insurance on a gemstone?

[eringnewbie]

My boyfriend and I are considering buying a sapphire online for my engagement ring and was wondering should we get the sapphire insured before we take it to a B&M store to get set? If so, whats the process for getting insurance and the best company to use?

Thanks!

 

[Edward Bristol]

Some goldsmiths have their own inscurance if they break a gem.

I know of somebody who had his 4 carat precision cut Burma spinel broken and the inscuarnce actually paid to get a new one.

 

[Edward Bristol]

Some goldsmiths have their own inscurance if they break a gem.

I know of somebody who had his 4 carat precision cut Burma spinel broken and the inscuarnce actually paid to get a new one.

 

[eringnewbie]

Thanks for the info. I'm not sure we have a store in mind to set the stone yet. Hopefully when it arrives we like the cut and color. So hard to tell what a stone will look like when buying online, but the description was lovely! Fingers crossed!

And if anyone else has suggestions on insurance I'd love to hear them!

 

[eringnewbie]

This is the sapphire we found online. I liked the medium tone and saturation. I was told by the vender there are no windows or color zoning issues and the saturation is very nice. The AGL report listed the color stability as excellent which also caught my eye. Can't wait to see it in person. What do you guys think?

 

[minousbijoux]

Please do discuss it with whomever you are planning on having set the stone. Some jewelers will take responsibility if there is a problem when setting a stone, and others will not cover the stone if the client has provided it. There are insurance companies like Jeweler's Mutual, Chubb and, for that matter, your homeowners insurance, but many do not cover loose stones, so I'm not sure how they would handle the setting phase.

 

[pregcurious]

Jewelers Mutual will insure a stone that you are about to put into a setting, but they will not insure a stone that you have no immediate intention of setting. Just make sure that you have all your ducks in a row and have all the paperwork in hand. You should have a receipt or a recent appraisal. I would also have a AGL report, which you have. My understanding with JM is that they will give you cash if they cannot find a replacement. Just call them and they'll be very happy to answer your questions.

 

[minousbijoux]

Jewelers Mutual will insure a stone that you are about to put into a setting, but they will not insure a stone that you have no immediate intention of setting. Just make sure that you have all your ducks in a row and have all the paperwork in hand. You should have a receipt or a recent appraisal. I would also have a AGL report, which you have. My understanding with JM is that they will give you cash if they cannot find a replacement. Just call them and they'll be very happy to answer your questions.

I would not be satisfied with a verbal understanding but make sure to have them commit to writing their understanding so that there are no surprises down the road.