Need Opinions on Setting and Advice on Insurance

[OMG_AMG]

hello all,

First off, I must extend a big thanks to all of the PS members that have supported me throughout my search for a rather rare cushion cut diamond. Special thanks to JulieN and 04diamond<3 for reading through and putting up with my newbie-help-me-find-a-cushion-thread Without your incredible wealth of knowledge and willingness to help, I probably wouldn't have made an educated and well-informed purchase.

So, I did finally manage to secure and purchase an 8 thin main modern cushion brilliant, which are, to say the least, very difficult to come by these days.

GIA Certified 8 thin main Cushion Brilliant
Measurements: 7.38 x 7.23 x 4.66 mm
Carat Weight: 1.70 ct
Color Grade: F
Clarity Grade: VS2
Polish: Excellent
Symmetry: Excellent
Fluorescence: None
Table: 55%
Depth: 64.5%
Culet: None
Girdle: Slightly Thick to Thick

Bob over at Whiteflash was able to bring in the diamond for me and perform some analysis on the diamond. He told me that the diamond was a good find and that he thought it was an exceptional diamond! I do realize that of course he's trying to make a sale, but he did sound sincerely genuine when I asked him for his professional opinion about the diamond. I have also seen the diamond in person, and I love it.

Anyhoos, my original goal was to replicate the Tiffany Novo for the gf, so I was contemplating the following 2 settings:

1) Vatche's 5th Ave. Pave - http://www.whiteflash.com/engagemen...5th-ave-pave-diamond-engagement-ring-1592.htm

OR

2) Brian Gavin's Novela - http://www.briangavindiamonds.com/engagement-rings/pave-and-side-stones/novela-platinum-5372p

Here's how the Vatche looks next to the BGD:


Which setting do you guys like better? I am currently leaning towards the Novela...

Last but not least, is it worthwhile to insure the ring? I spoke to a couple of friends and they don't have their rings insured. Do most people insure their rings? Where would I go to get my ring insured? (I don't own a house yet) Is it a monthly premium? or a yearly premium? Sorry, I'm a noob when it comes to insurance for jewelry. Please help!

Thanks for reading my long post!

 

[Christina...]

One of my favorite settings is a Vatche, so that gets my vote hands down!

Insurance- YES!! You wouldn't purchase a car and not insure it right? Unless you are comfortably able to replace the ring in case of loss or damage, then I would absolutely get insurance. It's quite inexpensive, I use USAA and only pay $8 or $9 a month for $10k in coverage....I can't remember the exact figures because I have it automatically withdrawn every month along with my auto and homeowners. The important thing is to make sure that you submit and pay premiums based on an accurate appraisal of replacement cost. Many appraisals are outrageously inflated to make the purchaser feel good. When you have the ring appraised, just tell them that you are looking for an appraisal for insurance purposes. Some insurers will also let you insure based on your receipt....I think JM does this?

 

[SB621]

I think either ring would be nice but I'm leaning towards the BGD option. For some reason I like the proportions better on that one.

And YES for insurance. If she chips her diamond, damages her setting, if it gets stolen or lost you will be $hit out of luck. Insurance is only a few bucks a month so it is definitely worth it. And just an FYI my mother had her hand caught in a door several years ago. It knocked the diamond out somehow and she never found it. She never insured her ring so not only did we loose a family heirloom but my parents were not in the financial position to purchase another diamond for her. I have also lost an expensive ring recently. It wasn't a big deal to me because I had insurance through USAA and they just cut me another check. I would have been devasted though if I had lost that money and the ring.

 

[diamondseeker2006]

This is a tough one. I have the Vatche Tiffany solitaire repro and I like it better than the original! And I strongly prefer using the diamond vendor for the setting, which means the Vatche. I adore your diamond, by the way! They found the perfect one for you for a Novo setting!!! But I have to say that the BGD one looks a little more like the real Tiffany. Although the differences may not be apparent at all in real life size. So I am no help!

And I agree, definitely have insurance unless you have so much extra money lying around that you could easily replace the ring if the diamond were lost or damaged with no pain!

 

[OMG_AMG]

thanks for the comments! I still have a few more questions:

do most people use USAA or JM as their jewelry insurer? which is a good jewelry insurer that most people recommend?

also, how does the process work? so, after I receive the ring, do I have to take it to get appraised by an independent 3rd party before the insurance company will insure it? I assume the insurance company will be going by the appraiser's review as well as the stone specs on the certificate...

does the insurance kick in right away?

as for the setting, it's a hard choice...still have 2 or 3 days to decide before I have to give WF an answer

 

[JulieN]

Personally I would get fishtail pave with the Novo/Novela head.

 

[diamondseeker2006]

thanks for the comments! I still have a few more questions:

do most people use USAA or JM as their jewelry insurer? which is a good jewelry insurer that most people recommend?

also, how does the process work? so, after I receive the ring, do I have to take it to get appraised by an independent 3rd party before the insurance company will insure it? I assume the insurance company will be going by the appraiser's review as well as the stone specs on the certificate...

does the insurance kick in right away?

as for the setting, it's a hard choice...still have 2 or 3 days to decide before I have to give WF an answer

Some people add a rider onto their homeowner's insurance and some get it from JM. I kind of like having it seperate from homeowner's, personally.

Most vendor insurance valuations are inflated in value, and so are most jewelry store insurance appraisals. You do have to have an appraisal for Jeweler's Mutual. The key is to have an appraisal that is very close to what you paid for stone and setting, assuming you bought the diamond at retail prices (which you did). You do not want a "feel good" inflated appraisal because it will kill you on insurance premiums. My insurance allows me to insure with the sales receipt and diamond grading report, but most places do not.

So, that said, if you take the finished ring for an insurance appraisal, you need to talk to the appraiser first, and tell them you need an insurance appraisal and you would like it to be no more than 10% more than you actually paid so you don't overpay in premiums. Tell him what you paid. The insurance company is not going to pay to replace your stone with a better stone than you have, so there is no purpose in overinsuring. You submit the appraisal (and a copy of the grading report if it isn't attached to the appraisal) to the insurance company and they honestly do not care what is on there. They look only at the amount in order to determine your premium. And yes, they should cover you as soon as they acknowledge receipt of your information.

 

[OMG_AMG]

thanks for the reply diamondseeker! I'll look into JM and follow through with the process after I receive the ring

here's another mockup of Vatche's 5th Ave vs. Brian Gavin's Novela vs. Tiffany's Novo


the prongs and head on the Novo look a little wider? but not sure if that's because the diamond shown in the Novo is a 2.5ct

some minute differences, but all 3 of them will probably look very similar in real life

the BGD Novela ($2550) is slightly cheaper than the Vatche 5th Ave ($3150) --> $600 difference

will make a decision today or this weekend...any more comments regarding these 2 settings?

so far, PSer's seem to like the Novela better according to the handy dandy poll at the top

 

[WillyDiamond]

If you have a homeowners policy it might be the least expensive to add the ring as a "personal articles policy". As DS2006 said, you will need an appraisal for that or a standalone from, lets say Jewelers Mutual. How much you insure it for is up to you. If the appraisal is 10% above what you bought it for and you have a loss, and diamond prices jump in price, you might be in trouble. Unless you want to run back to a jeweler every year and update the appraisal. I am not an expert on the increase on diamonds over the years but I have seen posts on PS that diamond prices have increased about 40% over the last 2 years. So you can do the math with how current your appraisal is. I have a rider on my State Farm policy, my son and daughter have stand alone policies from JM. the trouble I find with JM (and this is just me) is that they do not have an inflation rider on the policy which automatically increases the value each year without an appraisal, my SF policy does increase every year. Best of luck.

 

[OMG_AMG]

this might seem like a silly question...but how can an appraiser accurately appraise a diamond when it has already been put into a setting?

 

[WillyDiamond]

this might seem like a silly question...but how can an appraiser accurately appraise a diamond when it has already been put into a setting?

Market price of diamond + setting cost = appraisal value (and then a little extra -LOL)

 

[lisamarie]

I voted for the Novela. I personally prefer the more delicate head amd the thinner band.

 

[OMG_AMG]

thanks for all of the suggestions and advice guys!!

I'm having the diamond sent to BGD and it will be put into the Novela setting!

stay tuned for a SMTB thread when I get the completed product =]

cheers

 

[distracts]

Is it worth it to insure the ring?

If she lost it or had it stolen, would you easily be able to replace it? If the answer is yes, then insurance isn't worth it. If the answer is no or it depends on your financial circumstances at that exact time, then insurance is worth it.

Sarahbear - was your claims process through USAA easy? We are thinking of switching our homeowners to USAA once we get married and I may switch my jewelry insurance over then too. Currently the only thing I have insurance on through them is my car.

OP - currently I use Jeweler's Mutual. It was all very easy to set up. Since nothing has ever happened to my ring I can't speak for the claims process.