When to Insure?

[glitterbug]

Hi! We just purchased a beautiful cushion from Mark at ERD.

I''m so excited!

It will be set locally and I was wondering, do I need to insure the stone now, or is it better practice to insure the ring as a whole, after it''s been set? How do most people go about it?

 

[corkstone]

That''s a tricky question. I''m in Canada, so you might have different guidelines if you are in the States or abroad.

Most jewelers have insurance on their own inventory of diamonds, so if you were to buy a diamond from them AND get it set there, they would insure the diamond and the setting during the entire building process. However, if you buy a diamond separately and have a local jeweler set it for you, they will normally not insure the stone while it is being worked on.

The tricky part is that most insurance companies (again, in Canada) will not insure loose individual diamonds...so you may find yourself with small period of time where your diamond itself is not covered. It''s not terribly uncommon for stones to be damaged during the setting process - actually, it is the most likely time that damage can occur.

This makes for a stressful period of time (albeit a short time...)

I hope you are able to secure something. I know I wasn''t.