Advice for certifying estate diamond

[erislynn]

I have an estate diamond that was given by my grandfather to my mother who gave it to me. I've held onto it thinking it has some sentimental value for her, but it's been almost a decade and she's all for me selling it if I don't want to wear it. It's from at least the 70's, RB, not ideal cut, so I've never been compelled to wear it because I'm a super ideal kind of gal. So now I want to get it certified at GIA. From the research I've done, and after talking to a trusted local jeweler who doesn't want to go through the trouble himself, I've come to the conclusion that the steps I'll need to take are: 1. Get an appraisal locally 2. Get it insured with JM 3. Send it to GIA via registered mail 4. Have GIA certify and inscribe it 5. Pick it up at a hold location (no idea what courier they use)

Does that sound right? My local jeweler seemed to suggest that I could just send it off to GIA registered mail without an appraisal or additional insurance. But when I checked USPS's site, it says to make any claim on lost packages I would need a receipt of some sort, which is obviously not possible. I want to make sure my bases are covered. Before I send it off, I'm thinking I should also draw my own inclusion plot. Any experiences, anyone?

 

[Lookinagain]

HI, I think you'll get more feedback if you give more info, and possibly photos, of the diamond. You haven't stated what size, apparent color etc. Only that is a round. Your responses will be much different depending on whether it is a .50 ct stone vs. a 5 ct. stone, etc. Please give more information so that you can be given reasonable advice.

 

[erislynn]

Would it change that much if the diamond were about 1ct and above? I would think the choice of whether and how to take the risk would be the same at those price points, as long as the cost of appraisal and insurance don’t take a big chunk from the resale value. I didn’t post any specs because my diamond has never been appraised but my estimate is it’s ~1.5 ct, probably H, eye clean.

 

[DejaWiz]

If you want to skip an official appraisal and just get a rough estimate of value, then maybe take it to a variety of retailers in your area and ask if they would make an offer. Without a current grading report, it may be a tough road to travel.

 

[denverappraiser]

That’s sort of correct. USPS insurance is terrible and non-existent without paperwork. May I ask why you want GIA papers? In some cases it’s worth it on resale but in many it costs more than the ‘premium’ you’ll get on resale. This is especially true if it contains some ‘bad’ information (like a fair or poor cut, very strong fluorescence, and/or an I2 clarity or color below K, as examples).

GIA will ship however you ask. USPS registered is the most popular for consumers With the understanding that it’s lame insurance. The flight back is better because it’ll have a GIA on it, but it’s still a painful experience if you have a claim.

Dont forget that GIA will only grade unmounted stones. You‘lll have to get someone to take it out of the setting if it’s currently mounted.

 

[prettypaper01]

Hello! I am going through the exact process right now. I had an appraisal done for insurance. Went to my local jeweler and had the stone un mounted from the setting. Then I registered for an acct on the GIA site. After that got approved, I filled out the forms online for submission, and then shipped via registered USPS mail for the full amount (make sure you get actual registered mail - where the package seams are all sealed with their special tamper evident tape).

You can then check the status online. They also sent out an email when it was received - now I am just waiting to get it back and hopefully into the hands of a reputable consignor.

Good luck! Keep us posted on what you decide to do

 

[erislynn]

Thanks for your replies, everyone! I have thought about skipping the certification but feel like I might be underselling myself with a local retailer. In the past, when I’ve tried to sell jewelry locally, I’ve gotten mostly lowball offers.

Getting it certified might include non-ideal stats, but I’ve louped it and nothing looks majorly alarming. I’ve seen I1’s in malls. lol The color can’t be a J or lower and my jeweler who looked at it said the cut grade would probably be good or very good. Because it’s a popular size and eye clean, I think it could sell well to someone not looking for ideal cut.

Since the value is in the thousands, I’m thinking it’s still worth it to spend 200-300 to get it certified. Otherwise, there’d be too many doubts in buyers’ minds. The risk of having to file a claim with USPS is very real though. @prettypaper01 Thanks for sharing your experience! Good to know what happens after GIA receives it. Good luck with your diamond too! I’d love to hear how yours turns out.

 

[erislynn]

Does anyone know if JM insurance will cover the diamond while it’s in transit or if it’s even needed when using registered mail? Same question for if it covers while it’s at GIA or if it’s needed?

 

[MollyMalone]

Does anyone know if JM insurance will cover the diamond while it’s in transit or if it’s even needed when using registered mail? Same question for if it covers while it’s at GIA or if it’s needed?

Oh please don't rely on us Internet strangers -- contact the personal jewelry insurance division of JM and get the answers to your questions in black-and-white (via email) so you'll have documentation to serve as a reference.

Contact

Jewelers Mutual is headquartered at 24 Jewelers Park Drive, Neenah, Wisconsin, 54957. Contact us at (888) 884-2424 for personal jewelry inquiries or (800) 336-5642 for jewelry business inquires.

www.jewelersmutual.com

The loose stone coverage that JM offers is not part of their standard policy (since not everybody needs-wants loose stone coverage). The last I knew, the loose stone coverage was good only for the first 30 days after purchase. That may or may not be true now, and in any event, yours is not a purchased diamond but rather an inherited one. So you'll want clarification from JM about this.

fyi: USPS Registered Mail (with insurance) is what JM has long recommended strongly as the method for us consumers to use when sending off jewelry/gems. Since it's in JM's interests to minimize claims. their recommendation is good enough for me! More importantly, I think it's probably the only option for you as it sounds as if your stone's value is probably higher than the limits of coverage available to consumers who send gemstones/jewelry via FedEx and UPS.

* * * USPS insurance is terrible and non-existent without paperwork. * * * GIA will ship however you ask. USPS registered is the most popular for consumers With the understanding that it’s lame insurance. The flight back is better because it’ll have a GIA on it, but it’s still a painful experience if you have a claim.

Well, I don't know of anyone who's received any sort of insurance payout/benefits without having to produce some kind of paperwork, so I won't hold that against the Postal Service. (And you don't have to show documentation to purchase the USPS coverage, only in the event of making a claim.)

I've never had any reason to submit a claim to USPS, but some years ago, I submitted a claim to UPS -- and it's hard for me to imagine the USPS would be more exasperating than that experience!