Quick question....

[Stone_Seeker1]

Hey guys!! I''m deciding between 2 diamonds. I''m having them both sent to my house to take a look at them and make the final decision. I don''t feel comfortable having about $44,000 worth of diamonds without insurance. Does anyone know if it''s possible to get insurance for these diamonds for the short period that they''re in my posession?

By the way, I would send them to an independent appraiser to look at them, but there isn''t one anywhere close to me.

Any advice would be much appreciated!!

 

[neatfreak]

I''d rather have them sent to an independent appraiser even if they aren''t near you, but someone who can take great images and do the light analysis, etc. I''m unaware of any way to insure them unset without the intent to set them...hopefully an expert will chime in.

 

[Stone_Seeker1]

Thanks neatfreak! The closest independent appraiser is 3 hours away. I have idealscope and 40x images from the vendor. I''m trying to avoid the trip to an appraiser if at all possible. Has anyone been in this position before? I just don''t know if I''m willing to take the risk of having both diamonds without insurance coverage.

 

[denverappraiser]

I can’t speak for other appraisers but all client property is insured while in my possession and I know others where this is the case as well. This means that you can have the dealer send stones directly to the appraiser and they’ll be insured by the jeweler, then by the carrier, then by the appraiser. You're covered the whole time. Get your report from the appraiser by email and use that report to bind a policy with Jewelers Mutual based on the plan to make it into a ring before you even take possession of the stone(s). You're then covered by the appraiser, the carrier and then Jewelers Mutual. This gets you insured immediately upon your receiving possession and continuously for a year beyond. When you complete the project, ‘update’ the appraisal and the insurance policy to reflect the details of the actual completed item. Importantly, this covers the possibility of damage during the setting process, something most jewelers don't include in the setting fees for stones they didn't sell.

FedEx and USPS offer excellent nationwide service. It shouldn't be necessary for you to travel in person.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver