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"Too Unique" to insure?

Gizmo490

Rough_Rock
Joined
Jul 27, 2015
Messages
6
I recently had an Old European Cut diamond ring that I inherited appraised. It has several medium to large inclusions, a small chip and isn't the highest quality diamond, but it is fairly large, approx. 3.5 carat. (Sorry I don't have the appraisal papers handy to look up the details.) When I took the ring and the appraisal to my insurance company (State Farm) to add it to my other jewelry rider account, the agent said that he couldn't insure it because it's "too unique" and that they couldn't truly replace it if something happened to it. Have you ever heard of such of thing? Are there other insurance companies that you would recommend checking with?
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
58,342
Yes, check with Jeweler's Mutual as they insure jewelry. They usually require an appraisal, so hopefully that will work for you!
 

ariel144

Ideal_Rock
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Jan 21, 2006
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2,014
Well that's interesting. "Too unique"?? Like antique cuts haven't been around for over 100 years....LOL!
 

oldminer

Ideal_Rock
Trade
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Sep 3, 2000
Messages
6,642
Many insurance companies refuse to insure chipped diamonds. That might be the actual reason for the refusal. Old European cut and Old Mine cut diamonds are hardly unique or not replaceable with some reasonably equivalent. None of these are that "unique". Jewelers Mutual is a good alternative, but I am not sure about whether they will accept a chipped diamond for coverage, either. Might as well give them a try. They are a great company to provide coverage for you.
 

rubybeth

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Nov 12, 2007
Messages
2,568
Oldminer|1438267858|3909013 said:
Many insurance companies refuse to insure chipped diamonds. That might be the actual reason for the refusal. Old European cut and Old Mine cut diamonds are hardly unique or not replaceable with some reasonably equivalent. None of these are that "unique". Jewelers Mutual is a good alternative, but I am not sure about whether they will accept a chipped diamond for coverage, either. Might as well give them a try. They are a great company to provide coverage for you.

I can answer this question; yes, Jeweler's Mutual will insure chipped or damaged stones, but it will be an exclusion if that stone gets further damaged. My Old European Cut 5-stone ring has one stone with a small chip, which was noted in the appraisal, but Jeweler's Mutual did insure the ring, they just won't pay to replace that chipped stone because it was like that to begin with. I've also dealt with them on claims, and they are really great to work with.

I would definitely check with them!
 

Gizmo490

Rough_Rock
Joined
Jul 27, 2015
Messages
6
That's three recommendations for Jeweler's Mutual. Thank you all so much. I spoke with a local jeweler who recommended getting it recut to remove the chip. He said that it would make it easier to insure and make it worth more. True? I hesitate to recut a family piece.
 

rubybeth

Ideal_Rock
Joined
Nov 12, 2007
Messages
2,568
Gizmo490|1438282561|3909111 said:
That's three recommendations for Jeweler's Mutual. Thank you all so much. I spoke with a local jeweler who recommended getting it recut to remove the chip. He said that it would make it easier to insure and make it worth more. True? I hesitate to recut a family piece.

Recutting may be a good option, but I wouldn't have the local jeweler touch it. I'd send it to Brian Gavin at BGD for assessment and possible re-cut, if that's the direction you want to go. He has some software and amazing tools that analyze the current cut of a stone and works out how to lose the least amount of weight to make the most beautiful diamond. Sometimes he can even remove inclusions that are causing the clarity grade to be low, thus enhancing the value of the stone. I think it's like $100 per carat or so for a recut, so not an inexpensive endeavour, but if it makes the stone more beautiful (especially a large stone like yours), it may become more wearable and valuable. A new certificate for a stone may also run you a few hundred, but Brian could answer that question for you, too. Brian's website: http://www.briangavindiamonds.com/

You can see a makeover here: http://www.brianthecutter.com/diamond-recut-service/ And do a search for other Pricescope re-cuts of stones--there have been a few awesome re-cuts! If you go this route, please come back with photos to share. I always find them fascinating. Like this one: http://blog.brianthecutter.com/2011/03/22/another-brian-gavin-customer-thrilled-with-her-diamond-recut%E2%80%A6/
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
25,534
I really like rubybeth's suggestion of investigating a recut! Or, at least, asking a professional for his opinion on what can or can't be done.

I'd probably recommend contacting some of the old cut specialists first, though - Ari at SingleStone does recuts, and Grace at Jewels by Grace or Adam at Old World Diamonds can likely give you other recommendations. BGD has done a number of fabulous recuts for PSers but he specialises in modern round brilliants that excel at a certain type of light return, and someone with a passion for older diamonds may be better suited to make suggestions that highlight your stone's current personality.
 
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