Blue Nile and Jewelers Mutual

[Agent9]

Just purchased a Jewelers Mutual policy for our engagement ring we got from Blue Nile. They do not require an appraisal, however I''m concerned that in the case of a loss we won''t get a comparable diamond without an appraisal on file. Has anyone purchased the insurance using the link from BN? Did you do an appraisal anyway? If so, how do you add it to your policy? Thanks.

 

[Agent9]

Didn''t see an edit button so making another post.

Forgot to mention that I have a $135 appraisal appointment set for Friday so I would appreciate any sort of feedback before then so that I can cancel the appointment if it isn''t necessary. Thanks.

 

[sonnyjane]

I'll chime in. I have Jeweler's Mutual. I do not have an appraisal for my insurance. Instead, I used a document given to me from the jeweler that simply says what the piece is (color, clarity, size, and setting) and what I paid for it at the time. I'm not sure how Blue Nile works (or what document you'd be sending) but since JM finds you like goods, and doesn't pay you cash, I'd think that as long as the color, clarity, and size are on the document you submit, you should be fine.

 

[LGK]

If you''re comfortable insuring at the price you paid (rather than a typically-somewhat-higher appraised "retail" value) and you have a GIA or AGS cert, I would think you''re just fine. The info on the stone''s cert is more important for replacement than the appraiser''s opinion, I believe- the appraiser is mostly to establish the price you want to insure for. And to make sure you got the right stone and whatnot. If you are not worried about that, and you think the price you paid is what you want to insure for, I''d pass on the appraisal.

 

[Agent9]

Thanks for the reply. The problem is, if they only go with the 4 C''s I won''t be getting a comparable diamond to the one I picked. I also looked at the depth, table, polish, and symmetry, among other things. If they give me the cheapest diamond they can find with the same 4 C''s it could cost anywhere from a couple of hundred to a thousand cheaper.

 

[sonnyjane]

I haven''t had to deal with a claim, so someone else can correct me if I''m wrong, but I believe you have the chance to decline what they offered if it doesn''t meet up with your standards and tell them to find another. It''s really up to you. As LittleGrey said, usually appraisal values are a bit higher, so you''ll be paying higher premiums on your jewelry if you go that route. Again, it is completely your decision - choose whatever you feel secure with. I got a good deal on my ring, so if I would have appraised it, I''d be paying more on premiums than I am right now. I still look at diamond searches now close to my specs, and it would cost more to replace my stone than what I paid, so I''m comfortable with the setup right now.

 

[Agent9]

Thanks for clarifying. So if I don''t like the diamond they send me I can return it until they find one I am happy with? Sounds reasonable to me

 

[stone-cold11]

Date: 11/18/2009 7:37:56 PM
Author: Agent9
Thanks for clarifying. So if I don''t like the diamond they send me I can return it until they find one I am happy with? Sounds reasonable to me

Yap, or until they give up and cash out to you.

 

[Agent9]

Date: 11/18/2009 7:52:46 PM
Author: Stone-cold11
Yap, or until they give up and cash out to you.

Even better!

 

[yssie]

When I had this chat with JM they told me that in the event of making a claim, I could work with the jeweller of my choice, either B&M or on the web, and choose my own diamond - but that they would not under any but the most extraordinary circumstances cash out.

 

[Agent9]

Date: 11/19/2009 12:40:32 AM
Author: yssie
When I had this chat with JM they told me that in the event of making a claim, I could work with the jeweller of my choice, either B&M or on the web, and choose my own diamond - but that they would not under any but the most extraordinary circumstances cash out.

Choose my own diamond

No cash out

That's real good news though. I would be happy if they let me pick a diamond from BN that I felt was comparable.

 

[Agent9]

Thanks for all the advice. Due to the information I was given here I have canceled my Friday appointment.