Insuring loose stones while it is being set.

[baum]

Hello,

I have learned so much reading through all the posts on this forum and I am hoping to get some advice and information. I bought a sapphire for about 4K and am getting a ring made by a local jeweler. Because I bought this stone through one of the lapidaries, I don't currently have any insurance on it. The ring is almost ready and the jeweler asked me to insure the stone just to take precaution while it is being set. I asked my insurance agent (State Farm) and they don't insure loose stones. The agent said that she does not know anyone who insures loose stones. The jeweler said that Jeweler's Mutual insures stones, but it turns out that they don't. But it seems like they might insure it while it is ready to be set into a ring. Are there places where I can get insurance for loose stones? How do people who buy loose stones as an individual (and not as a vendor) set their expensive stones taking the risk of things going wrong during the setting? Is this just a risk we take? Any advice or solution?

thank you

 

[Edward Bristol]

You will have to take the risk yourself or ask the seller to garantee for his gem (which, post-sale, might be difficult).

If the stone has no flaws or fractures and the jeweler knows his job I woudn't worry too much though.

 

[T L]

First and foremost, I would try to make sure the jeweler you're using is experienced and knows how to set colored gems.

Secondly, at least sapphires are extremely durable, and can only be scratched by diamond, so you have some peace of mind there.

I think checking out the jeweler's work is really important, and if you don't feel comfortable, shop around for another jeweler who will do the job. My jeweler sets all of my colored gems for me, and never requires that I insure them for damage.

 

[Kitten35]

I usually would just ask the jeweler their policy.

I was able to find only one jeweler in my area who would be willing to replace my recent stone should anything happen to it when it is getting set. He said his insurance will cover that so they would be able to purchase something from the same vendor.

Guess where I am taking it to be set? I did also have one jeweler last year who completely ruined a ring I had, with channel set stones, and he did replace the entire ring with something cost-comparable because my own insurance would not. I think that's pretty rare, though.

 

[pregcurious]

Jeweler's Mutual will insure loose diamonds that are going to be set. I would give them a call if they will do the same for colored stones--my guess is yes. They will even insure a diamond that you take out of a setting to send to GIA (as long as the setting and stone are insured together.) I looked around at several insurance companies (State Farm, Chubb, USAA, others) before choosing JM.

 

[Pandora II]

You could always ask whether you could pay the premium for them to take out insurance on your behalf with their trade insurer (if there is one - in the UK there is, but I don't know about the USA).

It's one reason for having a stone set by the original vendor. A potential way round could be to have the stone very loosely set in a ring - literally prongs bent over so it doesn't actually fall out. Then insure as a ring and have it reset...

 

[baum]

Thank you everyone for all the suggestions and resources.. I should have done more research before commissioning the ring. But I didn't really think about this for some reason, I guess I thought all jeweler's had insurance against such things. I did find a solution.
Jeweler's Mutual does insure loose stones as they are getting set. I sent in my receipts for the ring being made as well as the invoice for the stone bought. They did require some detail on the ring if there isn't an appraisal that is sent with the insurance application.

The additional information they needed were..

Type of metal
Amount of metal
all stones being set
If diamond weight is over .21 or .25 carats, they need color and clarity or the side stones.

Once Jeweler's Mutual had all the information, it was really quick to get a policy number.

 

[pregcurious]

Isn't JM awesome? They are so easy to work with, and the people there really know their jewelry.