Diamond Buying and Setting Process Best Practices?

[happygogilmore2004]

Here''s one for ya''ll:

Could someone walk me through the best practice for diamond purchasing and setting in a ring to be custom-made by a local jeweler?

Here''s what I think; help me fill in the gaps?

I buy an huge amazingly well-cut AGS 000 diamond, I receive it, I like it, I have it appraised, I insure it, I have it set by the local jeweler who has custom made my ring, (assuming I like the work) and then have it re-appraised, re-insured, present it to my lovely fiance in a hot air balloon so that I will be guaranteed a "YES!".

Does this sound like I''m on the right track? Be honest and brutal if necessary.

 

[Regular Guy]

Happy,

Since you''ve also initiated the other thread I''ll point you to, you shouldn''t be surprised. I''d say, regardless, even if your local jeweler promises up and down to make you whole in the case of a problem with the setting process, to be conservative (and since you''re asking in advance, you probably do want to be conservative), presuming you have an appraiser you think you can trust, and who will know what you''re talking about (educate him or her otherwise), you''ll first bring the diamond and setting not yet applied to the diamond for appraisal #1, before the setter does their work (as apparently, this is part of Jeweler''s Mutual requirements). Also, as Denver implies, even if the jeweler agrees to self insure...what if the teeny chance of a chip comes to fruition, your appraiser says a chip happens after the fact, but your jeweler doesn''t agree...you''ll want the appraiser''s comments to be in place, right? So, after appraisal #1, you get it insured, and I think there is no re-insurance after that...you''re done for a year. Then the ring is set. Then appraisal #2, which you''d probably forward to jeweler''s mutual also for their paperwork, and to reconfirm a) everything as it was and b) that it was set properly. And then you''re good to go, I think.

 

[happygogilmore2004]

Thanks! Sorry if it seems I''m being redundant. I just wanted to know what order I should go in with all the appraisals and insuring to prevent the unimaginable: after all the stress, design, and waiting...tragedy strikes and I''m the first guy on the planet to have a diamond explode during the setting process. Thanks for all the advice.

 

[mrssalvo]

happy your plan sounds great and is the order I''d go with minus the proposal and hot air balloon