Diamond Insurance
Cover for rough and polished diamonds held by dealers, cutters, exporters and collectors. Every diamond policy can be matched to a certified valuation (carat, cut, clarity and colour) and can extend across storage, exhibition, consignment and international shipment, giving diamond businesses continuous cover from the mine to the final buyer.
- Cover for rough and polished stones, individually or by parcel/lot
- Valuation aligned to certified grading (carat, cut, clarity, colour)
- Cover during trade shows, viewings, consignment and courier transit
- Kimberley Process-compliant documentation support for export shipments
Insured Perils
The events below are covered subject to the full terms, conditions and exclusions of your policy schedule.
- Fire, lightning and explosion
- Theft, burglary and armed robbery
- Hold-up and violent seizure during transit, exhibition or viewing
- Accidental dropping, crushing or damage during cutting, polishing or setting
- Collision, overturning or derailment of the conveying vehicle, vessel or aircraft
- Flood, storm and water damage while in storage
- Malicious damage and vandalism
- Mysterious disappearance, subject to the policy's notification and evidentiary conditions
Sums Insured, Valuation & Basis of Settlement
Diamond cover is fixed against an independent grading and valuation report rather than a nominal figure. Rough stones are valued against recognised rough-diamond price benchmarks, and polished stones against a certificate from an internationally recognised grading laboratory confirming carat weight, cut, clarity and colour. Cover can be arranged for individually certified stones or for a declared parcel or lot on a fluctuating-stock basis, with the sum insured adjusted against periodic declarations. Claims are settled on the basis stated in the policy schedule — replacement with a stone of equivalent grading, or a cash payment calculated against the certified valuation at the date of loss — net of any policy excess.
Territorial Scope & International Recognition
Diamond Insurance is written to move with the stones it covers — from the point of purchase or recovery in Sierra Leone, through cutting, grading and exhibition, to export and sale to an overseas dealer, cutting house or exchange. Policy wording follows internationally recognised specie and cargo insurance principles so that cover, currency and documentation are accepted by dealers, customs authorities and diamond bourses in the destination market, and policies can be issued in US Dollars, Pounds Sterling, Euros or another currency on request.
- Sierra Leone and regional trading centres
- Cutting and polishing centres in Europe and the Middle East
- Recognised diamond bourses and exchanges worldwide
- Extendable to additional territories by endorsement
Policy Conditions & Warranties
- Stones must be stored in a vault, safe or secure display case meeting the standard stated in the policy schedule when not in transit or on show
- Movement above the notified transit limit must use a licensed carrier, security courier or bonded shipment as specified in the schedule
- Every insured stone must be supported by a current certificate from a recognised grading laboratory
- Losses must be reported to Westshield and, where applicable, the police within the time limit stated in the policy — normally 48 hours of discovery
- Any material change in storage, security arrangements or declared value must be notified before it takes effect
General Exclusions
As with any insurance policy, certain circumstances are not covered. These are set out in full in your policy wording.
- Normal wear, scratching or chipping arising from ordinary use or display
- Loss or shortage first discovered at stocktaking with no evidence of an insured event
- War, invasion, act of foreign enemy or civil war, unless specifically extended by endorsement
- Confiscation, requisition or detention by customs, government or public authority
- Dishonesty of the policyholder, its partners or directors (employee dishonesty may be separately endorsed)
- Trading in stones without valid Kimberley Process Certification Scheme documentation
- Unexplained or mysterious shortage not reported within the notification period stated in the policy
- Loss of a certificate or grading report alone, where the stone itself is not lost or damaged
This is a summary of standard policy terms for illustration. Your actual cover, limits, excesses and exclusions are those set out in your individual policy schedule and wording, issued after underwriting.
How To Claim
1. Notify Us
Report the loss to Westshield and the police (where applicable) within the notification period stated in your policy.
2. Submit Documentation
Provide your policy schedule, grading certificate, Kimberley Process documentation, purchase or consignment records and any incident report.
3. Loss Assessment
Our claims team, or an appointed loss adjuster, verifies the circumstances and quantifies the loss against your certified valuation.
4. Verification
Independent gemological re-verification is arranged where needed to confirm the stone's grading and market value at the date of loss.
5. Settlement
Once agreed, your claim is settled on the basis stated in your policy — by replacement of equivalent grading or cash settlement at the certified valuation.
International Compliance & Standards
Diamond Insurance is issued to work alongside, not instead of, proper trading compliance. Policyholders are expected to maintain valid Kimberley Process Certification Scheme documentation for rough diamonds, a grading certificate from a recognised laboratory for polished stones, and to follow the diamond industry's System of Warranties together with standard anti-money-laundering and know-your-customer checks expected of dealers internationally. Aligning cover with these internationally recognised standards is what allows a Westshield diamond policy — and the parcel it protects — to be recognised by dealers, cutters and exchanges outside Sierra Leone.
Also Insuring Gold Or Shipping Internationally?
Gold Insurance
Cover for gold in storage, transit and export, valued against current market price.
View Gold Insurance →International Gold & Diamond Policy
Warehouse-to-warehouse cover for precious goods crossing borders.
View International Policy →High-Value Goods Overview
See coverage, valuation and claims details that apply across all our precious-goods policies.
View Overview →Insure Your Diamonds With Confidence
Get a specialist quotation matched to your certified grading and valuation.
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