Thanks ladies! I feel very fortunate to have it. My mom suggested that I get the stone re-polished and re-set it but I can''t do it. I want to maintain the integrity of the family piece and hopefully pass it down one day.
For some reason that last picture the diamond looks like it isn''t round however that is the setting that is blending it in making it look not exactly round. It is in fact perfectly round from what I can see.