Getting my diamond set - insured?

[The Grudge]

I purchased a beautiful loose stone that I need to have set by a jeweler. I purchased the stone out of state, so it would really be a pain to bring the stone back to the original jeweller to set. I went to a local reputable jeweler who quoted me a very pair price for the setting, but warned me that they don't take responsibility if the stone is chipped during the setting process. He did say if it was chipped that they could "polish the stone to maintain its integrity".....that scared the hell out of me after dropping many thousand on a H&A stone. My question is can I insure the stone loose to protect myself if the stone is damaged while being set? I am extra nervous because the stone has a small feather very close to the girdle (does not touch the girdle, but comes very, very close) which could make the stone chip easier.

 

[Rank Amateur]

Logically, it is the setters responsibility to set the stone without damage. If there is a risk, it should be passed on to the consumer in the jeweler's fee.

I did not try, but they say that insurance companies are reluctant to insure loose diamonds for consumers. I'm not really sure why.

 

[Mara]

Yes I have also heard that ins. co's will hesitate to insure loose stones if you are planning to have it set. Possibly because there may be an increased risk and they don't want to absorb the costs should anything happen to it?

However, I also have heard that is it pretty rare to get your stone chipped while having it set. I was a little freaked out with ours but you have to just trust at some point that the setter you chose or the jeweler you are working with will take the utmost care with your precious item. Our jeweler told us he has seen less than 1% of stones that his setter has set ever be damaged. That set our mind at ease. If you don't feel comfortable, get it done elsewhere.

Good luck!

 

[justme]

When I asked my goldsmith about chipping my stone before he set it he told me that's why he had insurance. Then when I asked him how many he'd ever chipped he said he'd never chipped any but one of his benchmen did about 17 years ago. He says it happens but IS very rare.

Justme

 

[NPtheBruin]

Another related question regarding setting a loose diamond: What is the best way to handle the process, especially if you are working with a jewler that you do not know? How do I ensure that they will indeed set *my* diamond and not some other substitute? Do I ask to be there when the setting takes place, take it to an appraiser afterwards to verfiy it is my stone, etc?