Jewelers Mutual Group has released findings from a recent study where 1,500 respondents offered insights into jewelry acquisition, usage, and storage, focusing on emotional connections and insurance practices.
Jewelry Ownership and Acquisition
The study confirms that engagement and wedding rings remain the most valuable and commonly owned pieces, with the average engagement ring valued over $7,000. Watches, necklaces, and non-bridal rings also rank highly among jewelry acquired in the past three years, reflecting a broad spectrum of ownership beyond bridal jewelry.
According to the survey, nearly 70% of respondents own up to 10 pieces of fine jewelry. While half of the participants said they purchased these pieces themselves, the remainder received them as gifts or inherited them. One respondent described their jewelry’s personal significance, sharing, “I have a ring that belonged to my great-grandmother. It serves as a link to precious moments and loved ones.”
Jewelry Usage and Loss
80% of respondents wear their fine jewelry at least two to three times per week. However, concerns about style and loss or damage deter some from more frequent wear. Over half of those surveyed reported losing at least one piece of fine jewelry.
One respondent shared the emotional impact of such a loss: “I lost a ring that my grandmother gave my mother. My mother was devastated, and I still feel guilty.”
Trends in Jewelry Insurance
The study also explored how owners protect their collections. About half of respondents who insure their jewelry do so through their homeowners or renters insurance policies. However, those with engagement or wedding rings are more likely to opt for specialized jewelry insurance, which often provides more comprehensive coverage.
Storage and Security
Respondents identified lockboxes and safes as the primary means of securing their jewelry, both at home and while traveling. Despite these measures, 32% of respondents admitted to not using specific security practices for their valuables, leaving a significant portion of jewelry collections vulnerable.
Emotional Significance
The study reinforces the emotional ties people have to their jewelry. Love was the leading emotion respondents associated with jewelry ownership, followed by joy. Krystle Craycraft, Senior Vice President of Marketing and Digital at Jewelers Mutual, remarked, “Jewelry is more than metal and stone. It connects people and their stories, accomplishments, and love for one another.”To learn more, visit the Jewelers Mutual website
