Shipping a diamond - which shipping company & service to use

[RoyalRaindrop63]

We are about to send our diamond off to a vendor to be set. We have insured the loose diamond through Jeweler's Mutual. Are there any particular shipping companies which are safer to use for this than others? Ie; UPS, post office, FedEx..? Do we need to purchase additional shipping insurance if the loose diamond is already insured via JM?

Thanks in advance!

 

[kenny]

Re: Shipping a diamond - which shipping company & service to

Malca Amit is an international high-security shipper of gold bullion, fine art and gems.
Not cheap.

www.malcaamit.com

 

[denverappraiser]

Re: Shipping a diamond - which shipping company & service to

It depends on where you're shipping from and to and the amount of insurance you'll require.

Start by asking your setter. Many will have relationships with shippers and inbound shipments may be covered under their policy if they are the client of the shipping company.

From a US address and to a US address with a declared value below $50,000, Jewelers Mutual usually seems to recommend USPS registered mail.

 

[RoyalRaindrop63]

Re: Shipping a diamond - which shipping company & service to

Thanks guys. I checked with the vendor and it looks like they also recommend USPS Registered Mail. So I will send it that way. I am still a little confused about insurance though. Does buying the Registered Mail service automatically include shipping insurance? I can only find references to insuring your registered mail up to $25,000 (and that other services typically only cover up to $5000). But I couldn't figure out if it meant you were simply able to purchase insurance up to that amount (at an additional fee), or if it meant buying the registered mail service automatically included it. If it doesn't include it automatically, do I even need to purchase shipping insurance at all? Or will our Jeweler's Mutual policy already cover it in the event something happens to it during shipping, and if we purchase shipping insurance, we will be double insuring it & wasting money?

We never got a lot of info from Jeweler's Mutual when we insured the diamond. My boyfriend did it online so maybe we just haven't been mailed the information yet.

Edited to add: To my understanding, nothing is covered via the setting vendor being a client of USPS. It's all on us, whether it be already insured for shipping via JM, or whether we need to purchase separate shipping insurance. I know once the diamond reaches the setting vendor, our JM policy will cover it then. Just not sure in transit.

 

[marymm]

Re: Shipping a diamond - which shipping company & service to

The fee for U.S. registered mail does *not* include insurance coverage - any insurance you want on the item will be an additional cost.

If I were you, I'd contact your insurance company directly for accurate info on this issue, before the item is shipped.


fyi: link to USPS info on insuring domestic Registered Mail: http://faq.usps.com/?articleId=220240

 

[kenny]

Re: Shipping a diamond - which shipping company & service to

The fee for U.S. registered mail does *not* include insurance coverage - any insurance you want on the item will be an additional cost.

Sorry, but I believe this is not true ... unless they've recently changed it.
Insurance is included with the Registered fee.
You declare a value, then the fee for sending it Registered is determined.

Here are the receipts for something I sent USPS Registered mail.
An insurance fee is not even itemized.
It's a few years old but the most recent I have, and I've shipped things Registered recently and it was the same.

In this case there was an additional fee for one of those optional green return receipt cards.





Note the fine print ...

 

[RoyalRaindrop63]

Re: Shipping a diamond - which shipping company & service to

That was very helpful - thank you so much! The receipt pictures really helped explain things. So it seems like the point is moot... if I send it via usps registered mail (which both vendor and JM recommend for the value of the diamond we're sending), I have to declare a value, and it will automatically be insured based upon that value.

 

[kenny]

Re: Shipping a diamond - which shipping company & service to

That was very helpful - thank you so much! The receipt pictures really helped explain things. So it seems like the point is moot... if I send it via usps registered mail (which both vendor and JM recommend for the value of the diamond we're sending), I have to declare a value, and it will automatically be insured based upon that value.

Yes.

Also, keep the receipt.
You can't file a claim without it.

If there is a claim you need proof of value.
A professional appraisal or receipt will work.
They will deny a claim if you don't have proof of value that they consider valid.

 

[kenny]

Re: Shipping a diamond - which shipping company & service to

Oh, another thing (which makes me mad )

They always try to rip me off by asking me if I want to pay an additional fee so it moves faster.
They call it Express or Priority or whatev.

It's a ripoff because it does not travel faster.
Registered has to be signed for at every stop and is kept locked up in a safe overnight.

Also, you can't file a claim for non-arrival till 15 days whether or not you pay their Express upcharge!

GRRR!

 

[MollyMalone]

Re: Shipping a diamond - which shipping company & service to

To clarify, lest there be any confusion: what you are charged for Registered Mail depends on the declared, insured value of the item being sent. The higher the value, the higher the charge of sending it via Registered Mail. The base fee for Registered Mail is ~$12.00, not the $21 Kenny paid in 2011.

Here is JM's handy info sheet with pointers re packing, etc; note that your outer box should be sealed with gummed paper, shipping tape -- not the usual kind of plastic-y tape. That's because the tape on the box will be stamped multiple times by the USPS & they want to make sure the stampings are legible, can't get smeared or wiped off.
http://www.jewelersmutual.com/JewelersMutual/media/MediaLibrary/Images/content/cc13-the-safe-way-to-ship-jewelry-poster-72013.pdf

 

[marymm]

Re: Shipping a diamond - which shipping company & service to

Right, the base price for domestic Registered Mail right now is $12.20 - if you declare a value (and sometimes people send paperwork and/or items to which they assign a zero value), the fee increases based on declared value.

You can go on the USPS website and use their Postage Price Calculator - to use Registered Mail, you'd choose the First Class Mail option and then select Add Extra Services.
http://postcalc.usps.com/Default.aspx?m=0&dpb=0

 

[MollyMalone]

Re: Shipping a diamond - which shipping company & service to

P.S. Obviously, I've not seen your JM policy, but I bet it covers loss of/damage to the stone while in transit to the setting vendor. Still, you're better off "double insuring" via USPS Registered Mail. Filing a claim through JM in the event of unfortunate loss/damage en route would not be a good way to start off your relationship with JM & might have adverse consequences in the future that would be far more costly than the Registered Mail charge calculated on the true value of the stone. Plus there is no deductible with USPS.

 

[WinkHPD]

Re: Shipping a diamond - which shipping company & service to

The other thing you can do is talk to the setter and see if they use a program like Parcel Pro for insurance with FedEx and UPS. On items up to $75,000 I can send a label to my clients and have them ship to me via FedEx or UPS and then bill them for the cost of that shipping along with the mounting. This takes all the confusion and worry out of the equation. It is also MUCH faster than the post office. For packages under $10,000 a second day FedEx package is about $25.00. For packages over $10,000 the insurance requires next day shipping and will be about $50 or more depending on the value.

You have found someone you trust to do the mounting, you might find it is a good thing to also trust them with the shipping.

Wink

P.S. DO NOT INSURE AND SHIP VIA FEDEX ON YOUR OWN! In the unlikely event that something happens the insurance will pay off $100 unless they have changed their small print.

P.P.S. If you are shipping on your own, do NOT USE any jewelry related words on your shipping label, it paints a bulls eye on the package.