Steps to making an online diamond purchase - insurance questions

[denverboy]

Sorry if this has been posted somewhere before, but I couldn''t find it w/ a quick search. I''ll soon be purchasing a diamond online (probably from WF or GOG) and wanted to make sure I understand the process that will take place before I take the plunge.

1) Obviously, first thing to do is educate yourself w/ diamond knowledge and make a selection on a reputable site.
2) Verify the diamond is eye clean if that is an issue (SI clarity)
3) Inquire about any discounts (PS, bankwire, etc) and make the purchase
4) After receiving the diamond, get it appraised ASAP with an independant appraiser.
5) Obtain documents for insurance purposes?

If getting the diamond set...
6) ship it back to the vendor (if I''m shipping it though, at this point it will already have to be insured w/ my insurance company right? or is it just insured by the shipping company?)
7) the diamond is set in the setting and sent back
get it appraised AGAIN as a complete ring (and then do I obtain additional forms for the insurance company?... if so, what happens to the forms for just the diamond?)

So this is 1/2 statement of what I plan to do, and 1/2 question asking for clarification and also please if I am missing any step of something important I should be doing please let me know!

Thanks!

 

[Deelight]

Some insurance companies won''t cover you while the ring is in transit you can however insure the ring with a transit company (check with your insurance company) as to your other question you would want to update your policy to reflect your new setting .

 

[sarah95]

This might be a silly question, but if you receive a stone from an online vendor and decide to purchase it, does it have to be sent back to that vendor to be put in a setting? Is it possible to just take the stone and have it set locally? Personally, I would be really nervous during the shipping process -sending it back to the vendor, after I purchased it.

 

[denverboy]

Date: 7/24/2008 12:43:57 PM
Author: sarah95
This might be a silly question, but if you receive a stone from an online vendor and decide to purchase it, does it have to be sent back to that vendor to be put in a setting? Is it possible to just take the stone and have it set locally? Personally, I would be really nervous during the shipping process -sending it back to the vendor, after I purchased it.

You can buy a diamond online and just have it put in a setting at a local store. My example was just for doing everything online

But keep in mind, sometimes places charge extra for setting a diamond that you didn't by from them (not always but sometimes). And sometimes the online vendor will give you a discount for buying both diamond and setting from them. But typically those costs/discounts are minimal in regards to the overall cost. So many people buy the diamond online and have it set locally in a B&M store.

 

[dockman3]

If you are going to have it set by the same vendor who sold it to you, I''d just have it set before I even saw it. I wouldn''t waste the extra money of a separate independent appraisal of just the stone. In fact, even if I was getting it set locally, I still wouldn''t get an independent appraisal of the stone alone. I would wait until you have the whole ring. If you are buying it from one vendor and having it set with another online vendor, you can have the first ship it directly to the second so that it only gets shipped twice instead of 4 times. In that case, the vendors will have it insured with the shipping company. So my list would look like this:

1) Obviously, first thing to do is educate yourself w/ diamond knowledge and make a selection on a reputable site.
2) Verify the diamond is eye clean if that is an issue (SI clarity)
3) Inquire about any discounts (PS, bankwire, etc) and make the purchase
4) the diamond is set in the setting and sent to you
5) get it appraised as a complete ring (and then do I obtain additional forms for the insurance company?)
6) get it insured using documentation from appraisal
7) enjoy your ring!

This seems like a much simpler plan to me and you are still plenty safe, especially using the PS vendors. But if you really want a double appraisal on the diamond, then by all means go for it. Its whatever makes you most comfortable. Personally, I would be perfectly comfortable with my list here, but to each his own. Hope this helps!

 

[denverboy]

Date: 7/24/2008 1:18:03 PM
Author: dockman3
If you are going to have it set by the same vendor who sold it to you, I''d just have it set before I even saw it. I wouldn''t waste the extra money of a separate independent appraisal of just the stone. In fact, even if I was getting it set locally, I still wouldn''t get an independent appraisal of the stone alone.

hmm i definitely see your point, but it condradtics what I''ve read elsewhere on this forum with the main argument being that you can''t properly appraise a diamond when its mounted in a setting. Being a non-pro, this makes sense to me, but I''m not sure how true it is and how much the appraisel would differ.

Do any experts/pros out there have a strong opinion on this issue?

 

[dockman3]

Date: 7/24/2008 2:17:48 PM
Author: denverboy

Date: 7/24/2008 1:18:03 PM

Author: dockman3

If you are going to have it set by the same vendor who sold it to you, I''d just have it set before I even saw it. I wouldn''t waste the extra money of a separate independent appraisal of just the stone. In fact, even if I was getting it set locally, I still wouldn''t get an independent appraisal of the stone alone.

hmm i definitely see your point, but it condradtics what I''ve read elsewhere on this forum with the main argument being that you can''t properly appraise a diamond when its mounted in a setting. Being a non-pro, this makes sense to me, but I''m not sure how true it is and how much the appraisel would differ.


Do any experts/pros out there have a strong opinion on this issue?

From what I''ve read, the only thing that can be difficult once its mounted is to get a good read on the color and maybe take the depth measurement, depending on the setting. In my case, there was no problem getting any measurements or an accurate color assessment because of the open nature of my setting. They can still get the diameter measurements and look at the clarity and can still get a fairly accurate assessment of the color using a master stone set. The carat weight would be estimated based on the measurements and type of cut. If there is anything that just doesn''t match with the grading report, then they will see that, even if its set, but the grading report is the final authority on it. The reason for the appraisal is just to double check that the report is accurate and you got what the report says, but also for a valuation of the ring. That''s the true reason for the appraisal. An appraiser provides the valuation necessary for insurance purposes. The appraisal won''t differ hardly at all with an unmounted stone because they will still take what is on the report as the "actual" 4 c''s, unless there is a glaring mistake with the report, which is pretty rare if it is from either GIA or AGS. They don''t need an unmounted stone for an accurate appraisal, as long as they have the report to corroborate what they see in front of them.