I was just given a diamond...

[PRed]

My girlfriend''s aunt has given me a diamond to use in her engagement ring. It is currently set in a necklace. I am planning on visiting a local jeweler here in town that is a 90 year old family-run business to see about having the stone set in one of their engagement bands.

My question is what should I expect from this sort of situation? What is the proper way I should be treated by the store? What questions should I ask? If I have the stone set in their band what kind of warrenty/guarantee should I expect? Etc... My GF''s aunt said the diamond is 1/3 carat and was appraised at $2,000 - though I''m not sure when or where. She''s currently trying to find the grading report for me.

I guess that''s about all I know. Any help would be appreciated!

 

[diamondseeker2006]

There is no problem buying a setting for a diamond that you already have. There are rarely problems with settings, so I wouldn''t worry about a guarantee. If something is wrong with it when you get it, then the jeweler certainly would take care of that. I seriously doubt a 1/3 carat stone is worth $2000, though. It may have an inflated store appraisal or something like that, but an outstanding cut .33 H VS2 diamond runs about $600 and a F VS2 around $800.

http://www.whiteflash.com/hearts_arrows/A-Cut-Above-H-A-cut-diamond-292640.htm

My feeling is that I''d find out how good this stone is. Are you obligated to use it no matter what? If it is not a great stone, then my inclination would be to get a better one for the e-ring and have this one set in a pendant. I''d just check it out with an appraiser before getting it set.

 

[BigDiamonds]

Well, first, if you wanto to know anything about the stone you should take to an independent appraiser before you have it set. They can tell you the color, clarity, carat weight, and mostly importantly cut, since most old reports don''t give that info. You can get some of this info from the report, but it''s always good for piece of mind (and insurance) to get an independent appraisal. If you decide to do this, independent means that the person does not sell diamonds and is not affiliated with a store that does.

After that, I would expect a friendly and cooperative attitude at the store. If you don''t get it, go somewhere else. I put up with a lot of attitude about my "internet diamond"

with my local jeweler, and I wish I hadn''t.

Expect them to charge you about $1/point to set the stone, but they may waive it if you buy the setting from them. Unless you are buying from a chain, I have found very few local jewlers who will warranty the setting beyond defect. If your stone falls out or a prong snaps in the first week, a good jeweler should assume that liability. But I wouldn''t expect a guarantee or pseudo-insurance with regular check-ups.

That''s about all I can think of...good luck!!