Engagement Ring Appraisal and Insurance in Canada: What You Need
By Clint Casmiro, Co-Founder, Smiro Studio · Updated October 22, 2026
Short answer: You need two different papers. The IGI report grades the diamond: carat, colour, clarity, measurements and whether it is lab grown. It does not put a dollar value on the ring. An appraisal does: a third party gemologist values the whole ring, which is what an insurer works from. We arrange one for $100 CAD. Insure the ring from the day it arrives, because no jeweller's warranty covers loss or theft of the centre stone, ours included.
People mix these two up all the time, and it matters when you call an insurer. Here is what each paper does, what our warranty covers, and what to keep on file.
What does an IGI report cover?
The diamond itself. An IGI report shows carat weight, colour, clarity, cut grade where it applies, polish, symmetry, fluorescence and exact measurements in millimetres. A lab grown report states the origin and the growth method. The report number is laser inscribed on the girdle, so you can match the stone to the paper on IGI's website.
We include one with every diamond of 1 carat and up. Small accent diamonds are not certified one by one anywhere, because grading would cost more than the stone. How to read a report is in IGI certified lab grown diamonds.
What does an appraisal cover?
The value. For $100 CAD we arrange a certified appraisal from a third party gemologist, an independent valuation of your ring, so your insurer has an accurate number to work from. It comes from someone outside our studio, so it is not us putting a price on our own work.
| IGI report | Appraisal | |
|---|---|---|
| Who writes it | An independent lab | A third party gemologist |
| What it covers | The centre diamond's grades | The value of the whole ring |
| Gives a dollar value | No | Yes |
| With us | Included on every stone 1 ct and up | $100 CAD |
| What it is for | Knowing exactly what you own | Insurance |
Why insure the ring if it has a warranty?
Because a warranty and insurance cover different things. Our warranty runs one year from delivery and covers manufacturing defects: we repair them free, shipping both ways included, and we replace lost accent diamonds.
- It does not cover loss, damage or theft of the centre stone.
- It does not cover accidents or hard wear, like bent bands, crushed prongs or scratches.
- Resizing or repair by another jeweller voids it.
Shipping is fully insured until the ring is signed for. Once the carrier confirms delivery, a lost or stolen package is no longer covered by us, so have your own cover start the day it arrives. The full terms are on our warranty page and explained in what a warranty should cover.
What should I have ready for my insurer?
Every insurer sets its own rules, so ask yours what they need. These are the papers worth keeping together:
- The appraisal. The independent value of the ring.
- The IGI report. The grades and the report number inscribed on the stone.
- Your invoice. Proof of what you paid and when. Our warranty also needs proof of purchase for any claim.
- Photos. Clear shots from the top and the side, close enough to see the setting.
When should I get the appraisal?
As soon as the ring is finished, so your cover can start the day it arrives, ideally before the proposal. Ask us for it while the ring is being made.
What if the ring needs work later?
Inside the first year, manufacturing defects are on us. After that we still repair it, for a labour, materials and shipping fee we quote before any work starts. Resizing with us is $200 shipped and keeps the warranty. SMIRO RED members who make their wedding band with us also get a second year of warranty on the engagement ring.
Questions about paperwork for your ring?
A free 20 minute video call with our team. Bring a photo, a budget, or nothing at all.
Book a free callGet a free estimateFrom our collection
Radiant Hidden Diamonds Cathedral
Radiant Full Bezel Thick Band
Radiant Tulip Hidden Halo Double Prong Split Shank
Radiant Tulip Full Bezel
Questions we get about this
Do I need an appraisal to insure an engagement ring?
Ask your insurer, since each sets its own rules. An appraisal gives them an independent value for the ring. We arrange one from a third party gemologist for $100 CAD.
Is an IGI certificate the same as an appraisal?
No. The IGI report grades the diamond and states whether it is lab grown. It does not give a dollar value. The appraisal does.
Does your warranty cover a lost diamond?
It replaces lost accent diamonds within one year. It does not cover loss, damage or theft of the centre stone, which is why we suggest insurance.
How much does an engagement ring appraisal cost?
With us, $100 CAD for a certified appraisal from a third party gemologist.
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