Who sets the stone?

[happygogilmore2004]

Here''s a question...I''ve narrowed down my diamond vendor to Good Old Gold. I like their site and the fact that they offer all the reports I need to see for their AGS 0 stones without having to request them. I''m having a setting custom made as it''s been impossible to find what I truly want for my soon to be finace.

Should I have the diamond sent to the ring maker (they''re local) so that they can set it; or should I have the finished ring sent to Good Old Gold for the setting of the center stone? Thanks for the input.

 

[Tacori E-ring]

The local B&M where we bought our setting set our stone.

 

[kcoursolle]

The important thing is that your stone should be insured during the setting process. If the place who makes the setting is licensed and insured to cover the setting of your stone, then you can have them set it. If not, then you may want to have GOG set your stone.

 

[happygogilmore2004]

how shoud i insure the stone? i won''t be a homeowner at the time i''m having it set so is there other insurance available that is reasonable?

 

[Regular Guy]

After having initially given them a hard time, I find myself compelled to mention Jeweler''s Mutual lately in this regard...they may be the unique and only vendor available for this period in the stone''s life.

But check it out to your satisfaction.

 

[jaz464]

Date: 9/3/2006 9:35:35 PM
Author: happygogilmore2004
how shoud i insure the stone? i won''t be a homeowner at the time i''m having it set so is there other insurance available that is reasonable?

You personally do not have to insure it. Just get it in writing that the setter is insuring it against any loss during the setting process.

 

[Regular Guy]

Date: 9/3/2006 9:59:14 PM
Author: jazmine

Date: 9/3/2006 9:35:35 PM
Author: happygogilmore2004
how shoud i insure the stone? i won''t be a homeowner at the time i''m having it set so is there other insurance available that is reasonable?

You personally do not have to insure it. Just get it in writing that the setter is insuring it against any loss during the setting process.

This is absolutely correct.

Problem is...although GOG may be the logical candidate for doing this, I seem to remember Denverappraiser recommending, for fit & finish reasons (?), to have the ring maker do it instead.

And, although there may also be other reasons it would be advantageous for the local guy to do it, they may be unwilling to offer the said guarantee. No doubt you''ll spend a lot for the diamond, and comparatively little for the ring.

Note also, for all this to make any kind of sense, an appraiser to examine the condition of the diamond before setting and after setting will probably be necessary.

Not fun, I''m sure.

 

[kcoursolle]

many, but not all, jewelers have their own insurance that covers your stone when you have it set.

 

[Regular Guy]

Date: 9/4/2006 12:01:47 AM
Author: kcoursolle
many, but not all, jewelers have their own insurance that covers your stone when you have it set.

Actually, this is logical. But, we read so often from either customers or jewelers that a job was refused, given the requirement that the value of the stone be insured during the setting job. I wonder why this would be? Concerns for their insurance rates increasing, if a payment had to be made for a job? Also...Nice Ice recently popped into a similar discussion...suggesting that only exotic insurance, not readily afforded, would cover this sort of work. I''ll bet there''s more to it than meets the eye. Generally, it is probably only somewhat recent that the phenomenon of customers needing work done by separate houses, diamond buying, and diamond setting, that is making answers to these questions a matter for furrowing one''s brow.

 

[diamondseeker2006]

I visited two fine jewelers this weekend to look at settings and both said they would cover my diamond for damage or loss during the time it is in their possession. They just said they''d want to examine the stone to be safe to set. And when I said it was an ideal cut stone and VS1 clarity, they said it should be no problem. I also got my stone from Good Old Gold and could not be more pleased!

 

[denverappraiser]

Date: 9/4/2006 12:01:47 AM
Author: kcoursolle
many, but not all, jewelers have their own insurance that covers your stone when you have it set.

This type of insurance is not available to jewelers. Responsible jewelers can and do insure against loss through theft, fire and other disasters but the commonly available jewelers policies do not cover craftsmanship.

Many setters will guarantee against this risk backed by their own resources and by all means it’s important to ask about it because many setters won’t. This ‘insurance component’ is part of the reason that it’s more expensive to set more expensive stones and why the setters who will take this risk are not generally the cheapest.

If possible, I think it’s best for the diamond, the mounting and the labor to all come from the same supplier and to choose a supplier who will assume all risks because it completely avoids the problem of fingerpointing if a problem should arise.

If that’s not possible, my next best choice is to have the setting done by the supplier of the mounting and to have the diamond examined and documented by an independent professional immediately prior to setting. The problem is fingerpointing between the setter and the mounting manufacturer if a problem comes up during or after the setting process (like the diamond falls out the next day). This could be because it was set poorly or it could be because of a manufacturing defect in the mounting. In both cases this can fall under the insurance company’s ‘inherent vice’ rules and a claim disallowed. If the setting supplier can’t or won’t do it, and you can’t find a supplier who will, the next best choice is the diamond supplier.

They often won’t want to do it in mountings that they didn’t provide for the reasons described in the paragraph above but they have a vested interested in making you happy since they got the big sale and this gives them some incentive be cooperative. This also requires both a mounting supplier who will give you an empty mounting and a setting style that the dealer can and will do. Tension setting, for example, requires some special techniques and equipment that most dealers don’t have access to and certain designers won’t allow their retailers to sell the mountings empty.

The Jewelers Mutual program mentioned by Ira allows you to use a 3rd party setter or a setter who won’t otherwise assume the risk. It’s a pretty good program and they offer a popular policy anyway so it’s well worth considering if you find yourself in this situation. It does require an appraisal in advance that contains both the diamond and a description of the intended finished product so ask them about it and get the policy before the jeweler starts. In effect, you will need 2 or even 3 different appraisals, depending on what you’re doing, to approach it this way. It’s nice for us appraisers but most people find it annoying.

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