NEED HELP with diamond buying process

[Carnell]

I need help on what steps to take on buying a diamond, insuring it, setting it, etc. Here is where I am at:

I have purchased the setting at The Shane Co. in Atlanta, GA.
I am purchasing the diamond at Whiteflash diamonds on the net.

Here are my questions:

1) Should I get it set at The Shane Co. when it is not one of their diamonds but their setting or do I take it somewhere else? What are the normal fees for setting a diamond? What kind of guarantees should I get on the setting of the diamond?

2) When and how do I get insurance on the diamond? When Whiteflash sends it, do I take it to an appraiser and then get it insured? I guess I get it set after it is appraised. Is this right? I have homeowners and car ins with USAA and would prefer to insure it with them.

Am I missing anything? PLEASE HELP!

 

[aljdewey]

What kind of information do you want from your appraiser? If you want full measurements, etc, then appraiser would want to evaluate the stone unset.

How big of a hurry are you in? If you are pressed for time, you may have to sacrifice full information in the interest of getting it done.

The way I''d most recommend is this: Have WF send the loose diamond to an appraiser of your choosing. While this is going on, send your setting sent to WF. Once the appraiser is done, he can ship the stone back to WF and WF can set it. They will send the completed piece to you, and you would secure insurance at that point.

As far as the insurance, I''m going to speculate a bit on what you might do. I didnt'' do it this way because my first setting was a temporary setting and inexpensive at $100, so I was more concerned with the diamond value itself. However, I suspect you could submit your appraisal for the loose diamond and the receipt for your purchased setting as documentation for the finished piece. OR....perhaps WF can provide you with their appraisal for the FINISHED piece as documentation for insurance purposes.

 

[Carnell]

How do I find a reputable appraiser? I am in Atlanta, GA. Do you have to get it appraised to get it insured? Remember, I have no idea what to do. Thanks.

 

[aljdewey]

It really depends on what you want from the appraiser.

I wasn''t really familiar with appraisers in my area, so I selected one of the appraisers here....Rich Sherwood. Dave Atlas is also very good.

I''m in MA, and Rich is in FL, so I didn''t see the stone until it was done.....but I trusted Rich''s expert opinion. The man''s been looking at diamonds for the better part of 25 years. If it passed muster with him, that was good enough for me.

If you want a more local appraiser, perhaps one of these two gentlemen could give you a recommendation in your area.

I''m not sure if the insurance companies *require* appraisals, but my guess would be yes. Also, where you are buying a top-shelf stone, you should WANT to submit a *detailed* appraisal to your insurance company to make sure you get like kind/quality replacement. Most insurance companies don''t consider "cut", so a more detailed appraisal is in your best interest.

 

[Carnell]

How do I get in touch with Rich?