/FAQ
FAQ2019-08-16T15:43:35+00:00
How is a Covett share price set?2018-10-02T10:55:46+00:00

Our brokers work tirelessly to find us the best pricing on the exquisite luxury jewellery our owners covett. The share price is therefore a representation of the cost of the piece to Covett, the price we sell the piece for, which is divided by the number of owners. Currently, our model is limiting the number of owners to 5, one of which is Covett. This is why you will see variability between what a price retails for and the share price. The better the pricing we get for a piece, the lower the share cost in comparison to the suggested retail

How does co-ownership work?2018-10-02T10:51:49+00:00

Co-ownership is the intelligent way to own assets that have low utilisation.  Luxury jewellery is an asset like a car, house, yacht, jet, racehorse.

Co-ownership allows for the joint ownership of these assets without making the full investment. Rather than spending a large amount of money for a piece of jewellery that isn’t worn frequently, you have access to the piece you own when you want to wear it.

AND you can have access of a variety of pieces for the price of one.

How do I become a member of the Covett Community?2018-06-13T10:12:53+00:00

Simply register with Covett on our website and you can join the community of avid Covettists, who have a passion for luxury jewellery. By joining our community you become part of the driving force of what is in our Covett vault and available for co-ownership.

What is the value of a Covett Share?2018-10-02T10:53:18+00:00

Each piece has an asset value, which is then divided by  the 5 owners. Therefore a Covett share is a 20% ownership stake in the piece you choose to purchase.  Covett must retain one of these shares for insurance purposes and to add flexibility to availability of the piece.

Do I have to invest to become a Covett owner?2018-06-13T10:35:16+00:00

Yes, you must own one or more Covett shares in order to be an owner.  Our owners are vetted by us to ensure they meet a  certain standard of care for co-ownership as set forth in the Covett Owner Terms and Conditions.  You can join the Covett community by registering on the website.

How often can I have access to my piece?2018-10-02T11:01:54+00:00

One Covett share provides access to your piece for its lifetime.  Owners have possession monthly for 5 consecutive days, plus 12 floating days per year to be used to cover holidays or special events  The monthly service fee covers the piece for each of these 12 deliveries and collections, in addition to insurance, cleaning and maintenance.

What happens if I violate the Covett Owner Terms and Conditions?2019-02-28T21:19:54+00:00

Owners who knowingly violate the Covett Co-owners’ Terms and Conditions, will be refunded their investment, and removed from the platform.  If their actions cause loss or damage, they will be held liable to the other owners for their original investment plus appreciation at the time of the loss.

What does the monthly service fee include?2018-10-02T13:30:35+00:00

Covett is not only the intelligent way to own and invest in luxury jewellery, it is also hassle-free.  The service fee covers insurance (worldwide loss or damage, no deductible), logistics, cleaning (and sanitising for earrings), and semi-annual maintenance.  It will also cover any size adjustments made for sizing of watches or bracelets (where applicable).  Currently the fee is set at 1.75 % of the cost of the share.  This means if your share cost is £2000 (exclusive of VAT), your monthly service fee is £35.

Why does the company own a share of my piece?2018-06-13T10:37:10+00:00

For three reasons:

1.  Insurance will only cover this type of business model if the company is a partial owner,

2. If the piece needs to be repaired, we can use Covett’s time to have it repaired,

3. This allows greater access to your piece, on impromptu dates, as the piece isn’t booked 365 days per year.

How is my piece delivered?2018-10-02T13:27:36+00:00

Initially, the piece will be delivered during a home visit by a member of the Covett team. This visit ensures that the owner’s safe meets specifications (cash rating) and allows us to meet each owner personally.  After the initial visit, the piece will be delivered by a member of our team.  The piece must be received by the owner and signed for.  Collection dates and times will be prearranged and must be adhered to unless arrangements have been made in 48 hours in advance with the Covett concierge.

Will my share retain its value over time?2019-04-17T10:21:42+00:00

Covett is the intelligent way to invest in, protect and enjoy luxury jewellery.  We always aim to sell Covett shares at below retail value, unless the piece is only available on the market at a premium (e.g. signed one of a kind pieces or vintage pieces).  While we can’t guarantee each piece will appreciate,  you can always resell your share(s) to Covett for the initial invested amount if you would like to trade up to a new piece. If you prefer, you can sell your share on the Covett platform (up to the appraised value), contingent upon there being a buyer.

How do I request a date to wear my piece?2018-10-02T12:38:53+00:00

Each Covett share allows for access 12 months a year for 5 consecutive days per month, plus twelve floating days per year.

We allow each owner to pick their top 3 dates per quarter. The calendar will open 3 months in advance for co-owners to schedule their pieces.  Our goal is to make sure you have access to your piece when you want it. We will make every effort to broker trades with the other owners, however, we reserve the right to make the final decision on who has possession.

Weeks cannot be carried over without trading for future dates with another owner. If your piece is unavailable, the Covett Concierge will attempt to find a suitable loan from the Covett vault, at a nominal fee and delivery charge

What if I want to sell my share in a piece I currently own?2018-10-02T13:41:26+00:00

Covett will purchase your share back for the original purchase price if you wish to trade up to another piece or will help you sell it on the platform for up to the appraised value. In order for Covett to buy back your share(s) you must own them for 12 months or more.

How do I know my safe meets the correct specifications?2018-10-02T10:50:24+00:00

The cash rating in a safe’s grade represents what they’re expected to protect and who is likely to attack it. It’s an indicator of the security strength of the safe and the highest amount of money that should be kept in it.  Cash ratings can vary according to risk and the location of your home.

Whatever the cash rating of the Safe, ten times that sum is usually acceptable to insurance companies for jewellery or other valuables.

You can purchase safes with a ‘cash rating’ grade of anything from £1500 to beyond, but it is important to select the right grade to reflect the cash and valuables being stored in it. Very commonly a £4000 cash rated safes, when installed, covers up to £40,000’s worth of jewellery and valuables.  To ensure your safe complies with your insurance policy’s stipulations it has to be installed according to the manufacturer’s specifications.  Our team will assess your safe as part of becoming a co-owner.

What are the advantage of owning more shares?2018-10-02T11:52:23+00:00

There are so many advantages and that’s why we needed to launch Covett when we had the idea.  First and foremost, it’s the genius of co-ownership for luxury or high-end jewellery.  Because often the utilization is low, it’s advantageous to have access to the jewellery of your dreams without making the full investment.  In addition, if you want variety, Covett allows you to have ownership and access to many more pieces of your dreams.  Members owning 5 or more shares have Open Vault privileges, which means they can trade pieces with other members in that same category. The white glove concierge services makes sure your pieces are insured and cared for to a very high standard.  Every time your piece arrives, it’s like the first time.

What happens if I want to trade up to a more valuable piece?2018-10-02T11:48:42+00:00

This is what Covett is all about, the ability to own the luxury jewellery of your dreams; so you can spread your investment across pieces, and trade up when you are ready, as long as you have co-owned your piece for a year.  We will apply your original share price to a new piece of greater value.

Can I sell my share to a friend?2018-10-02T11:37:08+00:00

All sales must be brokered through Covett to ensure all co-owners are vetted and agreed to the Covett Co-owner Terms & Conditions. We are happy to sell your share on our platform or buy the share back from you at the original purchase price (after a 12 month period) if you decide you would like to trade up to another piece.

What is the benefit of owning my jewellery with Covett?2018-10-02T11:53:54+00:00

There are so many advantages and that’s why we needed to launch Covett when we had the idea.  First and foremost, it’s the genius of co-ownership for luxury or high-end jewellery.  Because often the utilization is low, it’s advantageous to have access to the jewellery of your dreams without making the full investment.  In addition, if you want variety, Covett allows you to have ownership and access to many more pieces of your dreams.

If you have questions which aren’t answered by our website or in these FAQs, please contact us at concierge@cove.tt

 

 

Can I loan my piece to a friend or relative?2018-10-02T11:34:18+00:00

No, part of becoming an owner means you have agreed to the Covett Co-owner Terms and Conditions.  In order for the piece to be insured you must either be wearing the piece, hand carrying it or have it locked in an safe which meets the specifications of the Covett Co-owner Terms and Conditions.

Can I purchase shares of a set vs. a piece (e.g. necklace, earrings, bracelet)?2018-06-13T11:03:20+00:00

You are the driving force behind what pieces we acquire at Covett; you tell us what you are covetting, and our luxury jewellery brokers go out to find these pieces at the best prices.  You share what you covett with others and they also confirm when they are covetting that piece.  If you covett a jewellery set, let us know.  Our luxury jewellery brokers can source sets as well as individual pieces. In fact, we have several sets on our site right now

What if I have an impromptu event and want to wear my piece but another owner has it?2018-10-02T11:31:29+00:00

We at Covett value your ability to access your piece when you want it. If you want to wear your piece and another owner has it, we will do our best to broker a trade of dates.  If your piece is unavailable, the Covett Concierge will attempt to find a suitable loan from the Covett vault, at a nominal fee plus the delivery charge.

What happens if I am out of town and the piece needs to be returned?2018-10-02T13:36:34+00:00

The Covett Co-owner Terms and Conditions are very specific about return times and dates.  If you have taken the piece out of town, you can use your floating days to cover the additional days you are away.  However, if you are away and your jewellery is due to be returned, you must ensure the jewellery is returned via the approved method of transport, which will be agreed upon by the Covett Concierge 48 hours advance of the collection date.

Do I have to own a safe?2018-06-13T10:48:16+00:00

Yes, we only offer luxury jewellery for co-ownership, this means that certain specifications must be met with the safe where you store your Covett piece(s) when you have possession and are not wearing the piece. Hotel safes do meet these specifications, so you can rest assured when you travel with your piece(s).

What about special Holidays like Christmas, New Years, Valentine’s Day2018-10-02T13:25:28+00:00

Co-owners can make their preferences known for these dates 3 months in advance. If there are two co-owners who want their piece on the exact same holiday, we will rotate the access annually. If your piece is unavailable, the Covett Concierge will attempt to find a suitable loan from the Covett vault, at a nominal fee and delivery charge.  This option may even be preferable, as you may be loaned a piece of greater value.

What happens if the piece is damaged?2018-10-02T12:22:33+00:00

Covett insures each piece for full coverage against physical loss (including theft) or physical damage as long as the co-owner is operating under the Covett Terms and Conditions, which are the legal agreement between Covett, you and the other co-owners of the piece(s).  Any damage resulting in normal wear and tear will be covered by Covett maintenance fees, so will be fixed at no additional cost. If you have violated the Co-owner T&Cs, you will incur the cost of the repairs and the time out of circulation for the piece to be repaired.   If the piece cannot be repaired; we would look to our insurer to replace.  Each piece comes with specific handling and care instructions.

How do I know other owners will take care of my piece like I will?2018-10-02T12:58:50+00:00

Each co-owner goes through a stringent vetting process when becoming a Covett co-owner.  Each co-owner agrees to the Covett Co-owners’ Terms and Conditions when they purchase an ownership stake.  Co-owners who knowingly violate the T&Cs, will be refunded their investment, and removed from the platform.  If their actions cause loss or damage not covered by insurance, they will be held liable to the other owners to make them whole.

We ensure the piece isn’t altered by the owners; upon each collection, we use testing technology to test the composite of all stones in the piece to ensure they are the original.  Any alteration to a piece is not covered by insurance and therefore, the co-owner will be liable for fraud.

What happens if I lose the piece or it gets stolen?2018-10-02T12:20:57+00:00

As long as you have adhered to the Covett Owner Terms and Conditions, the piece will be covered by insurance.  All co-owners will have the opportunity to have the piece replaced to the exact specification of the original piece or to be paid back in a share credit towards another piece, if the item cannot be replaced.

Can I use my own insurance for the piece?2018-10-02T13:33:52+00:00

Fortunately no, your insurer will have to insure the entire value of the piece and therefore it will be more costly.  At Covett we provide value by spreading the cost of the insurance amongst the owners.  Our insurance covers physical loss or theft and damage, anywhere in the world, with no deductible.  So you can always feel secure when you are in possession of your Covett piece.

Can I sell a portion of my share to a friend or relative?2018-06-13T09:58:22+00:00

This is an interesting idea, and we are open to exploring it.  Currently we are limiting our owners to four plus Covett.  This will allows us to perfect our operations before adding complexity.

Isn’t it unsanitary to share earrings?2018-06-13T11:02:40+00:00

All our earrings will be made from 18K gold or platinum and will be cleaned and sanitised before each new owner receives them.  There is no cause for concern.

What happens to my share over time?2018-10-02T11:39:50+00:00

As with your own jewellery assets, you own the piece for the lifetime of that piece.  The benefit of ownership with Covett is that the piece is cleaned and checked with each use, and has semi-annual maintenance to keep it in pristine condition.  Therefore, your Covett piece(s) should last for many lifetimes.

What happens to my share when I die?2018-10-02T11:41:22+00:00

As with any asset, your Covett share(s) can be gifted or willed to another person.  Unlike other assets, Covett shares have a platform for the receiver to easily sell the share(s) or trade into different share(s). Adding to the value of the gift to the receiver. See the Covett Co-owner Terms and Conditions for more detail.

Can I own all the shares in a piece?2018-06-13T09:59:05+00:00

Technically no, as Covett must own a share for insurance purposes.  We would want to explore why someone would see this an interesting option.

What are Open Vault Privileges?2018-06-13T10:00:14+00:00

Open VaultTM privileges are for those members who own 5 or more Covett shares.  These members are able to trade their pieces with other owners of the same standing; providing even greater access to luxury jewellery.

Covett Co-Founders