By paying a little more to get a stone with a better cut, you can save on the color side of costs by getting a lower color grade without sacrificing the look of the diamond. Most likely you will need a separate policy just for your jewelry. Preferably one that is not associated with a jewelry store.
Explanation of Cut, Color and Clarity of This Diamond
Cut Quality Ideal cut refers to the angles and proportions of a diamond that satisfy very precise mathematical formulas. The result is that the the ideal cut diamond internally reflects most light from one mirror-like facet to another and disperse and reflect it through the top of the stone. This results in a display of brilliance and fire, thereby placing ideal-cut diamonds higher on the quality pyramid than deep or shallow-cut diamonds.
Color Diamonds of G color are nearly colorless. G color diamonds may have a slight yellowish tint when viewed against white flat background. When set in platinum or white gold jewelry the presence of color will not be noticeable which makes diamonds in this color grade very popular.
Clarity VS2 Clarity diamonds are very slightly included grade two. VS2 diamonds have minor inclusions that are visible at 10x magnification. They are less expensive than the VS1 clarity grade because they exhibit slightly more inclusions. VS2 clarity diamonds make excellent choices for jewelry because the naked eye will not be able to detect any inclusions.