POOLE-based Coleman Insurance Brokers is urging everyone to take the time to check the adequacy of their insurance cover, particularly in respect of the soaring value of diamonds.

Head of private clients at Coleman, Jennie Fraser, said: “Diamonds are the smallest, lightest and most concentrated form of wealth in the world today.

“Their values keep going up too – on average diamond prices have increased by more than 14 per cent per annum for over 50 years.

“If you have had a diamond or gold piece of jewellery for 10 years or more it will certainly have increased in value, probably quite significantly.”

“We are having new customers coming to us who had found out too late that they did not have the right level of cover.

“With rising values it is really important to check not just your total sum insured for your valuables, but also the single item limit for unspecified jewellery, which can vary considerably from insurer to insurer.”

Coleman Insurance Brokers, which has offices in Poole and Exeter, is offering the same advice to home owners who might be considering purchasing a piece of jewellery for a loved one for Christmas.

The advice given by Coleman has been mirrored by Roderick Harris, director of WHY Jewellers in Corfe Castle.

Roderick added: “As diamonds are traded internationally in dollars their value is determined by the currency rate, another reason why values can change.

“At WHY Jewellers we specialise in the rare, natural coloured diamonds and these have been going up by some 15 to 20 per cent per year over the last 10 years. Nine tenths of the world’s production of pink diamonds comes from just one mine in Australia.

“It is estimated that within 10 years this mine will be worked out hence these diamond supplies are rapidly diminishing and values will soar.”