Just bought a rock! Now what do I do before it goes to LM?

[GoCubsGo25]

All,

I just received my diamond in the mail:

AGS - 2.03ct RB - 1.7 HCA score

I will be sending this off to Leon next week when he gets back from vacation.

My question to you all is, what do I need to do now before I ship it off to Leon? Do I need to get insurance? Can I get the insurance through my home owner insurance company (Met-Life) or should I get it though another place? Do I need to get the stone appraised? How much does that cost?

If you all could give me a step by step "how to" I would be forever in your debt!

Thanks!

 

[webdiva]

Re: Just bought a rock! Now what do I do before it goes to L

First step, insure ASAP via Chubb or Jeweler's Mutual. When you spend so much time picking out a diamond, you don't want some schmo at XYZ Insurance company picking out your next stone...

Do you have an appraisal? The bill should be fine for just the stone. JM will insure an unset stone only if it's being set within a certain period of time. You can do it all online and upload a scan of the bill, then call to follow up to make sure they got everything.

 

[GoCubsGo25]

Re: Just bought a rock! Now what do I do before it goes to L

First step, insure ASAP via Chubb or Jeweler's Mutual. When you spend so much time picking out a diamond, you don't want some schmo at XYZ Insurance company picking out your next stone...

Do you have an appraisal? The bill should be fine for just the stone. JM will insure an unset stone only if it's being set within a certain period of time. You can do it all online and upload a scan of the bill, then call to follow up to make sure they got everything.

Thanks, webdiva! I will get on that asap. I do not have an appraisal but I do have the AGS Cert and an invoice.

 

[Fife]

Re: Just bought a rock! Now what do I do before it goes to L

You should add it onto your current homeowners right away. It will likely cost 1-1.5% per year. Ask your agent if your ring will be insured for mysterious disappearance, theft, and damage.

If you lose your ring, Joe Schmoe isn't picking out your new diamond. Just don't expect them to buy you a 3-carat

 

[kenny]

Re: Just bought a rock! Now what do I do before it goes to L

I've never spent a penny on insurance or appraisals.
I save those pennies for my next diamond purchase.

That's just me.
Do what feels right for YOU!
There is no one right way that applies to everyone because . . . people vary.

 

[rubybeth]

Re: Just bought a rock! Now what do I do before it goes to L

I've never spent a penny on insurance or appraisals.
I save those pennies for my next diamond purchase.

That's just me.
Do what feels right for YOU!
There is no one right way that applies to everyone because . . . people vary.

Maybe a dumb question, but wouldn't LM require insurance in order to set the stone? I know BGD and Whiteflash do, and I think it would be worth it to have coverage for the loose stone during the setting process in case (God forbid) it gets chipped or cracked.

 

[webdiva]

Re: Just bought a rock! Now what do I do before it goes to L

You should add it onto your current homeowners right away. It will likely cost 1-1.5% per year. Ask your agent if your ring will be insured for mysterious disappearance, theft, and damage.

If you lose your ring, Joe Schmoe isn't picking out your new diamond. Just don't expect them to buy you a 3-carat

Check with your particular policy - many insurance companies will just replace "like" with "like" - and as we know, not all 1.3 F SI1s (for eg) are the same. They don't take into account cut...

 

[kenny]

Re: Just bought a rock! Now what do I do before it goes to L

I've never spent a penny on insurance or appraisals.
I save those pennies for my next diamond purchase.

That's just me.
Do what feels right for YOU!
There is no one right way that applies to everyone because . . . people vary.

Maybe a dumb question, but wouldn't LM require insurance in order to set the stone? I know BGD and Whiteflash do, and I think it would be worth it to have coverage for the loose stone during the setting process in case (God forbid) it gets chipped or cracked.

That's a good question.
I was sure to check and every jeweler who has set a stone for me had their own insurance, but I know some won't insure a stone they didn't sell.

Ask LM.

 

[diamondseeker2006]

Re: Just bought a rock! Now what do I do before it goes to L

As far as I know, Jeweler's Mutual is the only insurance co I know of that insures a loose stone prior to setting. So at least for this first year, insure with them. You'll have to have details about the stone and setting, I believe. But just call them and ask.

I prefer a separate policy for jewelry since some homeowner's riders may not be as good as one that specializes in jewelry. Not to mention they understand about replacing a stone of equal cut quality.

But absolutely insurance is needed for a diamond ring that will be worn daily for years unless you have so much money that the replacement of the ring would be no big deal to you. And to most of us, we'd be pretty sick at having to replace a 2 ct. diamond!

 

[GoCubsGo25]

Re: Just bought a rock! Now what do I do before it goes to L

"Your stone is safe with us. We are fully insured. In addition to standard Jeweler’s Block policy which is a benchmark coverage for any reputable jeweler we are insured against work damage. Your stones are covered (with certain limitations and restrictions, of course) for loss or damage while they are in our possession, as well as while we work on them." - From Leons website

So my question to you all now is: If I am shipping the stone to him US Registered Mail, should I wait until I get the ring back from him to insure anything? Or would you still get the stone insurred by JM and then ship him the stone? Would I update my policy once I got the ring back to make sure the setting is insurred too?

Thanks everyone!

 

[webdiva]

Re: Just bought a rock! Now what do I do before it goes to L

Insure now with JM - then ship the stone. When you get it back, you you'll need an appraisal for the new value.

 

[GoCubsGo25]

Re: Just bought a rock! Now what do I do before it goes to L

Insure now with JM - then ship the stone. When you get it back, you you'll need an appraisal for the new value.

Can I use the invoice for the stone and the invoice from Leon for the setting and add them together to use as the new value to insure?

I wasn't sure if I would need to pay for an appraisal...

Also, just to keep you all informed, the AGS stone went back. It had a visable face-up inclusion under the table that I couldn't get past. We are finalizing a deal now for a 2.01ct J SI1 GIA 3-EX -- more money but it's just money right...

Thanks!

 

[GoCubsGo25]

Re: Just bought a rock! Now what do I do before it goes to L

So, I got a call last night from the company I sent the AGS stone back to and they said the diamond was not in the package. I shipped the package back to them UPS with a shipping label they provided. They told me not to worry and they had insurance but that I may be getting a call from an investigator.

Do I have anything to worry about? Does this happen often?

 

[diamondseeker2006]

Re: Just bought a rock! Now what do I do before it goes to L

Oh my gosh!!!! How was it packaged? You will likely have a delay getting your refund if they have to file it with insurance. In the 6.5 years I have been here, I have not heard of that happening!

 

[GoCubsGo25]

Re: Just bought a rock! Now what do I do before it goes to L

Oh my gosh!!!! How was it packaged? You will likely have a delay getting your refund if they have to file it with insurance. In the 6.5 years I have been here, I have not heard of that happening!

I did not plan to get a refund. We have already found another diamond they are planning to ship out early next week.

Basically, we had decided on the AGS stone. They shipped it to me FedEx Overnight and when I received it, I decided I did not want to keep the stone. I spoke to the jeweler I have been working with and she sent me a UPS Overnight return label. I purchased a new return box and packed the contents up and mailed it back to them Thursday evening. I got a confirmation someone signed for the package at 9:30am on Friday. They called me and told me when they opened the package the diamond was not in there but the tape on one end of the box seemed to have been cut open and may have been tampered with.

They told me not to worry and that they had insurance (they provided me with the return label). They asked me the story of me shipping the diamond back to them and they said that I should expect a call from an investigator and just to tell that person what I had told them. I even called her back and asked her if this effected our work on the new stone and she said "No, this has nothing to do with you."

So, hopefully everything works out but I am just nervous they will try and screw me over. Maybe I am pessimistic...

 

[kenny]

Re: Just bought a rock! Now what do I do before it goes to L

Sorry this happened to you.

This is what insurance is for, but the company does have to investigate all parties involved.
Try not to worry.
Just tell the truth to the investigator.

 

[diamondseeker2006]

Re: Just bought a rock! Now what do I do before it goes to L

That is great that they can just go ahead and ship you a new stone! Sounds like you don't need to worry. I can't believe someone cut open the box. Was the name of the jeweler obvious on the label? I mean, what are the odds that a random box would be cut open and happen to have a 2 ct. diamond? That is the whole reason it is good to use a return label, but the name on the return label should not be obvious that it is a jeweler.