Bought ring now what?

[corgan]

O.K so I am buying the diamond if you read my other posts but is there anything you would recommend me doing once I receive it? Should I get it insured? Should I get it appraised at all until its in its final setting? What in your opinion should I do next?

 

[diamondseeker2006]

Who is setting the stone?

 

[corgan]

whiteflash is setting it initially in the 4 prong tiffany style but in about 6 months time I am going to have it reset in the halo setting at a jewller in the Toronto area as they have the setting I love.

 

[hgau999]

Typically it''s best to have the stone appraised when its loose and then reappraised again when the diamond is set. That way the appraisal will cover the setting as well and also verify that the set diamond wasn''t damaged or "accidentally" switched.

 

[corgan]

What if the diamond will never be loose?

I mean when I go to the jeweller they will take it out and reset it at their store (as it is a supplier so they do everything there). Should I be concerned at all? The company that I will be taking it to is a very reputable company in Canada and actually supplies a lot of the stores with their diamonds and such but they also open their doors to large companies like Mary-K cosmetics and gives them discounts and that is how I got in there as they are not open to the public.

 

[hgau999]

By the way Corgan, when you get your diamond you mind posting some pics. I''ve been eyeing that stone you bought for awhile. Planning to buy my girl a stone from WF soon also.

 

[corgan]

For sure I will post some pics, hopefully if all goes well I will be gettting it next Friday

 

[hgau999]

I think it would still be a good idea to have it looked at by an independent appraiser before you had it re-set and then have them look at again after it''s set. I''m sure one of the appraiser here could probably give you some good suggestions.

Can''t wait to see your pics. From the other WF pics that have been posted here I don''t think you will be disappointed.

 

[lyra]

For insurance, it can be appraised while mounted. You have the certificate, the appraiser can match it up when you receive the ring, and again after it is permanently set. It doesn''t have to be appraised loose, although that''s an option. My insurance (also Canada) required that it be appraised in Canada with my name listed as the owner. We put it on a separate rider, all risks, so it is insured in any circumstance.

 

[corgan]

Lyra, Can I ask who you are insured with? What is usually the cost to have it insured? Should I have it insured the moment I pick it up in the States?

 

[diamondseeker2006]

Corgan, your ring will come with an insurance appraisal when you get it from WhiteFlash. You can use that to get your initial insurance. You don''t need another appraisal now. Call and arrange the insurance the day you get the package. I like Chubb because they write you a check in case of loss, and that means you can choose the replacement yourself.

Then, after you reset the stone, have another appraisal done to include the new setting. These diamonds already have an AGS cert describing them, so I see no need for an additional appraisal on a loose ACA unless someone is buying a 3 carat stone or something.

 

[corgan]

Diamondseeker thanks for the great advice!

Is Chubb available in Canada? do you have a website you can give me?

 

[diamondseeker2006]

It looks like there is a Chubb affiliate in Canada. Here is the website:

http://www.chubb.com/international/canada/

You want to ask about the Valuable Articles Policy for jewelry:

http://www.chubb.com/international/canada/englishnf/personal/body.html

Sometimes there may be a minimum amount they will consider for a policy. If for any reason this one won''t work, you can try a company called Jeweler''s Mutual.