Shane co setting...diamond from elsewhere?

[HHurst85]

Hello! I recently lost my first wedding set, and am looking to buy a replacement set. I have wandered around the forums here for the past few days and have learned quite a bit so far. My husband and I looked at a setting at the Shane Co, which I have fallen in love with. After looking at their overinflated prices for subpar diamonds, I am not impressed. I am considering buying the setting from Shane Co (as I truly do love it and want the warranty as it is intricate with many smaller diamonds) and buying the diamond elsewhere-so far I have been looking at jamesallen.com and bluenile.
My question is regarding the insurance on the diamond: Do you insure the diamond separate from the setting on your homeowner's, or does the diamond have to be insured through a different specialty company (I have seen a few company names on here, they have slipped my mind for the moment though)? Would these type of policies then cover the diamond in full if you lost it?
Any other advice regarding the process would be appreciated. Thanks!

 

[sonnyjane]

I have a Shane Co. set. Based on their fine print, the second anyone else does work on it (aside from routine documented cleaning), the warranty is void, so if you get the setting and bring it somewhere else to set the diamond, that goes bye-bye. They would have to set the stone for you.

Re:insurance value, you get it appraised as a full ring typically, so the value to replace setting and diamond together. I have Jewelers Mutual.

 

[HHurst85]

Thanks Sonnyjane! I would be having Shane co set the ring definitely.
I have seen posts related to this where many members recommend having the diamond insured before taking it to be set in the setting? I've even seen one person that said they insured the diamond before it was even shipped to them?!? Do you have any idea how the insurance works in this case as the setting and the diamond are two separate pieces at this point? I am so nervous about bringing my diamond in and it being switched out!

 

[sonnyjane]

Thanks Sonnyjane! I would be having Shane co set the ring definitely.
I have seen posts related to this where many members recommend having the diamond insured before taking it to be set in the setting? I've even seen one person that said they insured the diamond before it was even shipped to them?!? Do you have any idea how the insurance works in this case as the setting and the diamond are two separate pieces at this point? I am so nervous about bringing my diamond in and it being switched out!

Oh yeah, in that case, before you get the setting, when you acquire the diamond, you can insure that separately. If you call Jeweler's Mutual they'll be able to explain. I find them very helpful (and inexpensive) if that's the company you choose to go with.

I also want to add that Shane Co. has a really bad reputation around these boards. I bought my set before I knew any better and am happy with it, but there's much better quality elsewhere. I too was attracted by the warranty, but then I moved away to a place that didn't have a Shane Co. nearby and the warranty requires you to have your ring examined every 6 months (and you have to have a paper trail proving that if you didn't go through them, you went to another local jeweler). I didn't feel like doing that every 6 months so the warranty is now void. That's why I have separate insurance.