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Just bought a diamond! What's next?

PumpkinsAreAwesome

Shiny_Rock
Joined
Sep 27, 2015
Messages
134
So we finally bit the bullet and bought an OEC from Adam with OWD! Should arrive tomorrow and I will post pics! Thank you to everyone on PS who have been so helpful and supportive in our search so far!

If this diamond checks out, what would be the next steps, in which order? My guess is as follows:
1) Get diamond appraised
2) Get diamond insured (unless I can get it insured before appraisal)
3) Get diamond set
4) Wear diamond

Anyone have good tips on what to look for in an appraiser? Any recommendations for insurance? I am thinking USAA or JM.

Thank you! This is so scary but exciting! Mostly scary (because of the $5k just spent), but also exciting!
 

foxinsox

Ideal_Rock
Premium
Joined
Jul 18, 2015
Messages
3,922
Congratulations on getting The One! Do you have vendor pics and specs to share? Which setting did you decide on?
 

SunnyDelta

Rough_Rock
Joined
Jul 24, 2015
Messages
57
Congrats!!!!! :dance: Which one did you pick?

Insurance: I just got quotes from both (JM and USAA) & sorted through the fine print of both policies. I'm going to use JM.
 

MollyMalone

Ideal_Rock
Premium
Joined
Jun 2, 2013
Messages
3,413
If the stone hadn't already been dispatched from NYC, I'd be suggesting that you first have it appraised by David Wolf (Just Appraisers); he's well versed in old cuts, his office is just 1 block away from Adam, and I think he's terrific -- although it's more fun and interesting to be there in person with him during the appraisal session because it's like having a private tutorial re diamonds geared to your stone.

But since that is no longer a possibility, read through this 2014 thread -- think it will answer all your questions :))
[URL='https://www.pricescope.com/community/threads/center-stone-then-appraisal-then-setting-then-appraisal.207949/']https://www.pricescope.com/community/threads/center-stone-then-appraisal-then-setting-then-appraisal.207949/[/URL]
 

PumpkinsAreAwesome

Shiny_Rock
Joined
Sep 27, 2015
Messages
134
I'll post a thread with pics once I get home from work today! Hopefully it arrives alright! It's the GIA M from my previous thread. As per everyone's advice, I decided to look at it in person, since pictures sometimes just don't capture how it actually looks!

SunnyDelta: What made you decide on JM over USAA in the end? I'll have to look at quotes tonight after work.

The setting will likely be the Stuller illusion box one. The pics I've seen of it are gorgeous!
 

alamana

Shiny_Rock
Joined
Sep 18, 2015
Messages
195
My homeowner's insurance company wouldn't insure my diamond while loose. So for me it was this order -- 1) get diamond, 2) have appraiser look at diamond to make sure it is what I ordered, 3) get diamond set in ring, 4) back to appraisers for ring appraisal (he applied the money I spent when he looked at the loose diamond to the ring appraisal cost), 5) insure. The appraiser said he was glad I did it this way, as it was much easier for him to evaluate the diamond loose.
 

SunnyDelta

Rough_Rock
Joined
Jul 24, 2015
Messages
57
The cost of the policies were nearly identical for both JM & USAA in my case. I called both companies and also read the fine print of the policies. Just FYI I also considered Liberty Mutual because that's where my homeowners policy is. My fiancé has USAA.

In regards to USAA I read some PS forums indicating that some people had issues dealing with USAA, so when I called all three companies I had targeted questions addressing some of those concerns. My main concern was in the case of a total loss I didn't want to be stuck with a replacement diamond simply based on specs. I don't want an insurance adjuster just picking out some random OEC they feel is equivalent, nor did I want to go through an extreme hassle to receive a cash option. I don't mind working with an adjuster to source a stone, but I want a flexible insurance company that will work with me to find a suitable replacement that I actually want.

Depending on who picked up the phone at USAA or Liberty Mutual I got different answers, different levels of expertise, and I couldn't really get anyone on the phone that made me feel comfortable. JM's representatives seemed more in tune with the uniqueness of antique stones and comparatively made me feel more at ease about their claims process. They just seem to be a more "flexible" company and they also came highly recommended by my antique diamond vendor who has worked with them on multiple claims. I also like JM's policy of free jewelry repair as preventative maintenance.

Since all three quotes were within 30$ of each other, I admittedly just picked the company that made me "feel" the most comfortable. Hopefully I will never have to file a claim!!!
 

PumpkinsAreAwesome

Shiny_Rock
Joined
Sep 27, 2015
Messages
134
SunnyDelta|1447174856|3947836 said:
The cost of the policies were nearly identical for both JM & USAA in my case. I called both companies and also read the fine print of the policies. Just FYI I also considered Liberty Mutual because that's where my homeowners policy is. My fiancé has USAA.

In regards to USAA I read some PS forums indicating that some people had issues dealing with USAA, so when I called all three companies I had targeted questions addressing some of those concerns. My main concern was in the case of a total loss I didn't want to be stuck with a replacement diamond simply based on specs. I don't want an insurance adjuster just picking out some random OEC they feel is equivalent, nor did I want to go through an extreme hassle to receive a cash option. I don't mind working with an adjuster to source a stone, but I want a flexible insurance company that will work with me to find a suitable replacement that I actually want.

Depending on who picked up the phone at USAA or Liberty Mutual I got different answers, different levels of expertise, and I couldn't really get anyone on the phone that made me feel comfortable. JM's representatives seemed more in tune with the uniqueness of antique stones and comparatively made me feel more at ease about their claims process. They just seem to be a more "flexible" company and they also came highly recommended by my antique diamond vendor who has worked with them on multiple claims. I also like JM's policy of free jewelry repair as preventative maintenance.

Since all three quotes were within 30$ of each other, I admittedly just picked the company that made me "feel" the most comfortable. Hopefully I will never have to file a claim!!!

Oh wow, thanks for the info! At this point, USAA is quoting me $60/yr for the $5000 stone. JM is quoting me $75/yr for the $5000 stone only. I'll have to do more research when I'm not at work, but JM appeals to me because of the free jewelry repair (though I guess that doesn't work if I insure the stone only). USAA appeals to me because it only cost $60/year, but unlike JM they don't insure the appraised value of the diamond so I would have to just do the $5000 and hope for the best!

If I chip my stone or the ring needs repair, now would that work with both insurance companies? Do they provide partial compensation for repairs, and how does that affect my premium?
 
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