Do you buy insurance for the gemstone setting process? Is it necessary?

[haagen_dazs]

In the diamond forum, lots of people recommend buying insurance.
Since gemstones are more affordable (but can be expensive depending on the type of stone), i was wondering what do most people here do.

Do you buy insurance for the gemstone setting process (if its being set by someone else other than the person who sold it to you)? Is it necessary do most ppl forgo insurance coverage for simplicity sakes.

 

[chrono]

Some setters require it regardless of value. I do not insure my low value gems because they are common, aren''t worth it or easily replaceable. It is highly recommended to insure the rare and/or expensive gemstones.

 

[beaujolais]

Can you insure an unset colored stone?

I don''t believe you can insure an unset diamond.

 

[morecarats]

My understanding is that most insurance carriers will not insure unset stones and, if they do, they don''t cover damage inflicted during bench work. I''d be interested in hearing what policies people have been able to take out to cover the process of setting a stone.

 

[chrono]

At this point, only Jewelers Mutual will cover unset stones and also during the setting process. There has been a lot of discussion about this in Rocky Talky.

 

[Fly Girl]

I don''t have coverage for my colored stones during setting. One way to get coverage of a sort, is to purchase the stone through the jeweler and have them also do the setting. Generally they will cover any damage if you purchased the stone from them. For example, I can purchase Richard Homer stones from a local designer, and work with her for the setting. Wink Jones is another Richard Homer vendor who will set the stones. But, most of the time you take your chances.