Stone damage during setting?

[spoogenet]

Is there usually much/any risk in damage to a stone during setting? I ask because Jeweler''s Mutual will not insure an unset stone, so what happens if you buy a loose diamond from someone (such as GOG) and it gets damaged during setting?

Thanks,
b

 

[stone-cold11]

From what I understand, JM will insure a stone during setting, just not a loose stone.

 

[mrssalvo]

did Jewelers Mutual change their policy? at one time they did offer coverage for a stone while it''s being set.

to answer your question, yes, it''s possible for a stone to be damaged while it''s being set. If you are buying the stone and setting from the same vendor, the vendor will usually take responsibility for the stone during the process. it''s gets more tricky if you are buying the stone and setting from different places. Some people buy an inexpensive setting from the diamond vendor and then add it to their insure. then when they go to "re-set" the stone into a new setting the whole process would be covered. it''s important though to check the details of you policy b/c they vary between companies.

 

[Dreamer_D]

They cover a diamond while it is being set if you have a policy with them, and to have the policy the diamond must already be in a ring, not loose.

I would not trust fate by having my diamond set without insurance. Once option would be to have the vendor you buy the diamond from set it into the most inexpensive setting possible, insure that ring, and then get it set into the setting you desire. Yes, it will cost you a few hundred dollars, but that is worth it to me.

 

[mrssalvo]

I thought JM had a loose stone policy as well where you send them the appraisals of the stone and they will cover it while it's being set. For a long time they were recommend here b/c they were the only company to offer this. It may have changed though.

Just found an old thread there it said they will insure a loose stone. you'd submit the appraisal and receipt for the stone and the receipt for the setting and they insure. But, it was from 2008 so they may have changed their policy since then. definitely worth a call to check.

 

[Michael_E]

Date: 1/28/2010 12:16:00 PM
Author:spoogenet
Is there usually much/any risk in damage to a stone during setting?

The risk of damaging a diamond during setting depends on it''s shape and the experience of the setter. Rounded diamonds, (rounds, ovals, cushions, etc.), are VERY hard to damage and nearly anyone could set them without problem. Stones with points, (princess, marquise, etc.), can be damaged more easily during setting and so require a setter with more experience. I wouldn''t worry about it at all, as long as whoever sets the stone for you has been well trained. Who takes responsibility ? Usually the jeweler, BUT not always, so make sure that you ask before handing your diamond over to anyone.

 

[oldminer]

The main risk is chipping the pointed corners of princess cuts. Most other shapes, even those with pointed ends seem to chip less often than the thin pointy corners of princess shapes.

It is my understanding that if you buy insurance with JM for the diamond and go to a JM insured jeweler to do the setting work, that JM will cover any setting damage. So, it is a matter of getting the stone insured while unset, finding a JM insured shop to do the setting and then proceeding. I would urge you to call JM just to make certain that this is still their policy for insuring diamonds while being set. They may have had some change in their strategy and you need to know before going forward.

It is really unusual to chip a round diamond during prong setting work.

 

[spoogenet]

Thanks for all the info. I asked because I had called JM this morning and didn''t much like the response. Maybe I need to call back and ask again, it could be a terminology thing.

I asked: Do you insure loose stones before they are set?
Answer: No, we only insure set stones.

Based on the terminology of their webpage, this is a little conflicting. I''ll call back and ask the question differently: Do you insure stones while they are being set, against damage during the setting process?

Their website says:
What types of property are not eligible for jewelry insurance?

This policy is not available for damaged watches or jewelry, loose stones that won''t be set, antique jewelry, items missing stones or pieces, non-jewelry items, or persons living outside the United States or Canada. This policy is not available in Québec.

Thanks,
b

 

[spoogenet]

Ok, update. It gets a little tricky.

It can be done in this case with the submission of a detailed appraisal of both the stone and the setting, then if a policy is approved it''s covered during mounting. Then an updated appraisal of the final package would need to be submitted after the mounting is complete.

Thanks,
b

 

[mrssalvo]

Date: 1/28/2010 3:08:13 PM
Author: spoogenet
Ok, update. It gets a little tricky.


It can be done in this case with the submission of a detailed appraisal of both the stone and the setting, then if a policy is approved it''s covered during mounting. Then an updated appraisal of the final package would need to be submitted after the mounting is complete.


Thanks,

b

thanks for the update. it''s good to know they still offer this and their policy hasn''t changed.

 

[Dreamer_D]

Date: 1/28/2010 3:08:13 PM
Author: spoogenet
Ok, update. It gets a little tricky.

It can be done in this case with the submission of a detailed appraisal of both the stone and the setting, then if a policy is approved it''s covered during mounting. Then an updated appraisal of the final package would need to be submitted after the mounting is complete.

Thanks,
b

Yes, this is *very* good to know!

 

[spoogenet]

The guy who took my call was very helpful, I must say I''m impressed with JM''s customer service. So you guys know, though, he had to look into it a little bit and it''s "tricky" (his word).

So for expanded info, if the stone were purchased from BlueNile, then it would be simple. I presume because BN ships stones in a temporary setting. It''s also simple if the stone is already set, then gets put into a different ring.

The trickiness comes from the stone being completely loose, as are GOG stones. As somebody mentioned, one workaround is to buy the cheapest setting possible and have them mount it, then remount it in my own ring. I''ve ended up deciding I''ll just send GOG my ring, in which case they cover the stone until it''s set.

Thanks,
b

 

[sfritz]

Greetings, David. It''s been a while since we chatted. Just to set the record straight:

Jewelers Mutual does insure loose stones that are in the process of being set. For that coverage, you need to complete an application (available online) and send an appraisal/insurance valuation for the stone and the setting BEFORE the stone is set. Explain that you are getting the stone set. When you have received confirmation that the policy is in force, tell the jeweler to set the stone.

David, customers do not need to use a Jewelers Mutual-insured jeweler. (You''ve got a good memory, though. That was a requirement about 10 years ago.)

Sue Fritz
Jewelers Mutual Insurance Company

 

[Todd Gray]

Date: 1/29/2010 1:59:26 PM
Author: Sue Fritz
Greetings, David. It''s been a while since we chatted. Just to set the record straight:

Jewelers Mutual does insure loose stones that are in the process of being set. For that coverage, you need to complete an application (available online) and send an appraisal/insurance valuation for the stone and the setting BEFORE the stone is set. Explain that you are getting the stone set. When you have received confirmation that the policy is in force, tell the jeweler to set the stone.

David, customers do not need to use a Jewelers Mutual-insured jeweler. (You''ve got a good memory, though. That was a requirement about 10 years ago.)

Sue Fritz
Jewelers Mutual Insurance Company

Thanks for the clarification Sue, people ask us this question all the time when purchasing a diamond online and JM is one of the few insurance companies that we can refer people to who are interested in purchasing a loose diamond and obtaining coverage for it

 

[denverappraiser]

Thanks Sue,
It’s my understanding that JM will not subrogate against a setter with a JM personal articles policy if that setter is covered by a JM commercial policy. Perhaps this is what David is remembering.

By the way, another kudo to Jewelers Mutual. You post the policy in full on your website. I sure wish all insurers would do that. I do have a question about it. Why on a surprisingly short list of exclulsions did you feel it was necessary to specifically exclude losses that are the result of the accidental discharge of a nuclear weapon?

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[spoogenet]

Date: 1/29/2010 4:16:31 PM
Author: denverappraiser
Thanks Sue,

It’s my understanding that JM will not subrogate against a setter with a JM personal articles policy if that setter is covered by a JM commercial policy. Perhaps this is what David is remembering.


By the way, another kudo to Jewelers Mutual. You post the policy in full on your website. I sure wish all insurers would do that. I do have a question about it. Why on a surprisingly short list of exclulsions did you feel it was necessary to specifically exclude losses that are the result of the accidental discharge of a nuclear weapon?


Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver

It''s probably to prevent against proliferation of nuclear bomb mining, similar to dynamite fishing. Just kidding.

I give props to JM and I can see why they come so highly recommended by many different people. I look forward to my setting being complete and having my policy enacted.

Thanks,
b

 

[denverappraiser]

Date: 1/29/2010 5:09:49 PM
Author: spoogenet

It''s probably to prevent against proliferation of nuclear bomb mining, similar to dynamite fishing. Just kidding.

That wouldn’t be ACCIDENTAL. That’s stupidity, which is covered.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[marcy]

Funny you should have this thread, I was just looking over tsavorites - I bought a wonderful PC in May and they smashed it all to bits trying to set it. Luckily it was from the place I bought the mounting so they gave me my money back. Hopefully you will have better luck than I did.

 

[Lorelei]

Date: 1/29/2010 1:59:26 PM
Author: Sue Fritz

Greetings, David. It''s been a while since we chatted. Just to set the record straight:

Jewelers Mutual does insure loose stones that are in the process of being set. For that coverage, you need to complete an application (available online) and send an appraisal/insurance valuation for the stone and the setting BEFORE the stone is set. Explain that you are getting the stone set. When you have received confirmation that the policy is in force, tell the jeweler to set the stone.

David, customers do not need to use a Jewelers Mutual-insured jeweler. (You''ve got a good memory, though. That was a requirement about 10 years ago.)

Sue Fritz
Jewelers Mutual Insurance Company

Thanks for the clarification Sue - good to see you on the boards again!!