Just bought a 1.51 c round cut, have some questions

[dereknel015]

Hi Everyone,

I am new here and new to jewelry and diamonds. I have been looking for the last month for a diamond/engagement ring for my GF, and finally found one that I liked so I bought it from UNION diamond, online. I received it today and had a question on the next steps and about the appraisal that was included. So I bought the diamond online and plan on bringing it somewhere local to get a setting and get it set.

Firstly, how should I go about insuring the diamond / diamond and setting? I am assuming I should get it appraised once I get it put in a setting for insurance purposes? Should I go through a store, like Diamonds Direct to get it insured (assuming I buy it from there)? If I insure through them, will I have to bring it in every 6 months for inspection?

If I decided to get it insured though my homeowners insurance (USAA) is that a possibility? Would they require maintenance and cleaning every 6 months as well to ensure it is tightly fitted?

Lastly, I received an appraisal from UNION diamond with the diamond that I received today. I paid around $8100 and the appraisal is for $9750. From research I have done, aren't most appraisals given at ~100% above value? For example, if I bought the diamond for $8000 would you expect the appraisal to be closer to $16,000?

Details around the diamond - 1.51, round, G, triple EX, 59% table, 61.1% depth, GIA, faint fluor.

Thanks for the help ahead of time!

 

[tyty333]

Hi Everyone,

I am new here and new to jewelry and diamonds. I have been looking for the last month for a diamond/engagement ring for my GF, and finally found one that I liked so I bought it from UNION diamond, online. I received it today and had a question on the next steps and about the appraisal that was included. So I bought the diamond online and plan on bringing it somewhere local to get a setting and get it set.

BTW, you will want to have the stone insured why it is being set. Your local jeweler will probably not cover it since you did not
buy it from them.

Firstly, how should I go about insuring the diamond / diamond and setting? I am assuming I should get it appraised once I get it put in a setting for insurance purposes? Should I go through a store, like Diamonds Direct to get it insured (assuming I buy it from there)? If I insure through them, will I have to bring it in every 6 months for inspection?
See my USAA answer below. I believe USAA accepts your receipts for insurance purposes (they did for me but that was several years
ago) but if you want to insure it a little over then you may need an appraisal.


If I decided to get it insured though my homeowners insurance (USAA) is that a possibility? Would they require maintenance and cleaning every 6 months as well to ensure it is tightly fitted?
I have insurance through USAA. I have a separate rider on my home insurance. Do be aware that I think they will try to replace
your stone for you instead of you working with a vendor of choice so you might want to look into that and decide whether you are
ok with that or not. They do not require 6 month check ups. A lot of people use Jewelers Mutual but I'm not sure if they will
insure it while it is being set.

Lastly, I received an appraisal from UNION diamond with the diamond that I received today. I paid around $8100 and the appraisal is for $9750. From research I have done, aren't most appraisals given at ~100% above value? For example, if I bought the diamond for $8000 would you expect the appraisal to be closer to $16,000?
Some appraisals are way overly estimated like the example you give. Really what you want is the cost of your stone plus another $1k to $2k because that's what it will cost to replace it in the next 5 years or so. Do you want to pay insurance premiums on $16k
when it only cost $8k to replace your stone? I sure wouldnt.

Hopefully someone else will fill you in on Jewelers Mutual.

Details around the diamond - 1.51, round, G, triple EX, 59% table, 61.1% depth, GIA, faint fluor.

Thanks for the help ahead of time!

 

[dereknel015]

Thanks for the reply. I will call usaa and find out more info about their insurance policy.

And in regards to the appraisal I received from UNION, I was just making sure the appraisal that was aprox 1800 above what I paid seemed appropriate.

Like I said, I received the stone about an hour ago and realized the stone isn't 100% eye clean like the store manager insisted. The diamond is very clean besides one decent sized inclusion near the top of the table, but off to the side. If I post up the GIA number can you guys help me decide if I should return it and look for something else based upon the price I paid? At 8100 for a 1.51, Triple EX, G. should I expect to get an eye clean diamond or would something eye clean with the same specs be closer to 10k?

Thanks

 

[ac117]

Please post the GIA number and we can take a look but hard to determine was "sizeable" means when we don't have a closeup photo or video. Does it bother you? Could it be hidden by a prong?

You mention it's a G color but what's the clarity? We need more specs to tell you what else is out there but it does seem like a very good price for a 1.5 stone if it's SI1 or better.

 

[tyty333]

Thanks for the reply. I will call usaa and find out more info about their insurance policy.

And in regards to the appraisal I received from UNION, I was just making sure the appraisal that was aprox 1800 above what I paid seemed appropriate.

Like I said, I received the stone about an hour ago and realized the stone isn't 100% eye clean like the store manager insisted. The diamond is very clean besides one decent sized inclusion near the top of the table, but off to the side. If I post up the GIA number can you guys help me decide if I should return it and look for something else based upon the price I paid? At 8100 for a 1.51, Triple EX, G. should I expect to get an eye clean diamond or would something eye clean with the same specs be closer to 10k?

Thanks

All vendors use a certain range to measure eye-cleanliness by. Did you ask what the range was? Some use 10 inches which is pretty
far away to me. I want like 6 inches.

 

[dereknel015]

Please post the GIA number and we can take a look but hard to determine was "sizeable" means when we don't have a closeup photo or video. Does it bother you? Could it be hidden by a prong?

You mention it's a G color but what's the clarity? We need more specs to tell you what else is out there but it does seem like a very good price for a 1.5 stone if it's SI1 or better.

It is an SI2, sorry. But was told it was a highly graded SI2. The GIA report number is 3225792601

Thanks!

 

[two_little_birds]

This diamond scores 4.3 on the HCA which most PS'ers will say is no good. This tool is used to weed out poor performing stones - anything under 2 is potentially a viable option.

Can you return this stone?

If you post your budget and ideal stats the pros here can help you find a MUCH better stone.

 

[Texas Leaguer]

Please post the GIA number and we can take a look but hard to determine was "sizeable" means when we don't have a closeup photo or video. Does it bother you? Could it be hidden by a prong?

You mention it's a G color but what's the clarity? We need more specs to tell you what else is out there but it does seem like a very good price for a 1.5 stone if it's SI1 or better.

It is an SI2, sorry. But was told it was a highly graded SI2. The GIA report number is 3225792601

Thanks!

It's not at all surprising that an Si2 in this size with a large crystal under the table as the grade setter would not be eye clean. It's really a question of how much it bothers you. For many people the mere fact that they can see something with the naked eye is a deal breaker. Others are ok with an inclusion you can see but almost have to know is there in order to see it. Many people, on the other hand, would be annoyed if every time they looked at the stone they noticed the inclusion. You just have to determine where you fall on that continuum.

 

[dereknel015]

This diamond scores 4.3 on the HCA which most PS'ers will say is no good. This tool is used to weed out poor performing stones - anything under 2 is potentially a viable option.

Can you return this stone?

If you post your budget and ideal stats the pros here can help you find a MUCH better stone.

So for 8100 (what I paid) you would say I got a bad deal?

 

[tyty333]

This diamond scores 4.3 on the HCA which most PS'ers will say is no good. This tool is used to weed out poor performing stones - anything under 2 is potentially a viable option.

Can you return this stone?

If you post your budget and ideal stats the pros here can help you find a MUCH better stone.

So for 8100 (what I paid) you would say I got a bad deal?

Most people on PS would not consider spending $8100 on a stone that is not cut well. They would go smaller if necessary
or up their budget.

Here is what I could find you close to $8100
https://enchanteddiamonds.com/diamonds/search?carat_min=1.34&clarity=SI1,VS2,VS1,VVS1,VVS2&color=I,H,G,F,E,D&heirloom=true&make=Ideal,Excellent&shape=Round&wire_price_max=8340.0#diamond=R140-462Z2086Z VS2 but make sure eye-clean

https://enchanteddiamonds.com/diamonds/search?carat_min=1.34&clarity=SI1,VS2,VS1,VVS1,VVS2&color=I,H,G,F,E,D&heirloom=true&make=Ideal,Excellent&shape=Round&wire_price_max=8340.0#diamond=R140-104724713 would also have to make sure eye clean

Of course if you went down to J you could get 1.5 eye-clean, well cut
https://enchanteddiamonds.com/diamonds/search?carat_min=1.41&clarity=SI1,VS2,VS1,VVS1,VVS2&color=I,H,G,F,E,D,J&heirloom=true&make=Ideal,Excellent&shape=Round&wire_price_max=9080.0#diamond=R152-037674758

 

[rubybeth]

This diamond scores 4.3 on the HCA which most PS'ers will say is no good. This tool is used to weed out poor performing stones - anything under 2 is potentially a viable option.

Can you return this stone?

If you post your budget and ideal stats the pros here can help you find a MUCH better stone.

So for 8100 (what I paid) you would say I got a bad deal?

Kind of. You certainly could spend less on an SI2 1.5 carat with visible inclusion(s), for example, this I SI2 stone for $7,350 from James Allen: https://www.jamesallen.com/loose-diamonds/round-cut/1.50-carat-i-color-si2-clarity-very-good-cut-sku-1807167 But this one actually scores better on the HCA, though still not 2 or under (it scores a 3.0 - very good - worth buying if the price is right).

Or this one, a G SI2 for $7,620, which scores a 1.3: https://www.jamesallen.com/loose-diamonds/round-cut/1.50-carat-g-color-si2-clarity-very-good-cut-sku-2030109

The HCA tool: https://www.pricescope.com/tools/hca

I would recommend returning and starting over. Either we can get you a much better cut stone for the same price, or a similar stone for a lower price.