Diamonds, diamonds everywhere.
It’s not just the craze for larger and larger, more and more expensive celebrity engagement rings that makes the average red carpet worth billions, it’s also the trend for the rich and famous to hire expensive jewellery just for the occasion. Nearly everyone does it, but I bet you didn’t know there was a limit.
Yes, that’s right, celebrities are limited in what they can loan. Just like you and me, there is a premium attached to loaning any item, and with hyper expensive jewellery, it’s no different. This cap, apparently, is around the $1 million mark, for an item of extravagant jewellery, but there are reasons for this.
Each celebrity is noticed more than most, and they love this attention. In order to keep that star close to the public’s attention, they need to be noticed every night. With a piece of expensive, luxury jewellery, a star would need extravagant security to match the price tag, and if there is one thing these celebrities don’t want, it’s for that ultra-expensive item to be obscured by a sea of hired gorillas.
It’s not just the price of the piece that is a problem for some, however. Large companies such as De Beers, and their insurers XL, have a blacklist of celebrities they will not loan to. For what reason, only they know, but they can vary from losing items to actually attempting to steal them. When these items are valued in the hundreds of thousands of dollars, that is a big loss of potential income for the loaning company.
But nowadays, the consumerist world has caught up with these celebs, and loaning sites and companies have sprung up all over the web. Now, Ms. Jane Doe can go on her night out with the girls wearing the same that Kate Hudson or Beyonce wore on the catwalk the previous week. But don’t lose it. In recent times there have even been court cases against celebrities losing rented jewellery. One high profile case is that of Courtney Love being sued by Jacob & Co over the return of two diamond chains and a pair of diamond hoop earrings. You can sell your engagement ring and were sure Courtney Love has too.
Courtney Love was found liable for the jewellery and ordered to pay their worth of over $100,000 to the high-end jeweller. While Ms. Love may be able to afford this, Jane Doe probably wouldn’t, so a watertight insurance scheme to protect any hired diamonds is highly recommended.
So, armed with the knowledge that you can walk out wearing what the celebrities are, take a cautious approach to the world of extravagant diamond jewellery. After all, while diamonds may be a girl’s best friend, they’re also a jeweller’s.