Ring Nightmare--What do I do next?

[devthinksnpink]

Good Morning, Hope everyone is having a better week then I am. Let me give a little back story in 2012 my now husband proposed with a very pretty ring. It was from Jared and he paid a good amount of money for it (about 20K-- which was huge to a then 24 year old) The store was 1.45 carats in a white gold scott kay setting.

Diamond: AGS0008637206
Round Brilliant
7.32x7.39 x 4.45 mm
AGS Ideal
AGS H
1.456 carats.

The ring was very pretty to look at but started to have problems right away. First about 3 months after I got it side stones started to fall out, then at about 5 months the entire ring broke-- I mean it was a squat oval missing 10 stones and the whole head sideways-- I was at work at the time and bumped it on a rack (not hard enough to even hurt my hand!) Well they repaired it again. The next few years I had it repaired many times. At my last check up not only did they say all my prongs were loose again but my center stone is chipped- I was so frustrated and was about to blow I went out side to call my husband came back and they told me their mistake it was just dirty--I stormed out in frustration. Last weekend weekend while out to dinner my hand started bleeding--- the entire side of the ring not only lost stones but the metal completely broke and was cutting into my finger! Well fast forward to Monday night my hubs takes it to a different more local Jared-- and they tell him not only does the setting need to be completely rebuilt but the center stone is loose enough to come out, the prongs are damaged and the center stone is Badly chipped. How does that happen?!?! I wear my ring maybe 1-2 days a week usually out to dinner-- that's it.

The most frustrating part was Jared solution-- They are going to send it away for 2 months-- and replace it with an "equal" stone of there choosing and reset it in my busted but fixed setting. SO my husband being the diplomat he is asked if he could choose the new stone.... answer no.... then said can I choose if I upgrade (double value) they say no again that we would have to wait 2 month get the replacement stone and talk about exchanging that.

He came home and I lost it. After frustration and tears we decided to make through our Jewelers Mutual. He called this morning and started the ball rolling. I am really confused about the entire thing thought

SO hubs paid 17500 for the stone and $1500 for the setting- 21k and change total after tax We have it appraised at about $24k --

I DO NOT WANT TO WORK WITH JARED!- am I going to be forced to? They asked what jeweler I said Bluenile-- Is there a better choice that works with JM?
Since I am replacing I don't want the same setting that kept breaking-- is this possible?
I want to upgrade some-- is that possible?
Has anyone filed a claim?-- how long does it take?
What happens to my damaged ring?
How do I find a new better stone?

Can anyone please help-- I'm so overwhelmed with the whole thing. I'm not sure what to do next.

 

[denverappraiser]

This is definitely a job for the insurer, not the jeweler at this point. With your input, they'll choose the replacement jeweler and I recommend you choose someone else. JM will work with nearly everyone in the industry and you get to pick one that suits your style. They may or may not subrogate against Jareds but that would be their problem, not yours.

If they replace the whole piece, which is likely, the damaged piece becomes theirs. They're going to sell it for it's salvage value to recover part of the costs and if you want to be the buyer, just let the replacement jeweler know and they should be able to work out the logistics.

The face value of the claim is what it will cost them to replace with 'like kind and quality'. This is not the same as either what you paid or what it appraised for. The replacement jeweler should be able to explain it if that didn't make sense. If you want to upgrade from there by adding some money to it, every jeweler I've ever met would be happy to comply. Just ask.

 

[lovedogs]

+1 to what denverappraiser said. Work directly with JM and never set foot in Jared's again. They are horrible, and sadly we hear these stories all the time. I feel horrible that you are going through this, I would be just as upset if I were you. But JM can work with many jewelers, so you should be able to pick among many. I would recommend any of the trusted vendors from this forum: James Allen, white flash, etc. You will be able to find something incredible that will last a lifetime with no issues!

 

[the_mother_thing]

I've not been in your shoes OP, and can't offer anything more (from experience) besides what Denver posted. But I do want to say I'm sorry to hear you've had this terrible ongoing ordeal with your ring, am glad that you had it insured, and hope JM works to resolve matters to your satisfaction. Please do keep us posted on the outcome and how JM handles things for you. Good luck!

 

[LLJsmom]

Do NOT go back to Jared. Ask if JM will work with Whiteflash or Brian Gavin Diamonds, or Victor Canera (west coast) or Steven Kirsch (NYC) or ID Jewelry (NYC). Find out how they reimburse you. Do you get a check for a certain amount and you can find your own jeweler? Or do you have to go to an approved jeweler and they pay the jeweler directly. Find out how it works with your insurance first. There are so many other options out there, other than Jared and Blue Nile. I wouldn't suggest them for custom work.

Get back to us when you know. Don't send your ring anywhere, especially NOT Jared.

 

[devthinksnpink]

My husband grabbed my ring this morning so it is not fixed and in my hands. I have Jewelers Mutual.... SO I can pick who I want to re-do. I worked with Steven Kirsch on another ring earlier this year (amazing!) I am not really looking to go custom and he is out of my budget. I just want to replace and then MAYBE do a stone upgrade-- but don't want to go to crazy, this was an unexpected event.

I have been looking at James Allen, and found a stone that technically has the same stats.... at about $16690.... but I also found a lot at like $8-10k..... I'm not sure where I should look.