Insurance while setting for non-US residents - help!

[jenniann]

Hello!

I'm hoping some bright spark here might have a suggestion I haven't thought of.

I'm looking to undertake a re-set project through Victor Canera - excellent you might say. Well, the problem I have is getting the bugger insured.

Victor's policy does not cover diamonds for damage whilst being worked on if they were not purchased through him. My insurance company in New Zealand will not cover the diamond while it is outside the country and Jewellers Mutual will not provide me with cover because I'm a not a US / Canadian resident.

This basically leaves me a bit stuck! All the NZ insurance companies I've spoken to have the same policy. I haven't tried any other US insurers but a quick google of websites suggests they will only provide cover as part of a house contents policy and the property needs to be located within the US.

Has anyone come across this issue / found a work around?

 

[mochiko42]

I wish I had some advice, but I am curious to learn more about this too, as a non-USA buyer.

 

[retrogamer]

Hopefully other users will chime in-- as far as I am aware of there are many Aussie posters that have had their diamonds set by Victor Canera.

 

[sweet_jane]

Hi sparkleaddict.

This is an issue for us "US residents", too. Here in the States, many jewelers will not insure or take responsibility for a diamond that was not purchased through them exclusively and insurance will not cover an unset stone either. However, some jewelers or jewelry designers are willing to accept liability for diamonds/stones not purchased through them. For those willing to accept the liability, you really need to ask what their policy is on replacement in the event damage does occur while the stone is in their care. For example, a local "Mom & Pop" shop has the following disclaimer:

"Should a stone fall out of a custom ring made at our store within the first year, we will replace it up to a stone value of $500 at no charge. We urge our customers to insure their gemstone jewelry, as the maximum liability we can accept is $500. If we feel the mounting is not secure, we will tell you before beginning any work, and under those conditions we will not provide a stone loss warranty.

We do not guarantee stones we did not originally set in jewelry. For repairs and restoration, we can only guarantee the work we perform.

We do not assume responsibility of the loss of a single diamond or expensive colored gemstones with a stone value above $500. Customers should have the stone appraised and covered by a jewelry rider with their homeowner’s insurance."

Victor has a great reputation and beautiful jewelry designs! Try asking Victor if it would be possible to pay an "insurance fee" for him to extend insurance coverage on your diamond through his business policy...never hurts to ask. If it doesn't work out, you could still use his services with full knowledge of his policy or you can check with other companies/designers that have more favorable policies and see about a custom designed.

I am not aware of an 'optional' insurance that can be purchased to cover a loose stone, maybe someone else may be able to add some additional insight. Your project sound exciting and I hope you will post pictures. Best of luck!

 

[nomissjane]

This was a problem for me as well.
I did a reset with Victor in 2012 and not only was it such an incredible and fruitless drama tryng to get my stone insured while in transit/with Victor etc, it would have also cost me GST and taxes on the full value of the diamond coming back into Australia.
Ridiculous for a 2ct diamond that I'd already owned for 5 yrs!

In the end I sent Victor a copy of my diamonds cert with all the number etc and he made the most exquisite Emylia halo for it without my diamond and I had the diamond set into it here in Sydney.
Victor is such an amazing craftsman/genius that the ring was absolutely perfectly sized for my diamond. I doubt it could have been better even if he'd had my stone. He is such a pleasure to work with that it was one of my best buying experiences.

I don't know if he would still do this but it would be worth checking.
Good luck.

 

[jenniann]

Thanks for the feedback guys!

That's a fantastic suggestion re getting Victor to make the setting based on the diamond specs (since mine is a RB anyway, not so sure if it was a fancy shape). I'll look into that. Thanks!

Yeh, I'd heard Aust had some funny rules around GST, and yes, the shipping is a royal pain too.

Cheers guys!

 

[m-2-b]

Do tell us more about your VC reset--will it be a halo design?