Once you have purchased a diamond, you will want to keep it looking its best whenever you wear it, and while diamond is an incredibly hard substance, the hardest substance known, it still needs handling with care when it comes time to clean it.
A diamond is so hard it can only be cut by another diamond, and yet the oils from a fingerprint can attract dirt and dust and dull the wondrous shine of any diamond in a short time, which is why cleaning is so important, but also a lesson. Only ever handle the diamond when you really have to, keep fingers away as much as possible.
When you do have to clean your diamond, the key is to be gentle, and we recommend using a mild solution of water and dish soap. How you actually clean them depends on the setting used, for prong or cathedral settings, soaking the diamond in your water/soap mix for 30 minutes will be find, but for basket or pave style settings, soaking can run the risk of loosening the stone, and so soaking should be restricted to just a few minutes at most for these. Once soaked, then use a soft cloth and rub the metal free of any dirt or contaminates. Rather than scrub too hard, repeat the soaking and try again if the diamond is still dirty. A toothbrush can be used to get to any dirt in gaps around the diamond, use a new, soft one and keep it for the diamond.
An alternative for cleaning is an ultrasonic jewelry cleaner, although again avoid using chemicals and stick to warm water, letting the ultrasonic do the work. However, if there are any issues with the setting, the vibrations can work the stone loose, so be careful if choosing this method.
For that extra sparkle, you can dip your diamond in window cleaner afterwards, however, these glass cleaners do contain harsh chemicals, so never immerse the diamond for longer than a minute, and then rinse off immediately with the water/soap mix. If the setting contains rhodium, do not use any glass cleaner, the two will react badly.
Once clean, it’s time to store the diamond, and there are a couple of things you should do here. First, keep it away from other jewelry to prevent the diamond scratching everything else, or if you have more than one diamond, stop them scratching each other.
The other important aspect of looking after your diamond investment is to make sure it is covered properly by your insurance policy. Homeowners or renter’s insurance does cover a certain value of jewelry, but will be a small amount in comparison to the cost of the diamond, and so additional insurance is needed to cover the loss or theft of your diamond. Always check your existing policies so you know the cost you need to cover.
To get additional insurance, it is likely you will need to have an appraisal carried out on your diamond, few insurance companies will offer a policy without one, you will need to find out which appraisal reports are acceptable for the company, and then acquire a suitable appraisal. Always check the policy details, whether it covers just loss or theft, or will include damage, or if you are still covered when travelling abroad. It is also important to check the payout structure, do they cover the full replacement cost, and could you receive a cash settlement instead of a replacement diamond. As with most insurances, a policy for your diamond will probably include a deductible, be sure you know exactly how much that is as well.
With a policy in place, you may need to submit new appraisals every so often to maintain cover, check how often, and see if having an approved home security system can reduce your premiums. The key with insurance is research, there are plenty of options, so take the time to find the best solution for your needs.
Investing your money is sensible, we all know this, but why choose diamonds to put money into with so many other options available? There is no single answer to this, however it is important to note that in a sensible investment portfolio, diamonds should be part of that certainly, but you should not put all of your money into diamonds. A balanced investment includes real estate, fixed interest securities and moveable assets and commodities, and diamonds are an excellent option as a moveable asset.
The key thing that makes diamonds great investments are that they are rare and transportable, in that you can take a diamond anywhere and sell it for a constant value, the only other equally transportable asset that retains its value across currencies is gold. It is the rarity that retains the value, and their ease of transportation that ensures you can realize that value, wherever you are and whenever you need.
With roughly 1 gram of diamond obtained for every 10 tons of rock extracted from mines, and diamond mines requiring a 10-year investment before production starts to deliver, that rarity is not going away any time soon. Indeed, most forecasts have diamond price increasing at around 6% per annum until the end of the decade, where the possibility of diamond shortages could see much larger rises.
With stable prices that avoid the volatility that comes with market traded assets such as gold, natural rarity combined with increasing demand, and no risk to your principal investment as you have ownership of the diamond (even gold ownership can often involve a piece of paper and no metal these days), combined with a global value and no government fees or regulations, and you really do have the perfect portable asset investment.