Purchasing and Payment Best Practices

[jimbean]

hi all,

i''m looking to pull the trigger on a stone very soon.
what are the best practices in the purchasing and payment process to ensure i''m covered on all ends and in the future?

i.e
pay cash, check or bankwire,
what should be stated on the bill of sale (return and upgrade policy, diamond quality quarentee against future defects, etc)
should i get insurance before i take home the stone (which insurance companies are the best),
should i get it examined by an independent appraiser or gemologist after receiving it in its setting,
avoiding sales tax,

any other things or tips i should look out for during the purchasing/payment process would be very helpful

thanks in advance!

 

[Regular Guy]

Date: 8/19/2009 10:21:54 AM
Author:jimbean
hi all,

i''m looking to pull the trigger on a stone very soon.
what are the best practices in the purchasing and payment process to ensure i''m covered on all ends and in the future?

i.e
pay cash, check or bankwire,

Strange your not mentioning credit card, which you can pay immediately to not carry debt. It''s the only method for enhancing protection (you can have the credit card people withhold payment if some malfeasance occured). But, yes, options like bankwire will give you a discount, which is always nice to get.

should i get insurance before i take home the stone (which insurance companies are the best),

only Jeweler''s Mutual will protect you during setting. Generally otherwise, either a rider for Homeowners, or Chubb providing cash-out, available at least through the insurance company advertising on the White Flash site, are other reasonable optons.

should i get it examined by an independent appraiser or gemologist after receiving it in its setting,

Frequently this is fine. More conservative is to have it checked before setting, and after, both, getting the insurance before setting.

I''m guessing you''re asking these questions about how to be safe...but maybe would not necessarily feel a need to be overly safe. Somebody could usefully come up with a scale of when you''re playing it really really close to the vest, and when it''s really prudent to be safe. Such a chart would probably want to include enough variables to make it a tough enough task, that it''s not been done before, and may not be done soon. But...these are some of the things to consider...

 

[jimbean]

nice! thanks for the feedback.

what things should i typically make sure are included in the language of the bill of sale/receipt just in case something goes wrong or for insurance claims, etc?

thanks in advance!