Who''s responsible for diamond?

[jaz464]

I will be purchasing my diamond online and having a setting custom made by someone else. I know that many others have purchased the diamond and setting seperatly so I would like to know how it worked out as far as responsibility for the diamond while the jeweler is setting it. Many jewelers have told me they will set the stone but I must sign a waiver in case anything happens to the diamond (like it chips while they are setting it). I''m pretty nervous about this as I am paying $21,000 for my diamond. Can I insure the diamond myself so it will be safe while the jeweler is setting it? Should I not really worry about it. My diamond is a marquise so I''m kind of worried about the tips. How can I make sure my investment is safe?

 

[belle]

find a jeweler that will take responsibility for setting the stone.
it is my understanding that you cannot insure a loose diamond.

you may find this thread interesting.

 

[TimeTraveller]

Date: 8/6/2005 8:40:36 PM
Author: belle
find a jeweler that will take responsibility for setting the stone.

it is my understanding that you cannot insure a loose diamond.


you may find this thread interesting.

Belle, how exactly does this "taking responsibility" by the jeweler work? I''m confused because if a loose diamond can''t be insured, then what does happen if the jeweler should damage the diamond during the setting process? Are you suggesting that the jeweler should pay for the replacement of the diamond? I''m just a bit confused on this issue.

If I were a jeweler, I''d be hard pressed to assume responsibility for something that costly and yet have no insurance on it.

 

[mrssalvo]

most jewelers will insure the stone if you bought it from them. your right, it''s very hard to find jewelers to assume responsibility because they would be out a lot of $$. I have heard of a few who will, it''s some what of a hunt to find them.

 

[belle]

hey time traveller,
have a look through the link i posted, i think it will answer your questions.

 

[laney]

Jewelers have their "own" insurance by the nature of what they do. If something were to happen to the stone while in their possession - ie even a theft or fire - or damage - their own insurance would cover it.

 

[Kaleigh]

That is true Laney, but there are many out there that will refuse to set it as the stone was not purchased through them. I bought my asscher at GOG and am having it set locally. The setting is very labor intensive and I am having no problem getting them to set my stone. They are making plenty on the custom setting, so it''s not an issue.

 

[mrssalvo]

great thread belle.

it was brought up that jewelers cannot buy the type of insurance needed to replace a stone while being set.
it does still make me wonder what guys like leon, mark morrell, or those who just do settings do...

honestly, when i had quest make make my new setting I didn't even think to ask about damage while it was being set

good thing everything turned out ok

 

[perry]

3-4 weeks ago there was a long thread related to this subject.

Most jewelry companies insurance will not cover a private stone, and different vendors take different levels of responsibility.

Chubb is apparently now selling insurance for loose stones to cover just this situation (but this is a new policy and most chubb agents may not konw it).

Dave Atlas, should you use him for apprasial services (or the diamond and unset ring) mentioned that he was willing to take responsibility for setting the stone - and would make good if there was a problem

Perry

 

[denverappraiser]

Chubb still won't insure a lose stone but Jewelers Mutual started a few weeks ago with what looks like an interesting offer as discussed in that other thread. They still haven't put out a press release and a statement of how the policies work but they have a user here named 'claimsjeff' that should be able to answer your questions.

Jewelers can get insurance for burgulary, fire, etc. but they can't buy coverage for their own craftsmanship. As a result, many won't set outside stones. In practice, the risk is usually quite low and many will simply raise the price a little bit and assume this risk. With the qualifier that any bench person will want to reserve the right to refuse any job after they get the opportunity to see it, it's shouldn't be that hard to find someone who will do it. Most of the dealers who sell mountings will offer this service. Locally it seems to be easiest to find a store where the shop is on site and where you can talk to the person who will actually be doing the work. Ask them what their policy is in the case of breakage.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

 

[WinkHPD]

Date: 8/6/2005 9:01:21 PM
Author: laney
Jewelers have their ''own'' insurance by the nature of what they do. If something were to happen to the stone while in their possession - ie even a theft or fire - or damage - their own insurance would cover it.

Theft and fire are covered, but not damage. It is a sad, but true fact.

Wink

 

[mrssalvo]

 

[bleusaphir]

I have had a loose gemstone insured by Chubb for the last 4+ months.

According to my agent, Chubb normally allows a 30-day window to have loose stones set.

But they will work with you if more time is needed.

My loose stone will be set into a MM ring sometime next month and Chubb is fine with it.

 

[bpc55]

Date: 8/6/2005 9:12:14 PM
Author: mrssalvo
great thread belle.

it was brought up that jewelers cannot buy the type of insurance needed to replace a stone while being set.
it does still make me wonder what guys like leon, mark morrell, or those who just do settings do...

honestly, when i had quest make make my new setting I didn't even think to ask about damage while it was being set

good thing everything turned out ok

Quest covers any damage that may occur ($75 setting fee)... I just asked them the other day. They'll be finished with a custom e-ring for me in about a week. Can't wait!!!

 

[mrssalvo]

bpc55.

ooo, that''s good to know. Please post pics of your ring when it''s complete. I think Quest does fabulous work

 

[bpc55]

Date: 8/8/2005 12:24:37 PM
Author: mrssalvo
bpc55.

ooo, that''s good to know. Please post pics of your ring when it''s complete. I think Quest does fabulous work

Will do. I finally decided on a stone. Beautiful princess cut from GOG. As much as the brilliance scope has been debated on here, it certainly did reflect the amazing light return that this stone has. Working with Quest has been great too. I just saw the wax molds on Saturday and I''m dieing to see the finished product. I think I may be even more anxious about it than my fiance because of all the research time I''ve put into it.

 

[claimsjeff]

If there is anything I can answer that Neil did not adress above please let me know.

Thanks
Jeff Mills
VP Claims
Jewelers Mutual Insurance Co.

 

[autumngems]

Who is Quest and where can I see some of his work?