Who insures the Crown Jewels?
The Crown Jewels are not insured, as they are officially considered to be priceless, but their estimated value is between £3billion and £5billion1. They have been kept in the Tower of London under lock and key since the 1600s2 and only three people are allowed to touch them – the monarch, the Archbishop of Canterbury, and the crown jeweller.
Crown Jewels across the globe
Many other countries around the world have their own Crown Jewels. Crown Jewels usually include crowns but can also include other precious items such as holy relics, thrones, swords, shields, and even hairpins!
The Iranian Imperial Collection Crown Jewels are so valuable that they are used to back the national monetary system and to strengthen Iran’s fiscal power. They are on display in the Iran National Jewels Museum found in the basement of the Central Bank of Iran3.
It is said to be the largest jewellery collection in the world and includes crowns, thrones, thirty tiaras, jewelled swords, shields, loose precious gemstones, a gemstone globe, ornamental plumes and a chest filled with pearls! The collection also holds the world’s largest pink diamond – the Daria-i-Noor (Persian: دریای نور ) which means ‘Sea of Light’. It is approximately 182 carats, and its size and pale pink colour makes it one of the rarest diamonds in the world4.
Did you know the Daria-i-Noor originally belonged to India?
The Daria-i-Noor originally belonged to the Kakatiya dynasty which ruled the eastern Deccan region of India from the 12th to the 14th century. It was brought to Iran from India after the Persian ruler Nader Shah invaded Northern India and occupied Delhi in 1739. In exchange for retreat, he took possession of the Mughals’ treasury (the Mughal Empire controlled most of South Asia between the 16th and 18th centuries) which included the pink diamond5.
Crowning glories
Not all the crowns in the royal collections across the globe resemble the crowns we, in the UK, have grown accustomed to seeing. The Holy Crown of Hungary has been worn by more than fifty Hungarian kings. It resembles a closely fitted skullcap and features religious images of saints and a gold cross on the top of the crown6.
The Iron Crown of Lombardy, northern central Italy, is a holy relic and considered by some to be the most ancient royal artefact in Christendom. Crafted in the Early Middle Ages it is a circlet of gold and gemstones forged to an iron band which is said to made from a nail of the True Cross – the cross upon which Jesus was crucified. The Iron Crown was used to crown Holy Roman Emperors as kings of Italy7.
Priceless treasures
Crown jewels which are a part of treasuries and coronation regalia are virtually ‘uninsurable’ due to the difficulty of putting a price tag on history, heritage, and provenance. There are jewels however, which are not part of state collections that are insured for large amounts.
The Millennium Star was one of three diamonds cut from a 777 carat stone found in Zaire, Africa in 1990. The flawless diamond is 203.04 carats and is the second largest pear-shaped D colour (top colour grade) stone in the world. It is insured for over £105 million and is part of the DeBeers “Millennium” collection8.
How can you protect your own jewels?
While the Crown Jewels are in another league, you might own your own jewellery which is valuable to you in many ways. You may have inherited a brooch or necklace from a beloved grandmother, been gifted a diamond bracelet by your loved one, or treasure your engagement ring as a symbol of your love for your spouse. Many of your “treasures” may be irreplaceable because putting a price tag on sentimental or symbolic value is almost impossible. You can, however, take steps to protect your precious jewellery which includes insuring it accurately and for its true value.
If your insurer provides high quality cover, they will understand that heirlooms and gifts don’t always come with receipts. We do suggest however, that you obtain a valuation for the replacement cost and keep relevant photographs, even if you do have proof of purchase, certificates, and receipts.
My personal experience
When I was 25, my father passed his gold signet ring on to me. Two years later, he died. I wore his treasured ring for 21 years until last year I lost it. I looked everywhere, but it was nowhere to be found. After I explained to my insurers (at that time I was not insured with Lloyd & Whyte) that it was a gift and passed down through the family for generations, my insurers asked for proof of ownership in the form of photographs of myself wearing the ring. I had none.
Having given up hope that I would ever find this irreplaceable item, I began to explore the possibility of having a new version made. It would never be the same as my father’s though – and I knew it. I had all but given up hope, when late last summer, my partner found the ring, in the vegetable patch, underneath a cluster of carrots, gleaming in the soil. It had been swept up in the kitchen compost, then into the garden compost and back into the soil. My buried treasure was discovered!
The lesson I learned was to keep photographic documentation of the item and of myself wearing it, whether it is a ring, bracelet, brooch, necklace, or watch.
Contact us
If you would like to talk to us about any aspect of your cover, including insurance for jewellery, watches, fine art, antiques, or collectables, please don’t hesitate to contact us. We’re here to help.
1. https://www.standard.co.uk/news/uk/how-much-crown-jewels-worth-king-charles-b1026773.html
2. https://www.hrp.org.uk/tower-of-london/history-and-stories/the-crown-jewels/#gs.pqyl1v
3. https://www.iransafar.co/iran-national-jewels-museum/
4-5. https://en.wikipedia.org/wiki/Daria-i-Noor
6. https://en.wikipedia.org/wiki/Holy_Crown_of_Hungary
7. https://en.wikipedia.org/wiki/Iron_Crown
8. https://en.wikipedia.org/wiki/Millennium_Star
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