have the facility to replicate normal use such as a period of minimal or limited activity followed by significant movement, and some are programmable depending on the watch you want winding. Most watch winders have the option to switch between battery and mains which means that there is no difficulty in storing the watch in a safe. There are also a range of safes with built in actuators and some safe manufacturers will offer bespoke solutions. Valuations & pre-purchase checks As mentioned previously, the price of gold and diamonds have risen significantly in recent years. It is therefore vitally important that regular valuations of jewellery are carried out to ensure that items or collections are not underinsured. Zurich Private Clients recommend that jewellery be re-valued every three years, as we would never wish our clients to discover their insured value was inadequate at the time of a loss. When having a valuation undertaken or buying a piece of jewellery, check that the jeweller or valuer is a member of the National Association of Goldsmiths (NAG). When purchasing diamonds, it is important to retain any diamond grading laboratory report you may be given. Many retailers, when selling modern diamonds with weighing more than 1 carat, provide a diamond grading report from reputable gemmological laboratories, such as GIA, IGI, and HRD for example. They state the grade (colour, clarity, carat and cut) of the diamond when it was assessed out of its mount. Another extremely important reason to have a professional valuation is to avoid confusion in the event of a loss. A valuation that states, A solitaire diamond ring 20,000, is clearly inadequate. There are no details of carat weight, indications of grading, details of the mount, whether the ring is antique or modern, or made by a particular designer. A professional valuation should be fully descriptive with accurate details on all the gemstones, and materials used. There should be a clear colour photograph (particularly important with unique pieces) and an accurate replacement value along with references to any reputable gemstone laboratory reports. In the case of watches, the valuation must specify the model and serial number. As well as ensuring that values represent the true cost of replacing jewellery, a full inventory with photographs will make jewellery easier to replace and also provide the police with a detailed description to aid the chances of recovery. Underwriters at Zurich Private Client will always stress the importance of providing accurate descriptions of all specified items. Useful addresses NSI (National Security Inspectorate) www.nsi.org.uk ACPO (Association of Chief Police Officers) www.acpo.police.uk NAG (National Association of Goldsmiths) www.jewellers-online.org 11
Benefits of a High Net Worth Policy At Zurich Private Clients, we understand that the individuality of property, cars and possessions (including jewellery and watches) requires an individual approach from us as an insurer. Our policies provide specialist cover that protects possessions without restricting enjoyment of them. Unlike many standard policies, there are no restrictions on the amount of jewellery, art or antiques we can insure. Our policies do not automatically include restrictive warranties on the use of intruder alarms, window locks or safes that could invalidate a claim. Zurich Private Clients will always work with you to ensure that precious possessions are fully protected. Whether this is advising on the importance of up-to-date valuations, or discussing the best options for safe protection; our underwriters will look to provide a bespoke solution that is best suited to your individual requirements. Other features of Zurich Private Clients Ultimate Home Valuables Cover. Jewellery kept in a bank or safe deposit Automatic cover for items noted on your schedule that are temporarily removed, for up to 30 days in any period of insurance and up to 50,000 for any claim. Agreed value for specified items Automatically given for specified jewellery and other valuables. Matching of items We will pay the full replacement cost of the entire set as long as the undamaged item(s) is surrendered to us. New acquisitions Automatic cover for newly acquired items up to 25% of the total jewellery sum insured, provided you advise us within 60 days of purchase. For further information visit Zurich.co.uk/privateclients 12
We hope you found this risk insight of interest. At Zurich Private Clients we take pride in our knowledge and expertise and how we put this to work for our clients. For further information or to speak to an underwriter, please contact us on 0845 305 0000 and select: Option 1 for South Team Option 2 for Central Team Option 3 for North Team 13
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