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Help! Do you insure a loose stone first?

SC86

Shiny_Rock
Joined
Jul 25, 2011
Messages
195
For those of you that have bought your loose stone first and then had a custom setting made by a different vendor. Do you typically get the loose stone appraised/insured before handing it over to the jeweler? And then get the policy changed to reflect the cost to replace the entire ring? Or do you typically wait to insure until after the ring is made? I'm sure its fine, but I'm a bit nervous to hand over the stone before getting it insured first! I'm not sure if this info is listed somewhere already. Thanks for your help!
 

Hospatogi

Brilliant_Rock
Joined
Nov 18, 2010
Messages
668
I think a few pricescopers have used Jewelers Mutual to insure their loose stones. Some vendors have a bench policy that will cover your stone in case of loss or damage while it is being set. Does your vendor have that?
 

jsb1976

Rough_Rock
Joined
Jan 7, 2011
Messages
53
I am going through the process right now. Of course get an appraisal on your stone.
I had to submit a purchase invoice and a detailed description of a setting before Jewelers Mutual would insure my diamond. They would not insure my loose stone.
The vendor I am working with will not set my stone until I have proof on insurance on the stone. But this is a policy determined by the individual jeweler/vendor. Most local jewelers in my area do not have this requirement.
 

JuneRose

Brilliant_Rock
Joined
Jun 16, 2011
Messages
724
I asked my jeweler this when I was about to have my diamond set and he said that there was no point insuring the diamond first because the diamond would be insured by his policy when it was being set and the chances of it being damaged in the setting process was miniscule anyway. Just check with the jeweler who is setting your diamond if they have the same policy.
 

SC86

Shiny_Rock
Joined
Jul 25, 2011
Messages
195
I am going to have the setting made with Steven Kirsch. I'll have to ask if their policy covers the loose stone. Also I didn't know that Jeweler's Mutual doesn't insure loose stones. Thanks for the info everyone!
 

Hospatogi

Brilliant_Rock
Joined
Nov 18, 2010
Messages
668
I didnt have my loose stone insured first when I had my ring made by SK as he has a bench policy that covers that. So if you already have an appraisal for the stone that might be all you need.
 
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