Insuring Loose Stones During Evaluation

[sapphire123]

Hi All,

I am considering buying a sapphire from one of Pricescope's recommended precision cutters. If I pay for the stone in full, they are willing to send it to me for a seven-day evaluation period to make sure I like it before committing. It is a native cut stone that they will recut for me after the evaluation period. However, I am worried about liability while the stone is in my possession. Does anyone have any tips for this scenario?

Some options I can think of are:

(a) finding an insurance policy that will cover the stone during this evaluation period (I've read about Jeweler's Mutual and similar insurances, but it was unclear whether they would cover this situation).

(b) having the stone sent to a local jeweler (potentially the jeweler who will set the stone) and viewing it in their offices (presumably insured by the store's insurance).

(c) having it sent to a local appraisal shop where I can also view it in their offices (presumably covered by their insurance).

I am located in NYC. Do you guys have any good ideas for what to do?

Thanks,
Chris

 

[chrono]

I have not heard of insuring any diamond or coloured stone during the evaluation period. In order to do this properly will take a lot of time and effort (need lab report, appraisal report, etc). Also, given that the stone will be recut, all those reports will be nullified and you'll have to go through the entire process and expense again. I've always had the stone sent to my home where I can view it under normal wearing conditions (my house and office lights) and been extremely careful with its handling. I have yet to damage or lose any stones during this very short review period. I don't think having it sent to an appraiser or jeweller will cover the stone either because you own it, not them. Most jewellers also do not cover your stone during the setting process.