Setting a Loose Diamond

[JHChin]

Hello Pricescope Community!
I''m hoping to gather some insight into setting a loose diamond with jewelers such as Excel Diamonds and Whiteflash.

Do most people have their diamond sent directly from seller (in my case, BlueNile) to the business setting the diamond (Excel or WF)?

Its my impression that most people do, but it seems there would be a few concerns at play:

1) Being that I''m purchasing this diamond online, I haven''t actually seen the diamond yet. Wouldn''t I want to see it before basically semi-permanently setting it into a ring?

2) Insuring the diamond. I''m actually not too familiar with the insuring process quite yet. But I do have homeowners insurance. So won''t I want the diamond independently appraised first?

3) Possible damage to the diamond. If I''m having it shipped directly to the setter, and the diamond isn''t insured yet, what happens in the rare possibility that they damage diamond?

4) I know this sounds like I''m being paranoid... But again, if the diamond isn''t insured, there doesnt seem to be any measure of protection for me from the possibility that one of the setter''s employees swapping out my diamond for a fake.

5) What happens to all the paper work & reports? Will Excel or WF just forward it on to me?

I know it''s probably easy to just say, "Well if you''re that concerned... Then you should just have it sent to yourself first." But if all of the above concerns are really a big non-issues, then I really don''t mind having it sent directly to the setter.

Thanks for your help in advance!
-Jordan

 

[Todd Gray]

Date: 7/6/2009 3:12:18 PM
Author:JHChin

1) Being that I''m purchasing this diamond online, I haven''t actually seen the diamond yet. Wouldn''t I want to see it before basically semi-permanently setting it into a ring?

I think that you should view the diamond yourself before having the diamond set in a ring to avoid a myriad of issues, not the least of which is the possibility that you might not like the diamond.

2) Insuring the diamond. I''m actually not too familiar with the insuring process quite yet. But I do have homeowners insurance. So won''t I want the diamond independently appraised first?

You should have the diamond evaluated by an independent Gemologist / Appraiser upon receipt of the diamond and an appraisal issued by that person could be used to obtain insurance through your homeowner''s insurance company. It can also serve to provide verification of the condition of the diamond prior to the diamond being sent to another company to be set.

3) Possible damage to the diamond. If I''m having it shipped directly to the setter, and the diamond isn''t insured yet, what happens in the rare possibility that they damage diamond?

Most insurance companies will not insure the work of a vendor which is not insured by them, however it is still a good idea to arrange for insurance of the diamond prior to shipping it to the vendor so that you have double coverage during shipping and while work is being done... The reality is that your insurance company can then act on your behalf to expedite the settling of any claims which might arise due to loss or damage.

4) I know this sounds like I''m being paranoid... But again, if the diamond isn''t insured, there doesnt seem to be any measure of protection for me from the possibility that one of the setter''s employees swapping out my diamond for a fake.

Verification of the diamond prior to having it shipped to a third party is not "paranoid" it is simply due diligence. There have been instances where errors have been made in the shipping and receiving department of various diamond companies and it is a lot easier to resolve an issue when there are fewer hands involed.

5) What happens to all the paper work & reports? Will Excel or WF just forward it on to me?

Again, I recommend having the diamond and all paperwork shipped directly to you to begin with and then you can forward the diamond and copies of the lab report to whichever vendor you choose to work with. As far as insuring the diamond while in transit to the vendor doing the work, ask them to assist you with deciding which method of shipping is best given the value of the diamond.

 

[JHChin]

I just decided to have the loose diamond sent directly to me. I think its worth seeing the diamond in hand first.

Thanks for reading anyhow!

 

[Sugardiamonds]

You can''t put a price on peace of mind

Sugardiamonds

 

[elle_chris]

Date: 7/6/2009 3:12:18 PM
Author:JHChin
Hello Pricescope Community!
I''m hoping to gather some insight into setting a loose diamond with jewelers such as Excel Diamonds and Whiteflash.

Do most people have their diamond sent directly from seller (in my case, BlueNile) to the business setting the diamond (Excel or WF)?

Its my impression that most people do, but it seems there would be a few concerns at play:

1) Being that I''m purchasing this diamond online, I haven''t actually seen the diamond yet. Wouldn''t I want to see it before basically semi-permanently setting it into a ring?

2) Insuring the diamond. I''m actually not too familiar with the insuring process quite yet. But I do have homeowners insurance. So won''t I want the diamond independently appraised first?

3) Possible damage to the diamond. If I''m having it shipped directly to the setter, and the diamond isn''t insured yet, what happens in the rare possibility that they damage diamond?

4) I know this sounds like I''m being paranoid... But again, if the diamond isn''t insured, there doesnt seem to be any measure of protection for me from the possibility that one of the setter''s employees swapping out my diamond for a fake.

5) What happens to all the paper work & reports? Will Excel or WF just forward it on to me?

I know it''s probably easy to just say, ''Well if you''re that concerned... Then you should just have it sent to yourself first.'' But if all of the above concerns are really a big non-issues, then I really don''t mind having it sent directly to the setter.

Thanks for your help in advance!
-Jordan

1. Yes. I had my stone shipped to an appraiser prior to purchasing. We looked at it together, made sure it matched the cert and did a preliminary appraisal.
2. I had it insured with Jewelers Mutual. They''re the only company I know of that will insure the stone prior to setting. But you need to give them an estimate of the completed ring. So you should have the setting picked out and fax them all the info on the stone and setting together and that has to equal total cost. After my stone was set and i went back to my appraiser, i received the completed appraisal and changed the amount on my policy based on that.
3. See #2.
4. If you do the loose stone appraisal, your appraiser would be able to tell if the stone was switched out. You have to understand that switching stones is very, VERY, rare.