diamond &setting from 2 diff sources

[qwerty]

what is the process of buying a diamond from one vendor and a setting from another?
are there disadvantages to this?

The reason I would do this basically is because I am seeing the advantages of buying diamonds online (specifically competitive pricing), but I have not seen exactly what I am looking for with regard to setting except in B&M stores.

would it be better to have the B&M store to set the stone or the online vendor? are there added fees associated with this?

Thanks for your input!!

 

[chrono]

1. Some B&M will sell the setting at a higher price if you do not buy the diamond from them but some will sell at their normal rate.
2. Almost all B&M will not take responsibility if the stone gets chipped or damaged during the setting process
3. There is a fee for the setting work, usually somewhere between $100 to $200

For #2, it is best to purchase insurance on the diamond alone to cover the possibility of damage to the stone.

ETA
When buying separately, make sure that the stone will fit the setting, ie a 6.5mm round will fit the setting meant for a 6.5mm round (not something for a different shape or size).

 

[Independent Gal]

I think this varies by jeweler. I''ve had jewelers not charge me anything for the labour of setting the stone if I buy the setting, but not the gem from them. I''ve also had a jeweler change the stone in a setting for me even though I bought neither stone nor setting from them, and take full responsibility for anything that happens to the jewels while in their posession, AND only charge me $75.

So, I''d ask around a little!

 

[fanboy]

It depends on what kind of vendor you''re trying to get the setting from. Smaller chains and local stores are less likely to give you a probem and will be happy to set a client-supplied stone. It''s the bigger, higher-end jewelers that pose an obstacle: I''ve been having this problem myself.

Places like Tiffany, Cartier, Harry Winston, etc., will not touch your stone (and will likely sneer at it, regardless of the quality). If you want a high-end setting, you have to find a high-end custom designer. This is a real pain, and very expensive, as it turns out. A lot of people here like Leon Mege and the quality of his work appears top-notch, but I think it falls short of being truly custom.

For a ring with lots of pave from Leon Mege, expect to pay ~$5,000. A ring made by a high-end designer like Verdura or Taffin will run closer to $10k.

 

[qwerty]

OK, thanks for all of your replies!

Chrono: how would I go about getting insurance on the diamond? is this the same type of thing as attaching it to homeowner''s/renter''s insurance?
would i insure the diamond and then insure the whole thing (setting+diamond) as well when complete?

Thanks again for the replies- I am beginner on all of this so I really apprediate it!

 

[chrono]

Date: 6/5/2007 11:56:37 AM
Author: qwerty

Chrono: how would I go about getting insurance on the diamond? is this the same type of thing as attaching it to homeowner''s/renter''s insurance?
would i insure the diamond and then insure the whole thing (setting+diamond) as well when complete?

Yes, you can put it as a rider onto your existing home insurance or you can do a separate insurance. You would insure the diamond first, then when it is done, insure the entire piece.

 

[fanboy]

I kno

Date: 6/5/2007 11:56:37 AM
Author: qwerty

how would I go about getting insurance on the diamond? is this the same type of thing as attaching it to homeowner's/renter's insurance?
would i insure the diamond and then insure the whole thing (setting+diamond) as well when complete?

I know you didn't ask me specifically, but I can highly recommend Chubbs. Top-notch service. Simply attaching the diamond to your existing homeowner's insurance plan may not off you the same coverage as an insurer dedicated to insuring luxury goods. With Chubbs, you can just start a plan to cover the loose stone, then call them when the ring is complete to have the whole thing covered. They require minimal documentation.
The insurance premium for Chubbs is something like 1-2% a year, depending on where you live. The only issue is whether the price of your diamond is high enough for them to cover you.

 

[qwerty]

Thanks Chrono and fanboy!
I actually don''t already have homeowner''s/renter''s insurance insurance but I should probably have renter''s at this point anyway. I guess its just a question of whether to have the jewelry fall under the renter''s insurance I will get or not.

Here''s another question: as far as apraisals go: should I get the diamond appraised before setting and then get the whole ring+diamond appraised again after setting?

Thanks so much for the input!