HELP please...diamond insurance during the setting process

[LetItShine]

Hi Everyone,
I purchased a loose diamond through Bluenile. The settings they have weren't what I was looking for so I decided to shop around town/Internet jewelers to find something I liked. I ordered a setting from a jeweler here in town. It was a quick,easy sale ($8000 setting) and I don't think he was too bothered that I came in with my own stone. I feel the information that I am getting is truthful to his knowledge and that he isn't trying to work me for a diamond sale.

This is my problem from what I am told...insurance companies don't insure diamonds during the setting process because it could lead to sloppy practice. When the jeweler sets a diamond purchased from them they assume all risks in setting the diamond. They dont have insurance against diamond breakage during the setting process. They won't, nor would I expect them to, assume the risk in setting my diamond. We mistakenly assumed that we would be able to insure the diamond. It appears we can't insure until it is in the setting and we would be responsible should the diamond get damaged.

Does this seem correct? Are there any insurance companies that will insure a loose stone during the setting process? I was told that if I went in with my current wedding ring which is insured and just had the diamond put into a different setting that it wouldn't be insured during the setting process. People do that all the time. Do they all assume the risks?

I'm hoping someone has some suggestions. Do I return the diamond and buy from the jeweler so that he assumes the risk instead? Do I take my chances? Is there insurance available? I wish this didn't have to be so complicated.

Thanks for your help

 

[rubybeth]

Re: HELP please...diamond insurance during the setting proce

This is my problem from what I am told...insurance companies don't insure diamonds during the setting process because it could lead to sloppy practice. When the jeweler sets a diamond purchased from them they assume all risks in setting the diamond. They dont have insurance against diamond breakage during the setting process. They won't, nor would I expect them to, assume the risk in setting my diamond.

I don't know who you heard that from, but it sounds like they are misinformed. And saying that insuring could lead to sloppy practice is just... weird. The jeweler doesn't even have to know the diamond is insured, if you think that could somehow be a concern, but I don't understand it at all.

You can use Jeweler's Mutual to insure loose stones. From http://www.jewelersmutual.com/

Loose stones
Your policy covers loose stones while they are being set by your jeweler. This is important if you purchase stones on the internet or elsewhere and then work with your jeweler for mounting and setting of the stone. This coverage is not found in most personal jewelry insurance policies.

Edited to add: I'm also curious, WHAT does an $8,000 setting look like???

 

[yssie]

Re: HELP please...diamond insurance during the setting proce

Ditto... I don't see the connection between insurance, a client safeguard, and sloppy work. In fact most vendors I've talked to require insurance when working with stones they did not supply, because they won't assume liability.

As Ruby says JM will insure a loose stone for shipping and setting. Depending on price (I believe the cutoff is $5k) you'll need either the receipt or an appraisal, and a work order specifying details & price of the setting. Easiest to just call in and ask how it works, and what you'll need to provide

 

[LetItShine]

Re: HELP please...diamond insurance during the setting proce

His insurance company doesn't insure against breakage during the setting process...he assumes risk. I think their reasoning to him was if there was insurance he might not be as careful since they are insuring the diamond??? He did mention that he is currently looking into Jewelers Mutual for his business as well.

My setting is platinum with 3 channel set diamonds on each side and pave on the outer sides...tcw 1.30. I don't have pictures and am waiting on the setting to be made.

Thanks for your help. I will check into Jewelers mutual

 

[LetItShine]

Re: HELP please...diamond insurance during the setting proce

Thanks for the help! I called Jewelers Mutual and they will insure the diamond and setting during the setting/mounting process. I was told they insure for the value...no cap.

 

[rubybeth]

Re: HELP please...diamond insurance during the setting proce

His insurance company doesn't insure against breakage during the setting process...he assumes risk. I think their reasoning to him was if there was insurance he might not be as careful since they are insuring the diamond??? He did mention that he is currently looking into Jewelers Mutual for his business as well.

My setting is platinum with 3 channel set diamonds on each side and pave on the outer sides...tcw 1.30. I don't have pictures and am waiting on the setting to be made.

Thanks for your help. I will check into Jewelers mutual

I'm not sure I understand, but just to clarify, YOU get the insurance on the diamond BEFORE giving it to the jeweler to set. The jeweler does not get the insurance. And, I'd be concerned about using a jeweler who doesn't understand insurance for his business. Also, $8k sounds high for a setting.

 

[LetItShine]

Re: HELP please...diamond insurance during the setting proce

Yes, I would insure before I gave the diamond to the jeweler to be mounted. My concern was lack of insurance during the time of setting and risk of damage to the diamond (our present insurance company was giving us a difficult time).

My jeweler is actually well respected in the area. I don't have any concerns using him. I'm not sure why his insurance company doesn't insure loose diamonds against breakage during the mounting process. I can tell you that my current insurance won't also. I know he is looking at different insurance carriers.

Regarding the setting...I admit I rounded Didnt think anyone would question it. It was $7850. We actually thought it was a good deal based on the others I had picked out. I don't know, maybe prices are higher here? Maybe it's my taste? I wanted a wider ring, since I'm not having a band, with side stones. I also wanted platinum which added a lot to the cost.

 

[almondbear]

Re: HELP please...diamond insurance during the setting proce

I just read through this thread, and I was curious

What happens if I have a ring that is already in a setting and insured, and I decide to re-set it in a new setting?

Who assumes responsibility for damage while setting?

Would it be my insurer? Or the store?

 

[Tourmaline]

Re: HELP please...diamond insurance during the setting proce

I just read through this thread, and I was curious

What happens if I have a ring that is already in a setting and insured, and I decide to re-set it in a new setting?

Who assumes responsibility for damage while setting?

Would it be my insurer? Or the store?

I just researched this. The store will not assume the risk. You have to ask your insurer directly if damage during the reset would be covered. Some do, and some don't. If and when I do a reset, I am going to get a policy through JM, because our Allstate home insurance won't cover it (even with a specific rider).