While dressing up isn't as common as it once was, and people can now wear business casual or even casual clothes to work, the one constant is jewelry. Many people wear jewelry on a daily basis beyond their wedding rings; earrings, necklaces, bracelets and other rings are often worn for adornment. The jewelry market is expected to grow from 279 billions dollars in 2018 to 480.5 billion by 2025, almost doubling in seven short years. While the average cost of an engagement ring in 2019 was $6,350, many spend more on that for such a significant piece of jewelry. There are also many other rings, earrings, necklaces and bracelets with a variety of gemstones people may collect. The presence of online jewelry sellers such as Blue Nile or James Allen make purchasing expensive jewelry easy, and Jewelry Television (JTV) makes buying less expensive jewelry even easier.

Jewelry is easily lost or stolen, and on the standard homeowners policy is covered for named perils only, with a limit of $1,500 for stolen property. The property can be scheduled for additional premium for open perils coverage, with wear and tear, insect or vermin damage, war, warlike acts, nuclear weapons, and nuclear hazard being excluded perils. This is not the only available option, however. There are specialty policies designed to cover only jewelry with staff trained in gemology who can work with an insured's jeweler to replicate the missing or damaged piece.

Jeweler's Mutual is one such insurer, which provides coverage for both jewelers and individual insureds. They stress that having a standalone policy will not affect an insured's homeowners policy if the insured has a loss, that coverage is open perils, and that they have a built in insurance value adjustment to automatically increase the value of the insured property annually so that the coverage keeps up with the rising value of the jewelry. Jewelry often appreciates in value, and seldom depreciates, so this is an important feature, reminiscent of inflation guard on the homeowners policy.