Insurance when buying a loose diamond?

[ran50]

I'm going to be buying a diamond in the next few days. None of the vendors have quite the right setting, so I'd like to just buy the loose stone. The plan is for my fiancee to bring the loose stone over with her and we'll go setting shopping together (I like the settings here, but the diamonds aren't as good and are way more expensive). Any advice how to keep things insured up to the point it's set? Even though it's extremely unlikely anything would happen, the potential loss is too great so risking a period with it uninsured is not an option.

 

[WillyDiamond]

When you say" bring the diamond over with her" are one of you out of the country?

Also, very few carriers insure loose stones. There are some, others may have to chime in.

 

[chrisan]

Jewelers Mutual will insure loose stones.

 

[ran50]

When you say" bring the diamond over with her" are one of you out of the country?

We live in different countries at the moment. She's making a trip here soon.

 

[SHOWBIZ]

Jewelers Mutual will insure loose stones.

I did the same thing you are looking to do. I bought a diamond online and setting locally. You can insure the loose diamond through Jeweler's Mutual and they will ask you if you will be setting the stone. You'll have to provide them with a scan/photo of the receipt for the setting that you are getting locally. Then they will add that info to your insurance so that the loose diamond will be covered during the setting process.

 

[Gypsy]

I think it's a great idea to buy the stone and then shop for the setting together.

That said, make sure you time it so she sees it during the return policy.

 

[WillyDiamond]

Perhaps you should check with JM to see if they cover this international transaction.

 

[ran50]

Thanks all. I'll see what JM have to say.

 

[WinkHPD]

Perhaps you should check with JM to see if they cover this international transaction.

I am pretty sure that JM only insures in the US and possibly Canada, but I would have to call them to be sure.

I know a few years ago they only did insurance in the US, but much could have changed since that discussion.

Wink