Purchased diamond, Need setting, what to do next?

[aries2]

Hello Everyone,
Thank you to everyone who helped me with my previous posts! I've purchased my diamond and now need to get it set. Tried to do the online thing but it didn't work out because I have sizing issues due to arthritis. So, I've decided to work with a local jeweler for the setting. I'd like to get the project going asap but what should I do next? Should I get an independent appraisal for the stone and then get it insured before I leave it with the jeweler? Or, should I just get it insured for a couple thousand more than the purchase price for the time when it'll be getting set and then get the whole ring appraised?
Thanks : )

 

[aries2]

Another question: Does anyone have any recommendations for a good independent appraiser in the S. Jersey area?

 

[slg47]

I would definitely get insurance before getting the diamond set so that it is covered during the setting process.

 

[aries2]

I would definitely get insurance before getting the diamond set so that it is covered during the setting process.

That sounds like the way to go...but should I get the stone appraised 1st or just insure it for the price I paid for it?

 

[aries2]

Anybody? If I do need an appraisal I need to get by the end of next week because that's when the return period is up. I'm almost positive that it won't need to be returned because I love it but I suppose getting an appraisal is standard procedure and for insurance purposes.

Do I really need to get an appraisal for a stone I got from Brian Gavin Diamonds? Any info would be appreciated as I just do not know the correct procedure I need to go through to get the stone set.

Also, what companies are good to insure through? I've seen Chubb and Jewelers Mutual but am not sure which insure loose stones. Also, after it's set I'll need to insure the whole ring, not just the stone, correct? It looks like these insurance companies insure by the year but after the appraisal and setting I think I'll need to insure the whole ring, right?; but then would I have to buy a whole new insurance policy?

Can anybody shed some light on this topic for me? What is the procedure I should go through to get an appraisal and insurance? Insure stone before appraisal, insure stone during setting, get whole ring appraised, insure whole ring or just stone after setting? It's just that $$$ is real tight right now and I don't want to have to spend $$$ that I don't have if I don't have to.

I can get to Dave Atlas' office so I'll probably go with him for the appraisal.

thanks for your help!!!

 

[austere]

The insurance companies i've spoken with will only insure a diamond once its in a setting

 

[aries2]

The insurance companies i've spoken with will only insure a diamond once its in a setting

Interesting...Ok, so then what happens while the stone is getting set? Just trust the jeweler and hope nothing happens, or are jewelers usually responsible for the stone while it's in their possession?

So, then do I really need to get an appraisal for the stone by itself, or just wait till it's set and get an appraisal on the whole ring?

Thanks for your replies!

 

[slg47]

call jewelers mutual, I used them to insure my stone during the setting process.

 

[mrssalvo]

yes, call jewelers mutual who will cover a stone while it's being set, or have BGD set it in a cheap stock setting and have it insured as a ring that way. It should then be covered when you re-set it. There are a couple vendors who will cover a stone even if you didn't buy it from them so it doesn't hurt to ask whomever you are purchasing your setting from if that's the case.

 

[diamondseeker2006]

And no, you don't need an appraisal on a Brian Gavin diamond.

 

[aries2]

And no, you don't need an appraisal on a Brian Gavin diamond.

Thanks for the replies everyone! Yeah, I didn't think so, but just wanted to make sure I'm doing the right thing. I will call Jewelers Mutual and insure the stone. Then have it set and appraise the whole ring, then probably add to homeowner's insurance.