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Say you inherited a diamond...

Cyren

Rough_Rock
Joined
Jun 5, 2006
Messages
62
I've been a lurker for a loooong time--hi! :appl:

I'm actually a lady in waiting (very patiently) and I wouldn't be the one inheriting the diamond, but since I've spent so many years on this forum I've picked up a lot and my bf no longer looks online for answers to his diamond questions, he just asks me.

But, he's (hopefully!) faced with a situation I didn't anticipate: a diamond with no information. As far as we know, it's never been appraised, it holds no cert--all we know is that it's been in the family a while and it's dreamy.

So my question is this. What is the procedure to set such a diamond? Have it appraised first, insure the loose stone (can you do this when it's being set?), and then send it to a jeweler for mounting, then appraise the finished ring and insure that, and drop the insurance for the center stone?

I'm sorry if this has been covered ad nauseum elsewhere. I did search!

Thanks in advance.

Cyren
 

LGK

Ideal_Rock
Joined
Nov 27, 2007
Messages
2,975
Cyren|1312929047|2987478 said:
I've been a lurker for a loooong time--hi! :appl:

I'm actually a lady in waiting (very patiently) and I wouldn't be the one inheriting the diamond, but since I've spent so many years on this forum I've picked up a lot and my bf no longer looks online for answers to his diamond questions, he just asks me.

But, he's (hopefully!) faced with a situation I didn't anticipate: a diamond with no information. As far as we know, it's never been appraised, it holds no cert--all we know is that it's been in the family a while and it's dreamy.

So my question is this. What is the procedure to set such a diamond? Have it appraised first, insure the loose stone (can you do this when it's being set?), and then send it to a jeweler for mounting, then appraise the finished ring and insure that, and drop the insurance for the center stone?

I'm sorry if this has been covered ad nauseum elsewhere. I did search!

Thanks in advance.

Cyren
Yep, that's the best way IMO. Jewelers mutual will insure during setting- I think you have to give them the info on the setting it's going to be put in, and the stone, and then it's covered during setting, at least that was the case with mine a few years ago. They will *not* insure an antique setting but will insure an antique stone going into a brand new setting, however.
 

Amys Bling

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
You want to drop the insurance after setting the stone???
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
Amys Bling|1312934747|2987556 said:
You want to drop the insurance after setting the stone???

I think the OP meant drop the insurance for the loose stone and only insure the finished ring.
 

centralsquare

Ideal_Rock
Joined
Jan 18, 2009
Messages
2,216
Yep - you got it. Appraised first then insured. Are you happy with the cut? Would you consider getting it recut?
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
9,150
The JM insurance program isn't really insuring a loose stone, it's insuring a ring that requires some assembly. After the piece is complete you submit the appraisal on the final item as an 'update' to your policy, pay the difference in premium for the increase in value and then you've got a full year policy on the piece.
 

Cyren

Rough_Rock
Joined
Jun 5, 2006
Messages
62
Ahhh, this is what I thought. Yes, this is what I meant when I said "drop the insurance" on the stone--simply add the value of the ring to the original policy.

I haven't seen the stone, so I don't know if it's in need of a recut--bf would likely be hesitant since it's an heirloom, but I've been trying to encourage him to spend more time on this site so who knows what will happen after his knowledge increases. Would recutting change the insurance process any?

Thank you all for you help!
 

HopeDream

Ideal_Rock
Joined
Mar 14, 2009
Messages
2,146
If you want to be really sure of it's attributes, you could send the loose stone to GIA (costs about $100 usd)or AGS($=??) for grading. Having your stione graded by a top lab could be useful for insuracne purposes.
 

kenny

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
33,344
Yes, I'd also first send it to GIA or AGS to be as certain as possible of what it is.

Anything else comes second.
Nothing carries as much weight as a full grading report from GIA or AGS.
 

Cyren

Rough_Rock
Joined
Jun 5, 2006
Messages
62
Thanks everyone, this was very helpful. ::)
 

Amys Bling

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
Good luck, I hope it's dreamy!!!
 
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