After having your diamond appraised, the next step is to obtain insurance for your diamond. It should be noted that many insurance companies do not offer "full value" for diamond jewelry but rather offer a cash amount less than the amount for which the jewelry is insured for.

To help with insurance claims, keep photos of your jewelry in a safe-deposit box or other safe location. In case of theft or natural disaster, a photo is useful for describing what is missing.

Questions to ask when shopping for insurance include the following:

• how claim reimbursements are handled
• what the deductible, if any, is
• what exemptions or exclusions there are
• if there are any geographic restrictions
• what documentation is needed to satisfy a claim