Handover of Loose Diamond to Jewelry Store

[Kae]

Hi,

I will be handing over my loose stone to a jewelry store where I bought the setting from next week. Besides asking them to plot the inclusions and inscription # on a paper/receipt:

1. Is there anything else I need to watch out for?
2. Who is responsible if anything happened (Diamond is chipped, lost and etc) during the setting process?
3. Also, upon getting the ring back, besides checking on the inscription # and inclusions, is there anything else I need to check? is cracked/chipped stone easier to spot?
4. Is it easy to simply get a stone and inscrip it?

I am sorry if my questions are silly. As you can tell, this is my first big purchase and I am a bit paranoid. Your help is again very much appreciated.

P/S: In the mean time, I am getting my loose stone insured with JM.

Thanks!

 

[WinkHPD]

Hi,

I will be handing over my loose stone to a jewelry store where I bought the setting from next week. Besides asking them to plot the inclusions and inscription # on a paper/receipt:

Better yet, ask them to show you the diamond under the microscope and YOU draw the diagram.

1. Is there anything else I need to watch out for?
2. Who is responsible if anything happened (Diamond is chipped, lost and etc) during the setting process?

Ask. Most will not take liability for a diamond they did not sell.

3. Also, upon getting the ring back, besides checking on the inscription # and inclusions, is there anything else I need to check? is cracked/chipped stone easier to spot?

When you draw the diagram, let them know you will want to look at the diamond again when you pick it up. Look from the top and from the side of each prong. Any damage will be easy to spot in the scope.

4. Is it easy to simply get a stone and inscrip it?

I am sorry if my questions are silly. As you can tell, this is my first big purchase and I am a bit paranoid. Your help is again very much appreciated.

P/S: In the mean time, I am getting my loose stone insured with JM.

Ask them then what you need to do to have the ring and the diamond insured during setting. That removes all worry about your jeweler damaging the diamond.

Wink

Thanks!

 

[Kae]

Thanks Wink! I will make sure to do all the above before handing over or upon receiving my stone to/from them

One more: How hard is it to damage a diamond during setting? I hope this will never happen to anyone!

 

[GolfingGreen]

Instead of going to your jeweler, have you considered sending it to GIA and getting it certified? You get everything on an official report and this report will help if you resell it. If it were me, I would get a GIA certificate.

Also, I am not sure insurance companies insure loose stones but I do not know about JM. If not, and ou really want to insure it, just pop it into a simple setting for it to be considered "jewelry".

Congrats to you!

 

[cflutist]

OP is correct in getting the loose stone insured with JM.

In 2014 @Wink would not send my Crafted to Order CBI to Vatche unless I insured it with JM first. When I received the completed ring I added it to my Personal Articles Policy because the premium was lower than JM. But because the JM policy for the loose stone was in effect for less than a month, they refunded my insurance premium.

I don't need to worry about this anymore because my last three rings were all made by HPD's custom bench.

 

[Blingalingaling]

I recently looked into getting a policy with JM for a loose stone and they told me that they would not insure it unless it was in a setting! Is that not true? Does JM insure loose stones??

 

[WinkHPD]

When it is being mounted, I send them an evaluation of both the diamond and the mounting and it is then covered for that value while it is being set. They will not cover it if it is not being mounted. At least that is how it was. As I said earlier, I am not longer doing replacement work on items I did not sell, so I can not swear to it being the same now. Just too much to do with my main business.

Wink

 

[Kae]

I recently looked into getting a policy with JM for a loose stone and they told me that they would not insure it unless it was in a setting! Is that not true? Does JM insure loose stones??

Check this one out under the "what's covered" section: https://www.jewelersmutual.com/jewelry-engagement-ring-insurance-quote

 

[Blingalingaling]

Thank you, @Kae!