Insurance/Appraisal Question

[BLM_26]

I have an old OEC from my great grandmother that I will be re-setting into a modern custom made setting in the near future. I am planning on getting a policy with Jewelers Mutual, but my question is whether I should get an appraisal of the stone out of the original setting before having it re-set and then get a second appraisal for the stone and new setting together? Or, should I just have the stone re-set and then get one appraisal done for the combined new ring? My understanding is that it can be difficult to get an accurate appraisal of a stone when it is in a setting and therefore I might be better off having a separate appraisal for the stone prior to having it re-set. Thanks!

 

[Christina...]

Good question, and I'm not sure that I know the answer, but if it were my stone I think that I would want an appraisal of the stone unmounted, so that I knew that it was as accurate as possible. I'm not sure that I would go through the added of expense of having an appraisal done again after the stone was set. I think that I would submit the appraisal for the diamond and receipt for the custom setting to the insurance company. Be sure to let your appraiser know that you are doing the appraisal for insurance purposes, and are looking for the replacement value, you don't want to increase your insurance premiums by over insuring it.

I'm sure lots of others will chime in with advice as well.

 

[Modified Brilliant]

BLM,

You are very fortunate to have a cherished family diamond from your great grandmother.
Not to mention that there has been a renewed interest in OEC diamonds the past few years.
Consider yourself fortunate AND lucky!

If you are not inclined to want to know every technical detail of the diamond when loose...
just ask your custom jeweler to weigh it loose and check the color and clarity grade for you.
Oftentimes, when an OEC is removed from the original mounting and viewed loose, it might be slightly "darker"
in color. If your custom jeweler isn't qualified to grade your diamond and you really want it done then
consult a qualified appraiser/gemologist.
The most important thing is to have a very detailed report of the final product which should include
the proper valuation, carat weight, color, clarity, characteristics, etc of the diamond and the custom work provided
by the jeweler...i.e,. precious metal used, fabrication and design descriptions, metal weight.

I would focus on just the final appraisal to save time and extra cost.

Often, an appraiser will give you a special price if you do it in two parts/two visits.
It's all up to you and how much information that you want to receive.
Also make sure the appraiser is familiar with OEC diamonds and able to value correctly.