Sequence of events for purchasing ring

[Gauge]

I am looking for help on the sequence of events for purchasing a ring. Please let me know if I have everything covered, if I am missing anything, or if there is anything I should do differently:

1. Arrange for temporary insurance on loose diamond to cover time between when FedEx delivers until I can get an appraisal and permanent insurance.

2. Purchase and have diamond shipped.

3. Purchase setting (possibly different company) and have setting shipped.

4. Have an appraisal done on loose diamond.

5. Have diamond set in setting by local jeweler (they are going to charge $200.00).

6. Get permanent insurance.

What then? Should I then have a second appraisal once the diamond is set? Is there anything else I need to do that I am missing?

Thanks for your help.

 

[Regular Guy]

Date: 5/23/2007 2:00:02 PM
Author:Gauge

What then? Should I then have a second appraisal once the diamond is set?

I'll just respond to this one piece and say yes to this. Usually the appraiser you use, when local (usually you use a local appraiser, though not necessarily) will have a combined rate for appraising both before & after set. You're taking the conservative approach, having your diamond appraised before set...which is good & fine...whereas sometimes people just have it appraised after set. But, regardless, I think you definitely want it appraised after set. In case there were actually any problems with the setting process, for example, it would only be caught at that point.

 

[Regular Guy]

Hmmm....

I''m back again like a bad penny.

You''ve got it mostly, I think. Being sensitive to being insured is good. Two things though...it''s squishy to be insured without being set first. Two links may help you walk through...this one.

In your step #6, you''ll update/correct your valuation you''d done for what you''re calling temporary insurance...but there''s just one policy.

Hope this is helpful.