Accidental Damage to a Burmese Sapphire Ring

Settled Amount: £772,000

During an inspection and valuation at the London home of our client, a rather substantial fissure was detected inside the Burmese Sapphire. The client had no idea how this had occurred; the sapphire had been purchased privately and in perfect condition.

Benefits of an experienced broker

The sapphire was insured at retail price rather than trade price such is their scarcity and the difficulty to find a willing seller. This was clearly an ambiguous occurrence and the client was distraught.

  1. We took the sapphire to Hatton Garden specialists but it could not be restored and the damage was permanent.
  2. We advised the client to claim for accidental damage and ask for either a like for like replacement or full cash settlement.
  3. We managed the tender process and our client settled on a rare sapphire that our supplier sourced from Singapore.

The damaged sapphire was returned to the insurer and was then sold for its remaining value at auction, a very satisfactory outcome for the client.

Without a broker

Thanks to Stanhope Cooper’s standing with the insurance company, deep understanding of rare and precious items of jewellery and unparalleled network of specialists, the claim was settled and arguably a rarer and more precious sapphire was sourced.

Only an experienced private client broker could have negotiated such an outcome. A general insurance broker simply is not set up to deliver this type of service to the world’s most discerning clients.

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